A mega real estate developer from Toronto wants to build student housing across Canada

Torontonians trying to break into the housing market aren’t the only ones in crisis. Students at the city’s colleges and universities are facing unprecedented hurdles when finding homes—on campus or not—during the school year.

Related: The perilous lives of international students 

Right now, it’s an issue of supply and demand. In 2024, for instance, Ontario schools saw first-year requests for housing increase by more than 34,000 applications. The picture is bleak across the country as well: despite Ottawa’s controversial 10 per cent decrease in international student permits allowed, Canadian post-secondary institutions have been tasked with building an additional 400,000 students residences over the next six years.

To address this, one of the country’s largest rental firms has announced a new shovel-ready strategy. Toronto-based Fitzrovia will build student-focused housing on land near TMU, Queen’s University, the University of Guelph and Western University.

The mega developer also plans to duplicate the business model in Western Canada as early as 2026. Each of these new towers will fall under Fitzrovia’s Waverley brand. The company plans to spend roughly $200 million per property.

Related: Fitzrovia CEO Adrian Rocca wants to tackle the stigma around renting

In 2021, Fitzrovia opened the 166-unit Waverley apartments at College and Spadina (the site of the former Silver Dollar Room) to attract U of T students. Unlike most rentals, this namesake tower’s main selling features were amenities you’d expect to find in a condo, including a coffee bar, a co-working space, a gym and a rooftop pool.