Immigration Minister Marc Miller announced the cap on Monday, saying that Canada aims to approve around 360,000 undergraduate study permits this year.
As part of the change, the government will also no longer - as of September - grant work permits for students graduating from colleges that operate under a public-private partnership model, which is most commonly found in the province of Ontario.
While population growth is part of the problem, experts have pointed to other pressures driving down the number of housing starts, including high interest rates that make homes less affordable.
The cap represents a significant shift in policy for Canada, which has historically relied on open immigration to fill job vacancies and address its rapidly-aging workforce.
Mr Miller had previously hinted at reducing the number of international students admitted to Canada, drawing concern from some Canadian universities.
In response to Monday’s announcement, Universities Canada, which represents post-secondary institutions across the country, said it welcomed that the cap is not affecting post-graduate students, but is concerned that it will “add stress on an already-stressed system”.
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