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Canadian (TSX) Real Estate Sector Analysis

UpdatedJan 05, 2026
DataAggregated Company Financials
Companies68
  • 7D-0.2%
  • 3M-4.3%
  • 1Y0.9%
  • YTD0%

Last week, the Real Estate industry hasn't moved much but Allied Properties Real Estate Investment Trust is up 4.7% in that time. Furthermore, the industry has been flat for the past year as well. As for the next few years, earnings are expected to grow by 29% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 05 Jan 2026CA$100.9bCA$33.8bCA$3.7b10.6x27x3x
Wed, 03 Dec 2025CA$99.8bCA$34.1bCA$3.7b9.9x26.9x2.9x
Fri, 31 Oct 2025CA$102.5bCA$33.6bCA$2.9b12.8x35.6x3x
Sun, 28 Sep 2025CA$105.7bCA$33.5bCA$2.9b13.6x36.9x3.2x
Tue, 26 Aug 2025CA$107.4bCA$33.3bCA$2.5b14.5x42.8x3.2x
Thu, 24 Jul 2025CA$102.6bCA$32.8bCA$2.8b13.8x37.3x3.1x
Sat, 21 Jun 2025CA$99.7bCA$32.9bCA$3.4b12.5x29.1x3x
Mon, 19 May 2025CA$98.9bCA$33.1bCA$3.4b12.5x28.7x3x
Wed, 16 Apr 2025CA$92.5bCA$33.1bCA$4.6b10.7x20.1x2.8x
Fri, 14 Mar 2025CA$97.1bCA$33.8bCA$4.1b11.6x23.6x2.9x
Sun, 09 Feb 2025CA$98.8bCA$33.7bCA$1.2b13.6x83.8x2.9x
Tue, 07 Jan 2025CA$100.8bCA$32.9bCA$892.0m13.8x113x3.1x
Thu, 05 Dec 2024CA$99.8bCA$32.6bCA$815.7m15.8x122.4x3.1x
Sat, 02 Nov 2024CA$99.9bCA$32.4bCA$2.0b9.7x49.5x3.1x
Mon, 30 Sep 2024CA$104.6bCA$31.5bCA$1.6b9.3x63.7x3.3x
Wed, 28 Aug 2024CA$99.4bCA$31.1bCA$1.6b9x61.4x3.2x
Fri, 26 Jul 2024CA$95.0bCA$31.1bCA$1.7b9.2x55x3.1x
Sun, 23 Jun 2024CA$86.6bCA$31.3bCA$1.8b9.2x48.1x2.8x
Tue, 21 May 2024CA$90.4bCA$31.1bCA$1.8b9.2x50.5x2.9x
Thu, 18 Apr 2024CA$92.6bCA$32.0bCA$1.1b11.6x83.5x2.9x
Sat, 16 Mar 2024CA$97.6bCA$31.8bCA$1.1b10.9x87.1x3.1x
Mon, 12 Feb 2024CA$98.3bCA$31.4bCA$507.6m10.2x193.6x3.1x
Wed, 10 Jan 2024CA$101.5bCA$31.5bCA$1.7b9.9x59.9x3.2x
Fri, 08 Dec 2023CA$97.6bCA$31.7bCA$1.7b8.5x58x3.1x
Sun, 05 Nov 2023CA$94.7bCA$31.3bCA$2.9b9.8x33.1x3x
Tue, 03 Oct 2023CA$93.7bCA$31.1bCA$3.3b9.3x28.7x3x
Thu, 31 Aug 2023CA$101.3bCA$31.0bCA$3.3b9.2x31.1x3.3x
Sat, 29 Jul 2023CA$102.0bCA$31.3bCA$4.7b7x21.8x3.3x
Mon, 26 Jun 2023CA$95.7bCA$31.1bCA$4.3b6.7x22.3x3.1x
Wed, 24 May 2023CA$106.5bCA$31.5bCA$4.4b6.9x24.4x3.4x
Fri, 21 Apr 2023CA$110.6bCA$31.0bCA$8.4b6.2x13.2x3.6x
Sun, 19 Mar 2023CA$53.4bCA$16.4bCA$4.3b6.3x12.6x3.3x
Tue, 14 Feb 2023CA$116.5bCA$30.8bCA$13.0b6.2x9x3.8x
Thu, 12 Jan 2023CA$111.6bCA$31.2bCA$13.8b5.7x8.1x3.6x
Price to Earnings Ratio

