Up until the late 1990s, the student housing market in Canada went relatively untouched by private investors. Aside from a few early-to-market REITs, there was very little investment interest within the niche student housing market. The only large players were colleges and universities themselves, who had very little competition, aside from a handful of apartment buildings and independent landlords. However, the competitive landscape of student housing in Canada has been going through a period of evolution, as private investors are changing the game.