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Canadian (TSX) Real Estate Sector Analysis

UpdatedMar 11, 2026
DataAggregated Company Financials
Companies69
  • 7D-2.0%
  • 3M0.5%
  • 1Y2.1%
  • YTD-1.8%

Over the last 7 days, the Real Estate industry has dropped 2.2%, driven by Colliers International Group declining 5.3%. As for the longer term, the industry's performance has been flat for the past year. As for the next few years, earnings are expected to grow by 38% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 11 Mar 2026CA$99.0bCA$33.6bCA$1.7b11.2x57.7x2.9x
Fri, 06 Feb 2026CA$103.7bCA$33.8bCA$3.7b10.7x27.8x3.1x
Sun, 04 Jan 2026CA$100.9bCA$33.8bCA$3.7b10.6x27x3x
Tue, 02 Dec 2025CA$101.3bCA$34.1bCA$3.7b10x27.3x3x
Thu, 30 Oct 2025CA$104.1bCA$33.6bCA$2.9b12.8x36x3.1x
Sat, 27 Sep 2025CA$105.8bCA$33.5bCA$2.9b13.6x36.9x3.2x
Mon, 25 Aug 2025CA$107.4bCA$33.2bCA$2.5b14.7x42.9x3.2x
Wed, 23 Jul 2025CA$102.4bCA$32.8bCA$2.8b13.8x37.2x3.1x
Fri, 20 Jun 2025CA$99.9bCA$32.8bCA$3.4b12.4x29.1x3x
Sun, 18 May 2025CA$98.9bCA$33.1bCA$3.4b12.5x28.7x3x
Tue, 15 Apr 2025CA$90.7bCA$33.0bCA$4.6b10.5x19.7x2.7x
Thu, 13 Mar 2025CA$97.1bCA$33.8bCA$4.1b12.5x23.9x2.9x
Sat, 08 Feb 2025CA$99.1bCA$33.7bCA$1.2b13.6x84x2.9x
Mon, 06 Jan 2025CA$100.8bCA$33.0bCA$892.5m14x112.9x3.1x
Wed, 04 Dec 2024CA$99.8bCA$32.6bCA$815.7m15.8x122.3x3.1x
Fri, 01 Nov 2024CA$101.9bCA$32.3bCA$2.0b9.9x50.5x3.2x
Sun, 29 Sep 2024CA$104.6bCA$31.5bCA$1.6b9.3x63.7x3.3x
Tue, 27 Aug 2024CA$98.9bCA$31.2bCA$1.6b9.1x61.1x3.2x
Thu, 25 Jul 2024CA$97.5bCA$31.4bCA$1.7b9.6x56.6x3.1x
Sat, 22 Jun 2024CA$86.9bCA$31.3bCA$1.8b9.2x48.3x2.8x
Mon, 20 May 2024CA$90.4bCA$31.1bCA$1.8b9.2x50.5x2.9x
Wed, 17 Apr 2024CA$93.8bCA$32.1bCA$1.1b11.6x84.5x2.9x
Fri, 15 Mar 2024CA$97.8bCA$31.7bCA$1.2b10.9x83.8x3.1x
Sun, 11 Feb 2024CA$98.3bCA$31.4bCA$507.6m10.2x193.6x3.1x
Tue, 09 Jan 2024CA$101.1bCA$31.5bCA$1.7b9.9x59.7x3.2x
Thu, 07 Dec 2023CA$97.5bCA$31.7bCA$1.7b8.6x58x3.1x
Sat, 04 Nov 2023CA$94.6bCA$31.3bCA$2.9b9.8x33x3x
Mon, 02 Oct 2023CA$93.7bCA$31.1bCA$3.3b9.5x28.7x3x
Wed, 30 Aug 2023CA$101.3bCA$31.0bCA$3.3b9.3x31.1x3.3x
Fri, 28 Jul 2023CA$104.1bCA$31.0bCA$4.8b7x21.5x3.4x
Sun, 25 Jun 2023CA$95.7bCA$31.1bCA$4.3b6.7x22.3x3.1x
Tue, 23 May 2023CA$106.8bCA$31.5bCA$4.4b6.9x24.5x3.4x
Thu, 20 Apr 2023CA$110.7bCA$31.0bCA$8.3b6.2x13.3x3.6x
Sat, 18 Mar 2023CA$109.2bCA$31.3bCA$8.6b6.7x12.7x3.5x
Price to Earnings Ratio

