Fewer International Students Impacts Housing

The decline will continue into the fall, or drop further, as the government warns students may not be admitted due to the pandemic. Canada typically has hundreds of thousands of international students, which applies demand pressures on housing. With their extended absence, hundreds of thousands of homes will be sitting empty.
Every year Canada accepts hundreds of thousands of international students, creating demand for housing. Canada had 642,480 international students as of December 31, 2019.

B.C. Was Seeing Fewer International Students Since Q4 2019

B.C. is seeing a smaller than national drop over the past two quarters, but also saw a significant decline at the end of last year. The province represented 12,510 of the students in Q2 2020, down 38.0% from a year before. The previous quarter represented 10,700 students, down 32.0% from a year before. Most surprising though is last year only saw 15,095 students in Q4, down a whopping 13% from a year before. Yes, the pandemic is responsible for the majority of the declines. However, BC was seeing a significant drop in Q4 2019, meaning the decline is more than just pandemic driven. The decline for the last quarter in 2019 is actually larger than the decline for the whole country.