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Canadian (TSX) Real Estate Sector Analysis

UpdatedApr 15, 2026
DataAggregated Company Financials
Companies69
  • 7D3.0%
  • 3M-2.8%
  • 1Y9.0%
  • YTD1.4%

In the last week, the Real Estate industry is up 2.6%, with Colliers International Group leading the way with a 4.4% gain. This means that the industry has gained 9.6% over the past year. As for the next few years, earnings are expected to grow by 35% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 15 Apr 2026CA$100.8bCA$33.8bCA$2.5b12.2x40.6x3x
Fri, 13 Mar 2026CA$97.9bCA$33.7bCA$1.7b11x58.7x2.9x
Sun, 08 Feb 2026CA$103.6bCA$33.7bCA$3.7b10.8x27.8x3.1x
Tue, 06 Jan 2026CA$102.6bCA$33.8bCA$3.7b10.6x27.5x3x
Thu, 04 Dec 2025CA$99.8bCA$34.1bCA$3.7b9.8x26.9x2.9x
Sat, 01 Nov 2025CA$101.8bCA$33.7bCA$2.9b12.6x34.7x3x
Mon, 29 Sep 2025CA$105.7bCA$33.5bCA$2.9b13.6x36.9x3.2x
Wed, 27 Aug 2025CA$106.8bCA$33.2bCA$2.5b14.2x42.6x3.2x
Fri, 25 Jul 2025CA$102.5bCA$32.8bCA$2.8b13.8x37.2x3.1x
Sun, 22 Jun 2025CA$99.7bCA$32.9bCA$3.4b12.5x29.1x3x
Tue, 20 May 2025CA$98.9bCA$33.1bCA$3.4b12.5x28.7x3x
Thu, 17 Apr 2025CA$93.6bCA$33.0bCA$4.6b10.6x20.4x2.8x
Sat, 15 Mar 2025CA$95.9bCA$33.8bCA$4.1b11.6x23.3x2.8x
Mon, 10 Feb 2025CA$98.8bCA$33.7bCA$1.2b13.6x83.8x2.9x
Wed, 08 Jan 2025CA$100.2bCA$32.9bCA$892.2m13.9x112.3x3x
Fri, 06 Dec 2024CA$100.0bCA$32.5bCA$889.3m15.8x112.5x3.1x
Sun, 03 Nov 2024CA$99.2bCA$32.4bCA$2.0b9.7x49x3.1x
Tue, 01 Oct 2024CA$104.6bCA$31.5bCA$1.6b9.4x63.7x3.3x
Thu, 29 Aug 2024CA$100.3bCA$31.2bCA$1.6b9.1x61.9x3.2x
Sat, 27 Jul 2024CA$95.9bCA$31.4bCA$1.7b9.2x56x3.1x
Mon, 24 Jun 2024CA$86.6bCA$31.3bCA$1.8b9.2x48.1x2.8x
Wed, 22 May 2024CA$90.4bCA$31.1bCA$1.8b9.2x50.5x2.9x
Fri, 19 Apr 2024CA$92.8bCA$32.0bCA$1.1b11.7x83.6x2.9x
Sun, 17 Mar 2024CA$97.5bCA$31.8bCA$1.1b10.9x87x3.1x
Tue, 13 Feb 2024CA$98.6bCA$31.4bCA$507.8m10x194.2x3.1x
Thu, 11 Jan 2024CA$101.5bCA$31.5bCA$1.7b9.4x60x3.2x
Sat, 09 Dec 2023CA$97.6bCA$31.7bCA$1.7b8.5x58x3.1x
Mon, 06 Nov 2023CA$94.7bCA$31.3bCA$2.9b9.8x33.1x3x
Wed, 04 Oct 2023CA$92.7bCA$31.1bCA$3.3b9.1x28.4x3x
Fri, 01 Sep 2023CA$100.3bCA$31.0bCA$3.3b9.2x30.8x3.2x
Sun, 30 Jul 2023CA$102.0bCA$31.3bCA$4.7b7x21.8x3.3x
Tue, 27 Jun 2023CA$96.4bCA$31.1bCA$4.3b7x22.5x3.1x
Thu, 25 May 2023CA$105.7bCA$31.6bCA$4.4b6.9x24.2x3.3x
Sat, 22 Apr 2023CA$111.1bCA$31.0bCA$8.4b6x13.3x3.6x
Price to Earnings Ratio

