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Canadian (TSX) Real Estate Sector Analysis

UpdatedFeb 13, 2026
DataAggregated Company Financials
Companies68
  • 7D-4.5%
  • 3M-1.9%
  • 1Y0.05%
  • YTD-2.0%

Over the last 7 days, the Real Estate industry has dropped 4.5%, driven by Colliers International Group declining 19%. 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 24% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 14 Feb 2026CA$101.7bCA$33.5bCA$4.6b10.1x22.3x3x
Mon, 12 Jan 2026CA$105.0bCA$34.0bCA$3.7b10.7x28.1x3.1x
Wed, 10 Dec 2025CA$98.2bCA$33.9bCA$3.7b9.6x26.5x2.9x
Fri, 07 Nov 2025CA$101.3bCA$34.2bCA$3.9b11.2x25.9x3x
Sun, 05 Oct 2025CA$106.9bCA$33.5bCA$2.9b13.2x37.3x3.2x
Tue, 02 Sep 2025CA$107.2bCA$33.3bCA$2.9b13.8x37.5x3.2x
Thu, 31 Jul 2025CA$104.6bCA$33.2bCA$2.6b14.1x40.3x3.2x
Sat, 28 Jun 2025CA$99.5bCA$32.8bCA$3.4b12.7x29.1x3x
Mon, 26 May 2025CA$96.3bCA$32.9bCA$3.4b11.8x28.1x2.9x
Wed, 23 Apr 2025CA$93.4bCA$33.0bCA$4.6b10.7x20.3x2.8x
Fri, 21 Mar 2025CA$97.9bCA$33.8bCA$4.2b11x23.6x2.9x
Sun, 16 Feb 2025CA$98.5bCA$33.5bCA$2.8b13.9x34.8x2.9x
Tue, 14 Jan 2025CA$97.6bCA$33.0bCA$893.2m13.3x109.3x3x
Thu, 12 Dec 2024CA$103.3bCA$32.7bCA$889.8m14.8x116.1x3.2x
Sat, 09 Nov 2024CA$100.1bCA$32.6bCA$1.1b14.9x88.1x3.1x
Mon, 07 Oct 2024CA$97.5bCA$31.0bCA$1.4b9.1x69.1x3.1x
Wed, 04 Sep 2024CA$99.8bCA$31.5bCA$1.6b8.8x60.9x3.2x
Fri, 02 Aug 2024CA$95.3bCA$31.5bCA$1.7b9.2x56.5x3x
Sun, 30 Jun 2024CA$88.2bCA$31.3bCA$1.8b9x49x2.8x
Tue, 28 May 2024CA$88.7bCA$31.2bCA$1.8b9.2x50.3x2.8x
Thu, 25 Apr 2024CA$94.4bCA$31.9bCA$1.1b12x85.6x3x
Sat, 23 Mar 2024CA$98.4bCA$31.8bCA$1.2b10.6x85.6x3.1x
Mon, 19 Feb 2024CA$99.4bCA$31.6bCA$843.4m10.4x117.9x3.1x
Wed, 17 Jan 2024CA$102.2bCA$31.6bCA$1.6b9.7x62.7x3.2x
Fri, 15 Dec 2023CA$101.2bCA$31.5bCA$1.7b9.4x60.3x3.2x
Sun, 12 Nov 2023CA$91.3bCA$31.6bCA$1.9b10x47.2x2.9x
Tue, 10 Oct 2023CA$93.2bCA$31.1bCA$3.3b9.7x28.6x3x
Thu, 07 Sep 2023CA$101.1bCA$31.1bCA$3.3b9.1x31x3.2x
Sat, 05 Aug 2023CA$102.1bCA$31.6bCA$4.4b7.5x23.3x3.2x
Mon, 03 Jul 2023CA$100.7bCA$31.2bCA$4.3b7x23.4x3.2x
Wed, 31 May 2023CA$105.6bCA$31.6bCA$4.4b6.8x24.2x3.3x
Fri, 28 Apr 2023CA$110.0bCA$31.4bCA$8.1b7.2x13.6x3.5x
Sun, 26 Mar 2023CA$38.5bCA$19.3bCA$3.5b6.4x10.8x2x
Tue, 21 Feb 2023CA$118.1bCA$30.8bCA$11.6b6.2x10.2x3.8x
Price to Earnings Ratio

