Looks like this is happening in many universities:In my wife's univ, they are closing few courses and a department is under question of closure. And this is the biggest university on the island. A public university.
In 2020, here in local Victoria, all those near university were making a massive fuss that they are not getting students for running their businesses (it was to the point that they were holding protests, lol). People were protesting that they will go bankrrupt due to mortgages. Thankfully for later, mortgage payments were frozen.
If Indian students were to disappear suddenly, a lot of locals will have issues. A lot!
https://www.sfu.ca/human-resources/managers-supervisors/hiring-freeze-faqs.html
SFU currently faces a financial shortfall in the 2023/24 fiscal year due to lower international enrollments and increased cost pressures. We expect that SFU's budget is likely to remain tight over the next few years.
I have read the same thing about McGill, Queens, not sure how many more are there.