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Canadian (TSX) Real Estate Sector Analysis

UpdatedJan 18, 2026
DataAggregated Company Financials
Companies69
  • 7D1.4%
  • 3M0.9%
  • 1Y8.6%
  • YTD5.4%

In the last week, the Real Estate industry is up 1.4%, with Granite Real Estate Investment Trust up 5.6%. Meanwhile, Altus Group actually underperformed within the industry, shrinking 8.3% in the last week. In the last 12 months, the industry was up 8.6%. Earnings are forecast to grow by 31% annually.

Sector Valuation and Performance

Has the Canadian Real Estate Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 18 Jan 2026CA$106.5bCA$34.0bCA$3.7b10.8x28.5x3.1x
Tue, 16 Dec 2025CA$99.0bCA$33.8bCA$3.7b11x26.7x2.9x
Thu, 13 Nov 2025CA$101.6bCA$34.0bCA$3.9b11.6x25.8x3x
Sat, 11 Oct 2025CA$104.0bCA$33.6bCA$2.9b12.7x36.3x3.1x
Mon, 08 Sep 2025CA$108.4bCA$33.4bCA$2.9b13.7x37.9x3.2x
Wed, 06 Aug 2025CA$103.5bCA$33.5bCA$2.5b13.7x40.7x3.1x
Fri, 04 Jul 2025CA$100.5bCA$32.7bCA$3.4b13.3x29.4x3.1x
Sun, 01 Jun 2025CA$90.4bCA$32.8bCA$3.4b12.2x26.3x2.8x
Tue, 29 Apr 2025CA$95.2bCA$33.0bCA$4.4b11x21.7x2.9x
Thu, 27 Mar 2025CA$98.0bCA$33.7bCA$4.2b11x23.6x2.9x
Sat, 22 Feb 2025CA$98.0bCA$33.5bCA$3.2b13.8x30.3x2.9x
Mon, 20 Jan 2025CA$98.1bCA$33.0bCA$892.7m13.6x109.8x3x
Wed, 18 Dec 2024CA$102.4bCA$32.8bCA$891.6m13.7x114.9x3.1x
Fri, 15 Nov 2024CA$99.0bCA$32.7bCA$940.2m14.8x105.3x3x
Sun, 13 Oct 2024CA$102.2bCA$31.8bCA$1.6b9.1x62.2x3.2x
Tue, 10 Sep 2024CA$100.6bCA$31.6bCA$1.6b9x61.3x3.2x
Thu, 08 Aug 2024CA$94.7bCA$31.4bCA$1.7b8.6x56x3x
Sat, 06 Jul 2024CA$89.3bCA$31.2bCA$1.8b9.1x49.6x2.9x
Mon, 03 Jun 2024CA$88.1bCA$31.2bCA$1.8b9.4x49.9x2.8x
Wed, 01 May 2024CA$92.4bCA$32.2bCA$952.3m11.8x97x2.9x
Fri, 29 Mar 2024CA$99.0bCA$31.8bCA$1.1b11.2x88.8x3.1x
Sun, 25 Feb 2024CA$98.7bCA$31.6bCA$1.2b10.5x83.1x3.1x
Tue, 23 Jan 2024CA$103.3bCA$31.6bCA$1.6b10.4x63.4x3.3x
Thu, 21 Dec 2023CA$100.8bCA$31.5bCA$1.7b9.5x59.9x3.2x
Sat, 18 Nov 2023CA$93.5bCA$31.9bCA$1.8b9x50.6x2.9x
Mon, 16 Oct 2023CA$92.6bCA$31.1bCA$3.3b9.5x28.4x3x
Wed, 13 Sep 2023CA$100.4bCA$31.0bCA$3.3b9.2x30.8x3.2x
Fri, 11 Aug 2023CA$101.6bCA$31.5bCA$4.0b8.5x25.5x3.2x
Sun, 09 Jul 2023CA$100.2bCA$31.2bCA$4.3b6.9x23.3x3.2x
Tue, 06 Jun 2023CA$107.1bCA$31.4bCA$4.3b6.9x24.6x3.4x
Thu, 04 May 2023CA$107.9bCA$31.3bCA$7.2b7.1x14.9x3.4x
Sat, 01 Apr 2023CA$110.1bCA$31.1bCA$8.5b6.4x13x3.5x
Mon, 27 Feb 2023CA$116.2bCA$31.1bCA$10.2b6.7x11.4x3.7x
Wed, 25 Jan 2023CA$115.4bCA$31.1bCA$13.8b6.1x8.4x3.7x
Price to Earnings Ratio

8.4x


Total Market Cap: CA$115.4bTotal Earnings: CA$13.8bTotal Revenue: CA$31.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Real Estate Sector Price to Earnings3Y Average 47.9x202420252026
Current Industry PE
  • Investors are pessimistic on the Canadian Real Estate industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 28.5x which is lower than its 3-year average PE of 47.9x.
  • The industry is trading close to its 3-year average PS ratio of 3.1x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have declined 35% per year over the last three years.
  • Meanwhile revenues for these companies have grown 3.0% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Canadian Real Estate sector?

