{"id":133458,"date":"2024-02-02T15:31:16","date_gmt":"2024-02-02T20:31:16","guid":{"rendered":"https:\/\/immigration.ca\/canada-opens-loans-program-for-schools-wanting-to-build-residences\/"},"modified":"2024-02-02T15:31:16","modified_gmt":"2024-02-02T20:31:16","slug":"canada-opens-loans-program-for-schools-wanting-to-build-residences","status":"publish","type":"post","link":"https:\/\/immigration.ca\/fr\/canada-opens-loans-program-for-schools-wanting-to-build-residences\/","title":{"rendered":"Canada Opens Loans Program For Schools Wanting To Build Residences"},"content":{"rendered":"

Colleges and universities in Canada \u2013 including many which will likely be facing limits on the number of international students they can welcome due to pending caps on study permits \u2013 will be able to apply this autumn for low-interest loans to build more student housing.\u00a0<\/span><\/p>\n

\u201cCanada needs more student housing and we’re going to help build it,\u201d Housing Minister Sean Fraser announced on Monday, Jan. 29.<\/p>\n

The plan is to allow post-secondary institutions in Canada to apply under the Apartment Construction Loan Program, as the Rental Construction Financing Initiative has been rebranded since late November last year.<\/p>\n

Ottawa pumped another $15 billion into the Apartment Construction Loan Program last autumn, topping up the total funding available to $40 billion, but is not putting in additional money into it now to fund more student residences.<\/p>\n

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Read More<\/b><\/p>\n

Canada\u2019s Housing Crisis Cannot be Solved by Cutting Immigration: Economist<\/a>
\nProvinces To Improve Oversight Of Colleges And Universities After International Student Cap<\/a>
\nCanada In A Population Trap, Say Bank Experts<\/a><\/p>\n

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International students have been blamed at least in part for Canada\u2019s housing crisis which has seen the average Canadian rent jump to a record high of $2,178 per month as of December last year.<\/p>\n

Immigration, Refugees and Citizenship Canada\u2019s (IRCC) response to the housing crisis has been to announce there will be a cap on the number of study permits<\/a>, effectively lowering the number of new international students coming to Canada.<\/p>\n

\u201cThe cap is expected to result in approximately 364,000 approved study permits, a decrease of 35 per cent from 2023,\u201d Immigration Minister Marc Miller has reportedly said. \u201cIn the spirit of fairness, we are also allocating the cap space by province, based on population.\u201d<\/p>\n

Under the proposed cap on study permits, the provinces and territories will each have a limit on their ability to welcome new\u00a0international\u00a0students.<\/p>\n

Those proposed limits will allow some provinces to increase their\u00a0international\u00a0student\u00a0population while dramatically cutting it in other provinces, including Ontario.<\/p>\n

The proposed cap on study permits was announced the same week as the eligibility requirements for\u00a0Post-Graduation\u00a0Work\u00a0Permits<\/a>\u00a0(PGWP) were changed. Under the new criteria, students attending some private colleges might not qualify for PGWPs upon graduation.<\/p>\n

\u201cStarting Sept. 1, international students who begin a study program that is part of a curriculum licensing arrangement will no longer be eligible for a post-graduation work permit upon graduation,\u201d notes\u00a0the IRCC.<\/p>\n

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