Report predicts a 50% decline in Canadian study visa approvals for 2024.

Septmebr 14 :
A new analysis has been released by ApplyBoard, a Canadian educational technology company that facilitates connections between universities and overseas students. The report predicts that the number of study visa approvals will decrease by almost 50% this year. Just over 231,000 permits are anticipated by the end of 2024, down from 436,000 in 2023, according to the research, which indicates an almost 50% reduction in study permit approvals.

The paper uses statistics from Immigration, Refugees, and Citizenship Canada (IRCC) to conclude that tougher immigration laws and increased financial requirements are to blame for this drop. Additionally, it predicts that worldwide applications for Canadian study permits will fall by 39% in 2024 as compared to the previous year.

Citing worries about sustainability, the Canadian government has instituted a variety of regulatory adjustments to decrease the influx of international students. The establishment of more stringent financial restrictions is one striking modification. Students applying for study permits will now be required to provide evidence of a minimum of $20,635, double the previous demand of $10,000, according to an announcement made by Immigration Minister Marc Miller in December 2023.

In January 2024, there was a restriction on the number of international students allowed in an effort to reduce enrollment by 35% from 2023 levels. Even graduate school applications, which are not limited, have been falling. There was a 48% decrease from January to June 2023 to June 2024 in the approval of study permissions, with only 114,000 permits granted.

The regulation change has had a disproportionate effect on Indian students since they make up a large percentage of Canada's foreign student body. Of the 550,000 international students studying in Canada in 2022, more than 226,000 were from India. The summer and early fall are the busiest times for processing research permits, so there is still hope for a resurgence even though approvals have declined. It appears that Canada's goal of 364,000 study permits in 2024 might not be achieved, according to early indications.

"Although Canada is still seen as a secure and excellent study abroad destination, these numbers demonstrate that Canada's capacity to entice international students can shift rapidly, which will have far-reaching consequences for the global education industry," the research said.