CA Market1.66%
Real Estate1.35%
Industrial REITs3.77%
Office REITs3.61%
Health Care REITs2.34%
Hotel and Resort REITs2.00%
Retail REITs1.51%
Residential REITs1.30%
Specialized REITs0.35%
Real Estate0.29%
REITS0.055%
Industry PE
  • Investors are most optimistic about the Health Care REITs industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 37.7% and investors are willing to pay a premium for that growth.
Forecasted Growth
  • Analysts are most optimistic on the Office REITs industry, expecting annual earnings growth of 106% over the next 5 years.
  • This is better than its past earnings growth rate of 48% per year.
  • In contrast, the Real Estate industry is expected to see its earnings grow by 12% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
GRT.UN Granite Real Estate Investment TrustCA$90.855.6%
+CA$289.6m		33.4%PB1x
FSV FirstServiceCA$225.551.5%
+CA$154.5m		-14.4%PE53.5x
REI.UN RioCan Real Estate Investment TrustCA$20.092.5%
+CA$144.6m		9.8%PB0.8x
DIR.UN Dream Industrial Real Estate Investment TrustCA$13.523.0%
+CA$114.6m		15.7%PB0.8x
SRU.UN SmartCentres Real Estate Investment TrustCA$27.492.7%
+CA$105.6m		13.6%PB0.8x

Latest News

GRT.UN
CA$90.85
Granite Real Estate Investment Trust
7D
5.6%
1Y
33.4%
HR.UN
CA$10.93
H&R Real Estate Investment Trust
7D
-0.6%
1Y
18.7%
NXR.UN
CA$8.10
Nexus Industrial REIT
7D
-1.5%
1Y
9.0%
SRU.UN
CA$27.49
SmartCentres Real Estate Investment Trust
7D
2.7%
1Y
13.6%
REI.UN
CA$20.09
RioCan Real Estate Investment Trust
7D
2.5%
1Y
9.8%
CAR.UN
CA$39.91
Canadian Apartment Properties Real Estate Investment Trust
7D
1.7%
1Y
-2.1%
GO.U
US$11.27
GO Residential Real Estate Investment Trust
7D
-1.3%
1Y
n/a
FCR.UN
CA$19.87
First Capital Real Estate Investment Trust
7D
2.4%
1Y
18.3%
FSV
CA$225.55
FirstService
7D
1.5%
1Y
-14.4%
MEQ
CA$175.00
Mainstreet Equity
7D
-2.0%
1Y
-12.5%
MPC
CA$5.24
Madison Pacific Properties
7D
-3.0%
1Y
8.3%
AIF
CA$52.00
Altus Group
7D
-8.3%
1Y
-6.9%

AIF: Mixed Rating Shifts And Buyback Will Shape Balanced Forward Outlook

Analysts have nudged their average C$ fair value for Altus Group slightly higher to C$60.63, reflecting a modest adjustment to the discount rate and long term assumptions, alongside mixed Street targets that now range from C$52 to C$65 following recent rating changes. Analyst Commentary Recent Street calls on Altus Group present a mixed picture, with some analysts turning more constructive while others are dialing back expectations and targets.
DIR.UN
CA$13.52
Dream Industrial Real Estate Investment Trust
7D
3.0%
1Y
15.7%

DIR.UN: Outperform Rating And C$15 Outlook Will Support Future Upside

Analysts have nudged their price target on Dream Industrial Real Estate Investment Trust higher to C$15 from C$14.50, citing updated views on the trust's outlook that keep the overall valuation framework broadly unchanged. Analyst Commentary Bullish Takeaways Bullish analysts view the move to a C$15 price target as consistent with their existing positive stance, suggesting the recent review supports their prior thesis rather than requiring a major reset.
AX.UN
CA$9.11
Artis Real Estate Investment Trust
7D
13.3%
1Y
27.1%
PRV.UN
CA$6.50
Pro Real Estate Investment Trust
7D
-1.6%
1Y
21.7%
SVI
CA$5.11
StorageVault Canada
7D
-2.7%
1Y
29.4%