TTC ridership tumbles as international student numbers fall under new permit restrictions
Post-secondary pass sales plunged 50% as federal study permit caps reduced international student enrollment in Toronto.
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Toronto's transit authority is facing a sharp revenue decline due to fewer international students on the system, a consequence of federal study permit restrictions.
The TTC is seeing a 50% drop in post-secondary pass sales this year, according to the City's operating variance report for the four months ending April 30, 2026. The decline accounts for roughly $26 million of the TTC's projected $97.4 million unfavourable year-end variance. Lower-than-budgeted transit revenues were also driven by extreme winter weather that significantly reduced ridership.
The international student downturn stems from federal policy changes introduced in 2024 to slow temporary resident population growth. Study permit holders dropped from over one million in January 2024 to approximately 725,000 by September 2025. For 2026, Immigration, Refugees and Citizenship Canada expects to issue roughly 408,000 study permits—155,000 to newly arriving students and 253,000 extensions. That represents a 7% decrease from 2025 targets and 16% below 2024 issuance levels.
The facts
How much did TTC post-secondary pass sales drop?
Post-secondary pass sales at the TTC dropped 50% in the four months ending April 30, 2026.
How much of the TTC's revenue shortfall came from fewer international students?
The decline in international student ridership accounts for roughly $26 million of the TTC's projected $97.4 million unfavourable year-end variance.
How many study permits does Canada expect to issue in 2026?
Immigration, Refugees and Citizenship Canada expects to issue roughly 408,000 study permits in 2026, comprising 155,000 to newly arriving students and 253,000 extensions.
