Fitzrovia Real Estate Inc., one of Canada's largest rental-apartment owners, is launching a national student-housing build-out to address an expected shortfall of 400,000 student beds by 2031. The company plans to break ground on student-focused apartments in multiple Ontario cities and Western Canada, branding them under the 'Waverley' name, despite recent federal cuts to international student visas.
Fitzrovia expands student housing ahead of expected residence shortfall
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TL;DR: Key points with love ❤️Fitzrovia Real Estate Inc., one of Canada's largest rental-apartment owners, is launching a national student-housing build-out to address an expected shortfall of 400,000 student beds by 2031. The company plans to break ground on student-focused apartments in multiple Ontario cities and Western Canada, branding them under the 'Waverley' name, despite recent federal cuts to international student visas.
Trending- 1 2017: Fitzrovia founded
- 2 2021: Fitzrovia opened its first student-focused property, The Waverley, near University of Toronto
- 3 2023: Schools had on-campus space for 16% of students; E&Y study data
- 4 2024: Federal government cut international student permits by 35%
- 5 2025: Federal government imposed a second 10% reduction on international student permits
- 6 April (current year): Guelph's city council changed zoning laws
- 7 Coming months: Fitzrovia to break ground on projects in Ontario
- 8 Next year: Fitzrovia plans to launch developments in Western Canada
- 9 2028: Students expected to move into Waverley Queen’s
- 10 2029: Planned move-in date for Waverley Western
- 11 2031: Forecasted need for 400,000 additional PBSA beds
- Increased supply of purpose-built student accommodation
- Potential easing of housing challenges for university students
- Significant investment in the Canadian real estate market
- Continued high demand for university housing despite visa cuts
What: Fitzrovia Real Estate Inc. is expanding into student housing with a national build-out, planning to break ground on student-focused apartments in London, Kingston, Guelph, Toronto, and Kitchener-Waterloo (Ontario), and projects in Western Canada next year; New buildings will be branded under the 'Waverley' name, offering curated amenities; This expansion responds to a forecasted need for 400,000 additional purpose-built student accommodation (PBSA) beds by 2031, as universities only had enough on-campus space for 16% of students in 2023; Federal government cut international student visas by 35% in 2024 and another 10% in 2025, but university applications from within Ontario are rising; Hard costs of building PBSA are increasing by up to 20% annually.
When: Coming months (groundbreaking in Ontario); Next year (Western Canada projects); 2024 (federal visa cuts); 2025 (federal visa cuts); 2023 (E&Y study data); 2021 (Fitzrovia opened first student property); 2029 (Waverley Western move-in); 2028 (Waverley Queen's move-in); April (Guelph zoning change); 2017 (Fitzrovia founded).
Where: Canada (national); Ontario (London, Kingston, Guelph, Toronto, Kitchener-Waterloo); Western Canada; University of Toronto; Western campus (London); Queen's campus (Kingston); Toronto Metropolitan University; University of Guelph; Winnipeg; Vancouver; Germany.
Why: To address the growing student demand for professionally run rental housing and an expected significant shortfall of student accommodation; Universities have limited on-campus space; To make rental living a more attractive option and contribute to solving Canada's housing shortage.
How: Fitzrovia is investing $150-200 million per project, designing buildings with architectural character and amenities; Collaboration with public and private partners is essential for affordable housing options; Guelph city council changed zoning laws to increase downtown density.