International students a powerful component of Canada’s economy
The presence of international students is proving powerful for Canada’s economy, according to data from the Canadian Bureau for International Education (CBIE), with real estate being a key benefitting sector.
The most recent figures from 2017 showed that Canada had 494,525 international students, a 20% increase from the previous year and 119% increase since 2010.
In 2017, Canada was ranked the No. 1 country for education in the world by U.S. News and World Report, followed by the United Kingdom, Germany, Australia and the United States.
Surveys indicate that 95% of international students recommend Canada as a study destination to their peers.
The three top reasons why international students choose Canada, according to the CBIE, are the quality of the secondary education system, Canada’s reputation as a tolerant and non-discriminatory society and its reputation as a safe county.
Recently, we reported that international students in Canada can now stay for up to 6 months after the government earlier this year announced changes to its popular Canadian student visa scheme, the Post-Graduation Work Permit Programme (PGWP).
International Students spend a combined $8 billion each year
With money being spent on tuition, housing, and other living expenses, it is estimated that international students add to Canada’s economy by spending $8 billion annually in Canada.
This spending equates to the creation of over 81,000 jobs and a more than $445 million contribution to government revenue.
Most of Canada’s international students are from China, accounting for 28 percent of the total, followed by India (25%).
In 2017, Canada’s foreign students came from at least 14 different countries, including approximately 15,000 from the United States.
One of Canada’s most popular destinations for international students, British Columbia, attracts and average of 115,000 students each year.
Each student spends, on average, $12,000 each year on housing, making up part of an annual $1.8 billion in annual spending in the province.
Foreign student enrolment in the province has seen a 300% rise in the last decade.
The Real Estate Investment Network recently published a report entitled The University Effect, which examined the effect of large numbers of students on an area’s real estate market, and offered advice to student housing investors.
Pic: Michelle Spollen
Kate Frazer is a reporter for Global Education Times with a focus on UK/Ireland and North American education news. When she is not writing for GET News, Kate spends her time as an English and Maths tutor, and is currently pursuing her PGCE in Secondary Mathematics.
You can reach her at: email@example.com