As the song says :
'Fings ain't what they used to be'....
from October 12 2025
https://www.theglobeandmail.com/business...t-operate-small-landlords-ponder-future/
" Issmat Al-Akhali had plans to expand his Halifax student residence business to other locations in Canada given that his Granville Hall residence had a wait-list teeming with students.
He was on track to add another residence in the Nova Scotia capital and develop one near the University of Prince Edward Island in Charlottetown. His long-term goal was to expand outside of Atlantic Canada.
But he put those plans on hold when demand dissipated in 2024 after the federal government announced plans to reduce foreign student permits by 35 per cent, in part to help address Canada’s unrelenting demand for housing.
Today, there are no students on the Granville Hall wait-list, and for the first time in years, Mr. Al-Akhali has an empty room.
“If there is no demand, we can’t operate,” he said. “There were big plans to build new residences in Halifax. All of that is on hold.”
Mr. Al-Akhali is one of hundreds, if not thousands, of investors across the country who got into student housing as colleges and universities ramped up their enrolment of foreign students.
Investors of all sizes have poured millions of dollars into acquiring and developing privately owned student housing, including single-family homes, condos, duplexes and student residences.
The doubling of international students over the past decade put immense pressure on communities and contributed to the rise in rents across the country. Many students paid more than the market rate for a room, and some lived in rooming houses and apartments that were overcrowded and may have had bug and mice infestations.
As landlords launch into a second school year under the new federal caps, the case for investing in student housing isn’t as obvious as it once was. Individual investors with properties off campus are bearing the brunt of the declining foreign student population, while larger investors with newer student residences on or near campus say they have seen little change in demand.
The aftershocks can be clearly seen in parts of Atlantic Canada and Ontario where foreign students account for a larger share of the student population compared to the rest of the country. "
" Halifax was under particular stress because it is home to six university campuses: Dalhousie, Saint Mary’s, Mount Saint Vincent University, Nova Scotia College of Art and Design, University of King’s College and Sainte-Anne University. It is also home to the Nova Scotia Community College and the Atlantic School of Theology.
He had wanted to bring a privately-owned student residence to the area that would provide a similar on-campus experience. After Granville Hall opened in 2016, it was quickly inundated with the overflow from universities.
“When we saw that we have wait lists of over 100 people every year, we started looking for other properties to expand into,” Mr. Al-Akhali said. “Sure enough, that wait list disappeared. So now everything is on hold to see where things will settle. "