8.1x


Total Market Cap: CA$111.6bTotal Earnings: CA$13.8bTotal Revenue: CA$31.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Real Estate Sector Price to Earnings3Y Average 47.6x202420252026
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 27.0x which is lower than its 3-year average PE of 47.6x.
  • 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 2.7% 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 Market0.32%
Real Estate-0.17%
Office REITs1.57%
Health Care REITs1.18%
Residential REITs0.63%
Industrial REITs0.41%
REITS0.35%
Retail REITs0.20%
Specialized REITs0.091%
Hotel and Resort REITs-1.08%
Real Estate-1.57%
Industry PE
  • Investors are most optimistic about the Real Estate industry even though it's trading below its 3-year average PE ratio of 43.8x.
    • Analysts are expecting annual earnings growth of 11.6%, which is lower than the prior year's growth of 16.6% per year.
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
AP.UN Allied Properties Real Estate Investment TrustCA$13.793.5%
+CA$65.7m		-21.5%PB0.4x
DRM Dream UnlimitedCA$19.454.2%
+CA$32.8m		-8.5%PE10.1x
REI.UN RioCan Real Estate Investment TrustCA$18.760.6%
+CA$32.5m		1.1%PB0.8x
GRT.UN Granite Real Estate Investment TrustCA$82.200.6%
+CA$30.9m		16.5%PB0.9x
IVQ InvesqueCA$0.1525.0%
+CA$27.4m		15.4%PS1x

Latest News

AX.UN
CA$8.04
Artis Real Estate Investment Trust
7D
-1.5%
1Y
8.2%
REI.UN
CA$18.76
RioCan Real Estate Investment Trust
7D
0.6%
1Y
1.1%
IVQ
CA$0.15
Invesque
7D
25.0%
1Y
15.4%

Invesque Inc.'s (TSE:IVQ) Price Is Right But Growth Is Lacking After Shares Rocket 30%

Jan 01
Invesque Inc.'s (TSE:IVQ) Price Is Right But Growth Is Lacking After Shares Rocket 30%
GO.U
US$11.45
GO Residential Real Estate Investment Trust
7D
3.6%
1Y
n/a
FSV
CA$207.38
FirstService
7D
-3.2%
1Y
-19.3%

FirstService (TSE:FSV) Seems To Use Debt Quite Sensibly

Dec 30
FirstService (TSE:FSV) Seems To Use Debt Quite Sensibly
ISC
CA$46.58
Information Services
7D
-1.4%
1Y
70.0%

There's Reason For Concern Over Information Services Corporation's (TSE:ISC) Massive 27% Price Jump

Dec 30
There's Reason For Concern Over Information Services Corporation's (TSE:ISC) Massive 27% Price Jump
MHC.UN
CA$27.51
Flagship Communities Real Estate Investment Trust
7D
4.2%
1Y
29.5%
AIF
CA$56.41
Altus Group
7D
-0.7%
1Y
2.1%

AIF: Mixed Price Views And Buyback Will Shape Balanced Forward Outlook

Altus Group's analyst price target has narrowed amid conflicting revisions. A recent upgrade to C$65 has been partially offset by cuts to C$56 and C$52 as analysts recalibrate their expectations around growth, profitability, and valuation risk.
CIGI
CA$199.41
Colliers International Group
7D
-2.4%
1Y
1.6%
REAL
CA$5.80
Real Matters
7D
-1.9%
1Y
-16.4%
GRT.UN
CA$82.20
Granite Real Estate Investment Trust
7D
0.6%
1Y
16.5%
DRM
CA$19.45
Dream Unlimited
7D
4.2%
1Y
-8.5%
CAR.UN
CA$37.12
Canadian Apartment Properties Real Estate Investment Trust
7D
0.3%
1Y
-13.8%

CAR.UN: Revenue And Margin Improvements Will Face Tighter Upside Expectations

Analysts have trimmed their price target on Canadian Apartment Properties Real Estate Investment Trust to roughly C$41 from about C$45, reflecting lower fair value estimates even as they highlight improving revenue growth, stronger profit margins, and a more attractive future earnings multiple. Analyst Commentary Bearish analysts have recently adjusted their models to reflect a more cautious outlook on Canadian Apartment Properties Real Estate Investment Trust, trimming price targets despite acknowledging operational improvements.
SVI
CA$4.65
StorageVault Canada
7D
-0.9%
1Y
17.4%
AP.UN
CA$13.79
Allied Properties Real Estate Investment Trust
7D
3.5%
1Y
-21.5%
FCA.UN
CA$3.10
Firm Capital Apartment Real Estate Investment Trust
7D
-26.9%
1Y
-38.1%