Over the past two years, inflation and economic uncertainty have made day-to-day life more expensive around the world. In Canada, inflation increased by nearly 6% from 2022 to 2024.1 For international students, this means rising costs for rent, groceries, utilities, and more. These rising costs can have a major impact on the affordability of studying abroad, especially as international students may have limited work opportunities during their studies.
Below, we’re breaking down the two most significant costs for international students studying in Canada in 2024/25: tuition and rent. We’ll look at undergraduate and graduate tuition in every Canadian province, as well as rental costs in major cities coast to coast. We’ll also discuss the current state of student housing in Canada, and what Canadian institutions can do to help international students address affordability concerns.
Key Insights at a Glance
- For the 2024/25 academic year, the average yearly tuition for international students studying in Canada at the undergraduate level exceeded $40,000.2 This represented a 5% increase from 2023/2024.
- Average postgraduate tuition for international students also rose by 5% year-over-year, reaching more than $23,000.
- New Brunswick, PEI, and Newfoundland continue to be the most affordable provinces for international students, with lower tuition and rental costs on average.
- Purpose-built student accommodations (PBSAs) have not kept pace with rising student enrollment. Residence beds were available for only 10.3% of all post-secondary students studying in Canada (domestic and international combined) in 2023.
How Much Does Canadian Tuition Cost for International Students in 2024/25?
Although student demand has been on the decline since the introduction of Canada’s student cap, our projections still show that Canada will process over half a million applications in 2024. That’s because, despite the brand damage it incurred following the cap, Canada remains one of the world’s top learning destinations, with many world-class institutions in welcoming and safe environments.
For most prospective international students, the cost of a study abroad program is likely the largest financial consideration they face. On average, tuition for a four-year undergraduate program at a Canadian institution now costs over $150,000. By contrast, a two-year graduate program may cost less than $50,000 in tuition.
The chart below shows how average annual tuition costs for international students in Canada have changed since 2020/21:
In 2024/25, the average tuition for international students studying at the undergraduate level surpassed $40,000. This was a 5% increase over the previous academic year, although it was the lowest year-over-year increase since 2021/22.3
Postgraduate tuition rates also rose by 5% in 2024/25. However, this was the highest year-over-year rate of change for postgraduate international students in the last five years. Despite this elevated change, postgraduate tuition rates remain much lower than undergraduate costs. In fact, average yearly tuition for postgraduate programs was 64% less than undergraduate studies in 2020/21, dropping to 73% less in 2024/25.
With a planned reduction in new international student populations in 20244 and in 2025 as well, tuition costs may become an increasingly important differentiating factor between institutions. Our Spring 2024 Recruitment Partner (RP) Pulse Survey showed that perceptions of affordability for Canadian studies are dropping, and previous Pulse Surveys have shown that cost of studying remains a key determining factor for many students.
Keep an eye out for upcoming ApplyInsight articles on our Fall 2024 Student and RP Pulse Surveys, which will provide fresh insights into prospective student opinions from around the world.
Average Tuition Cost for International Students by Province
Many factors influence tuition rates, including program length, delivery method, and type of institution. But where a student decides to study in Canada can also have a substantial impact on the tuition they can expect to pay over the course of their program.
A closer look at Canadian tuition affordability shows significant variations by province:
Ontario is the most popular destination province for international students, accounting for 53% of all study permit holders at the end of 2023. This high demand means that Ontario institutions are some of the most competitive in terms of acceptances, and as a result, often feature higher tuition rates.
Yet the average annual tuition for Ontario institutions far surpasses those in the rest of Canada.5 Undergraduate tuition in Ontario in 2024/25 is nearly 30% higher than the next most expensive province, British Columbia, and more than double that of Newfoundland and Labrador, New Brunswick, Manitoba, and PEI. For cost-conscious students, studying in these lower-cost provinces can make their Canadian undergraduate journey significantly more affordable.
Based on average 2024/25 tuition rates, a four-year undergraduate program in Newfoundland and Labrador would cost around $70,000. By contrast, the same program in Ontario would cost more than $190,000.
Differences in postgraduate tuition are far less pronounced, with some notable exceptions. While Ontario was the only province to exceed the national undergraduate tuition average, British Columbia, Nova Scotia, and Ontario all surpassed the national average postgraduate tuition. On the other hand, both Saskatchewan and Newfoundland and Labrador featured postgraduate tuition under $10,000, making them the most affordable destinations for international postgraduate students in 2024/25.
Looking at provincial tuition rates for both study levels over the past five years, most provinces feature regular average tuition increases year-over-year:
PEI was the only exception to this trend at the undergraduate level. 2024/25 undergraduate tuition for international students in PEI nearly matches 2020/21 rates, after dropping in 2021/22 and 2022/23. At the postgraduate level, Newfoundland and Labrador’s average postgraduate tuition remained stable in 2024/25, down slightly from a high in 2021/22. Similarly, postgraduate tuition in Alberta in 2024/25 remained below a high set in 2022/23.
How Much Does Rent Cost for International Students in Major Canadian Cities in 2024?
While tuition may be the largest line item on a student’s budget, housing costs are often close behind. One of the reasons that the Canadian government increased proof of funds requirements in 2024 is to better reflect the current realities of Canada’s rental market. Housing shortages remain a persistent concern in many destination markets, especially in major urban centres.
