Narrative Update • Jun 05
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Canadian (TSX) Real Estate Sector Analysis
UpdatedJun 06, 2026
DataAggregated Company Financials
Companies67
- 7D1.2%
- 3M2.1%
- 1Y1.4%
- YTD1.0%
The Real Estate industry is up 1.2% in the last week, with FirstService up 6.2%. Despite this gain, the industry's performance has been flat over the past year. As for the next few years, earnings are expected to grow by 40% per annum.
Sector Valuation and Performance
Has the Canadian Real Estate Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sun, 07 Jun 2026 | CA$99.9b | CA$34.4b | CA$2.5b | 11.9x | 40.1x | 2.9x |
| Tue, 05 May 2026 | CA$99.1b | CA$33.6b | CA$2.6b | 14x | 37.9x | 2.9x |
| Thu, 02 Apr 2026 | CA$96.3b | CA$33.9b | CA$2.5b | 11.3x | 38.6x | 2.8x |
| Sat, 28 Feb 2026 | CA$102.3b | CA$33.7b | CA$1.9b | 11.7x | 54.6x | 3x |
| Mon, 26 Jan 2026 | CA$104.9b | CA$33.8b | CA$3.7b | 10.5x | 28.1x | 3.1x |
| Wed, 24 Dec 2025 | CA$100.9b | CA$33.7b | CA$3.7b | 10.6x | 27x | 3x |
| Fri, 21 Nov 2025 | CA$99.8b | CA$34.3b | CA$3.7b | 10.5x | 27.2x | 2.9x |
| Sun, 19 Oct 2025 | CA$104.7b | CA$33.6b | CA$2.9b | 12.8x | 36.5x | 3.1x |
| Tue, 16 Sep 2025 | CA$109.2b | CA$33.3b | CA$2.9b | 13.6x | 38.2x | 3.3x |
| Thu, 14 Aug 2025 | CA$104.5b | CA$33.4b | CA$2.5b | 13.7x | 41x | 3.1x |
| Sat, 12 Jul 2025 | CA$101.4b | CA$32.8b | CA$3.4b | 13.4x | 29.6x | 3.1x |
| Mon, 09 Jun 2025 | CA$99.9b | CA$32.8b | CA$3.4b | 12.2x | 29.1x | 3x |
| Wed, 07 May 2025 | CA$96.3b | CA$33.0b | CA$4.1b | 11.2x | 23.5x | 2.9x |
| Fri, 04 Apr 2025 | CA$98.2b | CA$33.3b | CA$4.6b | 11.1x | 21.2x | 2.9x |
| Sun, 02 Mar 2025 | CA$98.9b | CA$33.9b | CA$3.4b | 12.2x | 29.1x | 2.9x |
| Tue, 28 Jan 2025 | CA$98.8b | CA$32.9b | CA$892.4m | 13.7x | 110.7x | 3x |
| Thu, 26 Dec 2024 | CA$100.5b | CA$32.9b | CA$891.9m | 13.7x | 112.6x | 3.1x |
| Sat, 23 Nov 2024 | CA$98.6b | CA$32.5b | CA$843.4m | 14.9x | 116.9x | 3x |
| Mon, 21 Oct 2024 | CA$103.7b | CA$31.8b | CA$1.6b | 9.4x | 63.1x | 3.3x |
| Wed, 18 Sep 2024 | CA$104.9b | CA$31.6b | CA$1.6b | 9.5x | 64.2x | 3.3x |
| Fri, 16 Aug 2024 | CA$94.7b | CA$31.5b | CA$1.7b | 8.8x | 57.3x | 3x |
| Sun, 14 Jul 2024 | CA$93.0b | CA$31.2b | CA$1.8b | 9.1x | 51.8x | 3x |
| Tue, 11 Jun 2024 | CA$88.4b | CA$31.3b | CA$1.8b | 9.1x | 49.7x | 2.8x |
| Thu, 09 May 2024 | CA$89.6b | CA$31.2b | CA$1.5b | 9.3x | 59.8x | 2.9x |
| Sat, 06 Apr 2024 | CA$95.7b | CA$31.8b | CA$1.1b | 11.2x | 85.5x | 3x |
| Mon, 04 Mar 2024 | CA$97.9b | CA$31.7b | CA$1.3b | 11.8x | 73.3x | 3.1x |
| Wed, 31 Jan 2024 | CA$103.9b | CA$31.6b | CA$1.6b | 9.9x | 63.4x | 3.3x |
| Fri, 29 Dec 2023 | CA$101.8b | CA$31.4b | CA$1.7b | 9x | 60.2x | 3.2x |
| Sun, 26 Nov 2023 | CA$94.2b | CA$31.8b | CA$1.7b | 8.7x | 55.3x | 3x |
| Tue, 24 Oct 2023 | CA$84.9b | CA$30.0b | CA$2.1b | 9.6x | 40.7x | 2.8x |
| Thu, 21 Sep 2023 | CA$100.4b | CA$30.9b | CA$3.3b | 9.9x | 30.8x | 3.2x |
| Sat, 19 Aug 2023 | CA$99.0b | CA$31.1b | CA$3.3b | 9.9x | 30.3x | 3.2x |
| Mon, 17 Jul 2023 | CA$102.7b | CA$31.2b | CA$4.3b | 7x | 23.9x | 3.3x |
| Wed, 14 Jun 2023 | CA$106.3b | CA$31.3b | CA$4.3b | 6.9x | 24.5x | 3.4x |
Price to Earnings Ratio
24.5x
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 40.1x which is lower than its 3-year average PE of 51.3x.
- The industry is trading close to its 3-year average PS ratio of 3.0x.
Past Earnings Growth
- The earnings for companies in the Real Estate industry have declined 17% per year over the last three years.
- Meanwhile revenues for these companies have grown 3.1% 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 Market | -1.18% | |
| Real Estate | 1.21% | |
| Real Estate | 4.41% | |
| Retail REITs | 0.68% | |
| Industrial REITs | 0.03% | |
| Office REITs | -0.094% | |
| Residential REITs | -0.30% | |
| REITS | -0.70% | |
| Specialized REITs | -1.41% | |
| Health Care REITs | -1.68% | |
| Hotel and Resort REITs | -4.19% | |
Industry PE
- Investors are most optimistic about the Real Estate industry even though it's trading below its 3-year average PE ratio of 45.5x.
- Analysts are expecting annual earnings growth of 33.4%, which is higher than its past year's earnings decline of 9.8% per year.
Forecasted Growth
- Analysts are most optimistic on the Office REITs industry, expecting annual earnings growth of 144% over the next 5 years.
- In contrast, the Industrial REITs industry is expected to see its earnings grow by 9.1% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| FSV FirstService | CA$196.20 | 6.2% +CA$523.3m | -18.8% | PE39.9x | |
| CIGI Colliers International Group | CA$135.62 | 4.2% +CA$281.6m | -21.5% | PE59.7x | |
| AIF Altus Group | CA$45.93 | 8.6% +CA$129.9m | -11.6% | PS3.2x | |
| REI.UN RioCan Real Estate Investment Trust | CA$22.54 | 1.6% +CA$101.9m | 29.5% | PB0.9x | |
| SVI StorageVault Canada | CA$4.48 | 5.2% +CA$80.4m | 8.5% | PS4.8x |
