The GP didn't specify U of T St. George campus specifically, but if we're assuming they were, students have a wide variety of residence options available to them at great rates[1] provided by the university. In cases where students don't wish to remain in the residences, they can move out and share apartments or condo units.

Also, there aren't any U of T buildings[2] close to the Quayside cordon[3], hence I find it hard to believe that this particular project (or any) will raise rents all that much for students attending U of T on the St. George campus.

[1] https://www.studentlife.utoronto.ca/hs/st-george-residences

[2] http://map.utoronto.ca/

[3] http://www.quaysideto.ca/