10.2x


Total Market Cap: CA$118.1bTotal Earnings: CA$11.6bTotal Revenue: CA$30.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Real Estate Sector Price to Earnings3Y Average 48.3x202420252026
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 22.3x which is lower than its 3-year average PE of 48.3x.
  • 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 27% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.9% 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 Market1.74%
Real Estate-4.51%
Hotel and Resort REITs2.34%
Health Care REITs-0.52%
Industrial REITs-1.68%
REITS-1.91%
Residential REITs-2.17%
Retail REITs-2.29%
Specialized REITs-3.06%
Real Estate-7.23%
Office REITs-30.63%
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 39.0% 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 105% 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
CRR.UN Crombie Real Estate Investment TrustCA$15.890.8%
+CA$29.9m		12.8%PB1.6x
MEQ Mainstreet EquityCA$174.221.5%
+CA$23.2m		-13.3%PE5.8x
WFC Wall FinancialCA$16.603.8%
+CA$19.2m		18.9%PE15.9x
SRU.UN SmartCentres Real Estate Investment TrustCA$27.280.3%
+CA$13.0m		8.3%PB0.8x
MRG.UN Morguard North American Residential Real Estate Investment TrustCA$18.681.9%
+CA$11.9m		13.6%PB0.3x

Latest News

AP.UN
CA$9.49
Allied Properties Real Estate Investment Trust
7D
-32.5%
1Y
-44.3%
SRU.UN
CA$27.28
SmartCentres Real Estate Investment Trust
7D
0.3%
1Y
8.3%
PMZ.UN
CA$17.30
Primaris Real Estate Investment Trust
7D
0.9%
1Y
12.7%
WFC
CA$16.60
Wall Financial
7D
3.8%
1Y
18.9%
MRG.UN
CA$18.68
Morguard North American Residential Real Estate Investment Trust
7D
1.9%
1Y
13.6%
CIGI
CA$155.13
Colliers International Group
7D
-18.7%
1Y
-16.9%
HR.UN
CA$10.45
H&R Real Estate Investment Trust
7D
-3.6%
1Y
4.5%
CRR.UN
CA$15.89
Crombie Real Estate Investment Trust
7D
0.8%
1Y
12.8%
MEQ
CA$174.22
Mainstreet Equity
7D
1.5%
1Y
-13.3%
FSV
CA$210.63
FirstService
7D
-4.1%
1Y
-15.3%

FSV: Dividend Hike And Trimmed Assumptions Will Support Stronger 2026 Rebound

Analysts have trimmed their fair value estimate for FirstService from about $264.61 to roughly $258.30, reflecting slightly different views on discount rates, revenue growth, profit margins and future P/E, while also factoring in recent Street research that included a US$6 price target increase. Analyst Commentary Bullish Takeaways Bullish analysts view the recent US$6 price target adjustment as consistent with their view that the prior fair value range already captured many key execution risks.
AIF
CA$39.04
Altus Group
7D
-5.6%
1Y
-32.3%

AIF: Buy Rating And Share Buyback Are Expected To Drive Future Upside

Narrative Update on Altus Group Analysts have adjusted their price target on Altus Group slightly lower to about $60.50 from roughly $60.63, reflecting updated views on discount rates, profit margins and future P/E, while highlighting a recent upgrade to Buy and a C$65 target from Street research. Analyst Commentary Recent research reflects a mix of optimism and caution around Altus Group, with the updated C$65 target helping frame how some analysts are thinking about upside potential and execution risk.
DIR.UN
CA$13.05
Dream Industrial Real Estate Investment Trust
7D
-2.2%
1Y
11.2%

DIR.UN: Outperform Rating And C$15 Outlook Will Be Supported By New Joint Venture

Analysts have raised their price target on Dream Industrial Real Estate Investment Trust to C$15.00 from C$14.50, reflecting updated views on the trust's earnings profile and valuation, using a slightly higher discount rate and a future P/E of about 16.9x. Analyst Commentary Recent research points to a modestly higher valuation framework for Dream Industrial Real Estate Investment Trust, with the price target adjusted to C$15.00 and the P/E assumption set around 16.9x.
CAR.UN
CA$37.65
Canadian Apartment Properties Real Estate Investment Trust
7D
-1.4%
1Y
-7.3%

CAR.UN: Long Term Cash Flow And Buybacks Will Support Upside

Analysts have trimmed their fair value estimate for Canadian Apartment Properties Real Estate Investment Trust to C$51.14 from C$71.76 and now see a C$47 Street price target, citing updated assumptions for discount rates, revenue growth, profit margins and future P/E multiples. Analyst Commentary Bullish analysts point to the updated C$47 price target as a sign that they still see upside potential relative to the revised fair value estimate of C$51.14, even after adjusting their assumptions for discount rates, revenue growth, profit margins and future P/E multiples.
HOM.UN
CA$17.00
BSR Real Estate Investment Trust
7D
1.1%
1Y
1.0%
GRT.UN
CA$88.70
Granite Real Estate Investment Trust
7D
0.1%
1Y
30.4%
BEI.UN
CA$66.10
Boardwalk Real Estate Investment Trust
7D
-3.9%
1Y
3.3%