It's a very good point, MP Zahid. There's no denying that the increased volume of students has had an impact in an aggregate measure—in certain areas, in particular—on the cost of shelter.
When we look at occupation rates in my home city, we see that they have remained relatively stable. The challenge we have faced is in taking these correlative factors, like the number of students, the volume of students and others, and looking at the causation. I think that is an important, practical, economic and intellectual activity.
Trying to blame immigrants for housing is not only dangerous but false. You only have to look at areas with very low levels of immigration to see the cost of housing soaring, so you can't pin that on the backs of students.
Students are not responsible for the increase in interest rates in the past years. To a large extent—I'm included in this—we have been able to secure relatively free interest on the debt over the last decade or so on the houses we have mortgages on.
There are various factors that contribute to that situation. What we have seen, for example, is that actors like Airbnb should be held to account, because they drive up the cost. That is something we could also analyze when we look at the affordability challenges in this country.
Now, institutions that have been making a lot of money off these students owe it to themselves, to their institutions, to their alumni and to whatever they represent to society to make sure that when they attract people who are paying four or five times the rate that my own children are paying at university, they provide the proper living experience and student experience. That comes with a lot of obligations. It can't just be cashing the cheque and walking away.
I think that is the important lesson to learn from this. The federal government, indeed, has a responsibility to institute some very rough measures to control the intake, but the qualitative responsibility lies largely on the shoulders of the provinces.