Richard Abboud is the founder and chief executive officer of Forum Asset Management, a provider of purpose-built student housing.
This seems like an obvious market for real estate companies to cater to, yet the purpose-built student housing sector in Canada is massively underdeveloped. The data show that when we compare the total number of postsecondary students to the total purpose-built student housing supply, there is a significant shortage of beds. In Canada, that number, also referred to as the provision rate, sits around 10 per cent.In terms of the broader market, CMHC estimates Canada will need 3.
with and potentially displace families and individuals looking for a reasonably priced place to live. With more than two million postsecondary students in Canada, the shortageMoreover, if we don’t figure out a way to fix it, we risk Canada’s competitiveness falling further behind. No doubt, such deferments are happening all over the country, even if universities aren’t making the suggestion explicitly, as would-be students reconsider their choices when they can’t find housing. That has a direct impact on the work force universities produce, which in turn has an impact on our economy., let me be clear: The inflow of international students to Canada’s best universities is not a problem. In fact, we need those students. We don’t need fewer skilled workers, we need more.