Canada’s proof of funds requirement now stands at $20,635, plus first-year tuition and travel costs, to ensure students are financially prepared for success during their study abroad journey.
The graphic below shows the average rent for one bedroom apartments in select Canadian census metropolitan areas (CMAs)6 for 2023:7
The average rent for a one bedroom apartment in Toronto and Vancouver remains much higher than other urban centres. Both CMAs featured rent increases of 10% compared to 2022, largely due to limited housing availability.
Based on 2024/25 rates, an international student studying in Toronto or Vancouver can expect to pay over $80,000 in rent over a full four-year undergraduate program.
Yet Calgary saw the largest rent increase year-over-year, becoming the third most expensive CMA due to a nearly 20% average rent increase. The next largest highest increase was for one bedroom apartments in Halifax, with rent prices jumping up by over 14%. The only CMA to see one bedroom rents drop in 2023 was Charottetown, though they only fell by 2% compared to 2022.
As with tuition rates, the Prairies and Atlantic Canada offer higher affordability in terms of average rent. Three of the most cost-effective CMAs are in Atlantic Canada, namely St. John’s, Charlottetown, and Saint John. In these three CMAs, monthly rents remain below $1,000 for a one bedroom apartment. Quebec CMAs such as Québec City and Montréal also offer sub-$1,000 average rent, though Quebec is the third most expensive province for international student tuition. Not far behind, rent in Saskatoon, Winnipeg, and Regina are also relatively low, at around $1,100 monthly.
In short, while rental costs have increased virtually across the board in Canada, price-sensitive students can find more affordable options by considering CMAs off the beaten path.
Purpose-Built Student Housing Falling Behind Growing Demand
Finding an affordable rental can be one of the most difficult challenges when looking to study abroad. That’s why institutions are increasingly facing near 100% occupancy rates for on-campus housing.8 On-campus living often features not only lower housing costs, but also easier access to student services, extracurricular activities, and study spaces.
Despite this strong demand for purpose-built student accommodations (PBSAs), availability remains a critical obstacle. Canada has fallen behind other student destinations such as the UK and the US):
In 2023, purpose-built student accommodations were only available for one out of every ten Canadian post-secondary students. By comparison, similar accommodations were available for three times as many students in the USA and the UK.
This shortage also expands beyond specific student accommodations. Across Canada, a general housing shortage is expected to reach 3.5 million units by 2030.9 While the Canadian government has recently announced low-cost government financing to build on- and off-campus housing for students, more action is needed. Institutions and governments need to work together to create long-term, affordable housing solutions so that students can focus on their academic success.
How Canadian Institutions Can Help Make Studying Abroad More Affordable for International Students
Helping students be prepared for the financial realities of studying abroad is critical. Increasingly, prospective students are facing Canadian study permit refusals due to a lack of financial resources, a necessary check to best support student success in Canada’s ever-changing economic landscape.
Students should make sure they understand the full financial picture before they embark on their study abroad journey. Prospective students should also look to innovative financial supports, such as ApplyBoard’s International Student GIC programs with TD and RBC, as well as ApplyBoard student loans.
But tuition must also remain affordable to ensure that institutions can attract students from a wide variety of backgrounds and lived experiences. This diversity is important not only for expanding the experiences of students on Canadian campuses, but also for the Canadian economy. International students support hundreds of thousands of jobs in Canada, and they will be crucial in replacing retirees in high-demand fields over the next decade.
While cooling inflation may help students who are facing rising tuition, rent, and transportation costs, institutions have a major role to play in helping students understand and overcome financial challenges. Ensuring that international students have easy access to clear information about scholarships, on-campus work opportunities, and student housing options should be front of mind for Canadian institutions. As well, institutions should consider partnerships with local accommodation providers and developers who can help transform vacant office spaces into modern student residences, like Conestoga College did in 2024.
For more strategic advice and data-backed guidance on how your Canadian institution can maximize conversion rates and drive student diversity, please contact your Partner Relations Manager. Or, contact ApplyBoard’s Partner Relations team at schoolpartnerships@applyboard.com to start a conversation.
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FOOTNOTES:
1. Based on the Bank of Canada’s Inflation Calculator, comparing December 2020 to August 2024.
2. Data courtesy of Statistics Canada. All currency in CAD.
3. Average undergraduate tuition for international students increased by 7% in each year from 2021/22 to 2023/24.
4. Immigration, Refugees and Citizenship Canada. “Minister Miller issues statement on international student allocations for provinces and territories.” April 5, 2024.
5. Due to the large population of study permit holders in Ontario, Ontario’s undergraduate tuition rates have a disproportionate weight on the national average of undergraduate tuition.
6. Each CMA comprises multiple areas surrounding the listed city name. These surrounding areas impact the average rental cost in the CMA, often lowering the overall average. For a full breakdown of each CMA region, see the CMHC’s Rental Market Report.
7. Based on the average monthly rental cost of a one bedroom apartment in a row or apartment structure of three units or more.
8. According to Desjardin’s “From Campus to Community: Why Student Housing Shortages Should Worry All Canadians”.
9. Canadian Mortgage and Housing Corporation (CMHC), “Housing shortages in Canada: Updating how much housing we need by 2030”. September 2023.