13.3x


Total Market Cap: CA$111.1bTotal Earnings: CA$8.4bTotal Revenue: CA$31.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Real Estate Sector Price to Earnings3Y Average 50.3x202420252026
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 40.3x which is lower than its 3-year average PE of 50.3x.
  • 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 33% 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 Market2.81%
Real Estate3.05%
Office REITs6.26%
Industrial REITs5.90%
Health Care REITs5.37%
REITS4.11%
Real Estate2.91%
Retail REITs2.77%
Residential REITs1.50%
Specialized REITs-0.26%
Hotel and Resort REITs-3.10%
Industry PE
  • Investors are most optimistic about the Real Estate industry even though it's trading below its 3-year average PE ratio of 45.1x.
    • Analysts are expecting annual earnings growth of 23.8%, which is higher than its past year's earnings growth of 7.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Office REITs industry, expecting annual earnings growth of 137% over the next 5 years.
  • This is better than its past earnings growth rate of 48% per year.
  • In contrast, the Residential REITs 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
CIGI Colliers International GroupCA$156.784.4%
+CA$338.8m		-1.3%PE56.4x
GRT.UN Granite Real Estate Investment TrustCA$90.836.3%
+CA$328.1m		47.5%PB1x
FSV FirstServiceCA$205.443.4%
+CA$313.1m		-13.9%PE47.3x
REI.UN RioCan Real Estate Investment TrustCA$20.513.6%
+CA$209.6m		21.9%PB0.8x
FCR.UN First Capital Real Estate Investment TrustCA$21.704.0%
+CA$176.4m		34.4%PB1x

Latest News

FCA.UN
CA$3.00
Firm Capital Apartment Real Estate Investment Trust
7D
-29.4%
1Y
-15.3%
IVQ
CA$0.14
Invesque
7D
-3.6%
1Y
-25.0%
HR.UN
CA$10.55
H&R Real Estate Investment Trust
7D
4.9%
1Y
10.7%
AP.UN
CA$10.54
Allied Properties Real Estate Investment Trust
7D
7.2%
1Y
-29.7%
CIGI
CA$156.78
Colliers International Group
7D
4.4%
1Y
-1.3%

CIGI: 2026 Guidance And AI Risk Repricing Will Support Premium Multiple

Analysts have trimmed their average CA$ price targets on Colliers International Group by CA$10 to CA$20 after a slight Q4 earnings miss, while still pointing to steady long term assumptions on revenue growth, margins, and future P/E, supported by confidence that AI related disruption risks are being overstated. Analyst Commentary Research desks have mostly reset their models after the Q4 earnings miss, trimming price targets while keeping a close eye on execution and how AI risk is being priced into the shares.
FSV
CA$205.44
FirstService
7D
3.4%
1Y
-13.9%

FSV: Refreshed Discount Rate Assumptions Will Support Higher Profit Margin Delivery

Analysts have raised their CA$ price target on FirstService by CA$6, citing updated assumptions around discount rates, profit margins and a slightly lower future P/E outlook as the key drivers of the revised view. Analyst Commentary Bullish Takeaways Bullish analysts view the CA$6 increase in the price target as consistent with refreshed discount rate work, suggesting the revised target better aligns with their updated risk assumptions.
FCR.UN
CA$21.70
First Capital Real Estate Investment Trust
7D
4.0%
1Y
34.4%
HMT
CA$1.00
Halmont Properties
7D
-4.8%
1Y
n/a
DIR.UN
CA$13.62
Dream Industrial Real Estate Investment Trust
7D
5.4%
1Y
31.6%

DIR.UN: Buybacks And Higher Earnings Visibility Will Support Future Unit Upside

Analysts have lifted their average price targets on Dream Industrial Real Estate Investment Trust toward the CA$15 to CA$15.50 range, reflecting updated views on its risk profile, long term revenue assumptions and P/E expectations. Analyst Commentary Recent research activity has clustered around higher price targets for Dream Industrial Real Estate Investment Trust in the CA$14.50 to CA$15.50 range, with several firms reiterating positive ratings alongside these new targets.
REAL
CA$5.68
Real Matters
7D
-0.5%
1Y
2.5%

REAL: Refining Revenue And Margin Assumptions Will Support Higher Earnings Multiple

Analysts have raised their CA$ price targets on Real Matters, citing slightly higher assumed revenue growth, a modestly lower discount rate, and a small contraction in future P/E expectations that together support a higher valuation framework. Analyst Commentary Recent Street research on Real Matters points to a clear shift in tone, with several bullish analysts updating their views and price frameworks.
GRT.UN
CA$90.83
Granite Real Estate Investment Trust
7D
6.3%
1Y
47.5%
REI.UN
CA$20.51
RioCan Real Estate Investment Trust
7D
3.6%
1Y
21.9%
ISC
CA$42.50
Information Services
7D
-5.0%
1Y
59.1%

ISC: Future Registry Mandate And Labor Deal Will Shape Balanced Outlook

Analysts have raised their price target on the Information Services group to CA$49.60 from CA$44.20, citing updated assumptions around revenue growth, profit margins, discount rate and forward P/E that collectively support a higher estimated fair value. What's in the News The board and a special committee of independent directors are reviewing multiple options intended to maximize shareholder value.
KDSX
CA$0.27
Kadestone Capital
7D
-55.8%
1Y
n/a
MRD
CA$18.10
Melcor Developments
7D
-1.5%
1Y
53.5%
GDC
CA$3.38
Genesis Land Development
7D
-2.6%
1Y
9.0%