12.7x


Total Market Cap: CA$109.2bTotal Earnings: CA$8.6bTotal Revenue: CA$31.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Real Estate Sector Price to Earnings3Y Average 49.2x202420252026
Current Industry PE
  • Investors are optimistic on the Canadian Real Estate industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 58.7x which is higher than its 3-year average PE of 49.2x.
  • 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 42% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.4% 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-1.63%
Real Estate-1.95%
Specialized REITs0%0
Retail REITs-1.52%
REITS-1.52%
Residential REITs-1.53%
Industrial REITs-2.29%
Real Estate-2.52%
Health Care REITs-2.75%
Hotel and Resort REITs-3.71%
Office REITs-4.51%
Industry PE
  • Investors are most optimistic about the Real Estate industry even though it's trading below its 3-year average PE ratio of 44.7x.
    • Analysts are expecting annual earnings growth of 24.3%, which is higher than its past year's earnings growth of 12.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Office REITs industry, expecting annual earnings growth of 135% over the next 5 years.
  • This is better than its past earnings growth rate of 48% per year.
  • In contrast, the Industrial REITs industry is expected to see its earnings grow by 13% 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
AIF Altus GroupCA$46.462.4%
+CA$44.1m		-10.0%PS3.7x
ISC Information ServicesCA$49.441.9%
+CA$17.7m		97.7%PE34x
HMT Halmont PropertiesCA$0.958.0%
+CA$10.8m		21.8%PE9x
MEQ Mainstreet EquityCA$185.000.6%
+CA$10.0m		-4.0%PE6.2x
MRD Melcor DevelopmentsCA$17.492.0%
+CA$9.8m		44.1%PE8.9x

Latest News

AIF
CA$46.46
Altus Group
7D
2.4%
1Y
-10.0%
PKT
CA$0.63
Parkit Enterprise
7D
6.8%
1Y
51.8%
SRU.UN
CA$26.84
SmartCentres Real Estate Investment Trust
7D
-2.5%
1Y
6.6%
CIGI
CA$152.07
Colliers International Group
7D
-5.3%
1Y
-13.7%
DIR.UN
CA$12.67
Dream Industrial Real Estate Investment Trust
7D
-1.8%
1Y
10.0%

DIR.UN: CPP Partnership And Buybacks Will Support Upside Versus Current Units

Analysts have lifted their average price target on Dream Industrial Real Estate Investment Trust to about CA$15.10 from CA$14.68, reflecting updated views on margins, discount rate and forward P/E after several firms raised their targets into the CA$14.50 to CA$15.50 range. Analyst Commentary Recent research points to a cluster of higher targets in the CA$14.50 to CA$15.50 range, with ratings generally framed as positive on the units.
HMT
CA$0.95
Halmont Properties
7D
8.0%
1Y
21.8%
CAR.UN
CA$37.04
Canadian Apartment Properties Real Estate Investment Trust
7D
-1.4%
1Y
-9.5%
ISC
CA$49.44
Information Services
7D
1.9%
1Y
97.7%

ISC: Medium Term Guidance And Margin Pressure Will Sustain Cautious Outlook

Analysts have made a small adjustment to their CA$ price target for the Information Services group, reflecting slightly updated assumptions for discount rate, revenue growth, profit margins and future P/E expectations, while keeping fair value broadly consistent. What's in the News New annual earnings guidance for 2026, with revenue expected in a range of $273.0 million to $283.0 million, giving you a sense of the company's medium term revenue ambitions (Key Developments).
AP.UN
CA$8.86
Allied Properties Real Estate Investment Trust
7D
-4.7%
1Y
-46.8%
GRT.UN
CA$86.68
Granite Real Estate Investment Trust
7D
-2.6%
1Y
31.8%
FSV
CA$203.09
FirstService
7D
-3.4%
1Y
-14.8%

FSV: Lower Discount Rate And Higher P/E Assumptions Will Support Upside

Analysts have nudged their CA$ price target on FirstService higher by CA$6, pointing to updated assumptions around a slightly lower discount rate, fine tuned long term growth and margins, and a modestly higher future P/E multiple. Analyst Commentary Recent research points to a more constructive view on FirstService, with price targets adjusted to reflect updated assumptions around discount rates, long term growth, margins, and the future P/E multiple.
MRT.UN
CA$6.59
Morguard Real Estate Investment Trust
7D
1.4%
1Y
19.2%
REI.UN
CA$19.15
RioCan Real Estate Investment Trust
7D
-2.3%
1Y
3.2%
MRD
CA$17.49
Melcor Developments
7D
2.0%
1Y
44.1%
MEQ
CA$185.00
Mainstreet Equity
7D
0.6%
1Y
-4.0%
WFC
CA$17.28
Wall Financial
7D
1.6%
1Y
43.0%