TTC pass sales plunge as international student numbers fall in Toronto

The TTC is seeing a sharp drop in post-secondary pass sales this year as fewer international students come to Toronto following federal changes to study permit rules.

The decline is highlighted in the City's operating variance report for the four months ending April 30, 2026, which identifies lower TTC revenue as one of the factors contributing to the city's projected unfavourable year-end variance of $97.4 million.

According to the 11-page report, lower-than-anticipated transit revenue is one of the biggest contributors, accounting for roughly $26 million (or 50 per cent) of the TTC's unfavourable year-end projection.

Lower-than-budgeted transit revenues were primarily driven by extreme weather events, which significantly reduced ridership this past winter season, as well as a 50 per cent decline in post-secondary pass sales, which, according to the report, includes international student ridership following changes in federal policies that govern study permits.

The decline comes after the federal government introduced a cap on international student study permits back in 2024 as part of an effort to slow down the growth of Canada's temporary resident population.

According to Immigration, Refugees and Citizenship Canada (IRCC), the sweeping changes have resulted in the number of study permit holders dropping from over one million in January 2024 to approximately 725,000 by last September.

Throughout 2026, IRCC expects to issue roughly 408,000 study permits, which includes 155,000 to newly arriving international students, and 253,000 extensions for current and returning students.

More specifically, up to 180,000 study permits are expected to be issued to students who require a provincial or territorial attestation letter (PAL/TAL), including 70,074 here in Ontario.

The federal government says this number is seven per cent lower than the issuance target last year of 437,000 and 16 per cent lower than the 2024 issuance target of 485,000.