That would depend on the higher order effects of constructing more student housing. Will it lead to more students coming into the province to study or more of those who already live in the city to move out? If yes, then that needs to be accounted for. If not, then it makes sense to count this like any other housing because students will still need a place to stay and will be competing with other residents for the same rentals, thus lowering supply. More student housing means more of other rentals available on the market.

It would also depend on whether or not there’s already enough student housing available. There’s no point in building more if there aren’t enough interested students to fill it.