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Canadian (TSX) Real Estate Sector Analysis

UpdatedJan 31, 2026
DataAggregated Company Financials
Companies69
  • 7D-2.2%
  • 3M-0.3%
  • 1Y3.5%
  • YTD1.5%

Over the last 7 days, the Real Estate industry has dropped 2.2%, driven by a pullback from FirstService of 3.6%. This takes the industry's 12 month performance to a gain of 3.5%. As for the next few years, earnings are expected to grow by 31% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 31 Jan 2026CA$102.9bCA$33.7bCA$3.7b10.8x27.6x3.1x
Mon, 29 Dec 2025CA$100.8bCA$33.7bCA$3.7b10.6x27x3x
Wed, 26 Nov 2025CA$100.5bCA$34.2bCA$3.7b9.8x27.1x2.9x
Fri, 24 Oct 2025CA$106.3bCA$33.5bCA$2.9b12.9x37.1x3.2x
Sun, 21 Sep 2025CA$108.2bCA$33.3bCA$2.9b13.6x37.8x3.2x
Tue, 19 Aug 2025CA$106.0bCA$33.2bCA$2.5b14.2x42.4x3.2x
Thu, 17 Jul 2025CA$102.3bCA$32.8bCA$3.4b13.7x29.9x3.1x
Sat, 14 Jun 2025CA$101.0bCA$32.7bCA$3.4b12.5x29.5x3.1x
Mon, 12 May 2025CA$96.8bCA$33.2bCA$3.5b12.3x27.5x2.9x
Wed, 09 Apr 2025CA$91.6bCA$33.5bCA$4.6b10.3x19.9x2.7x
Fri, 07 Mar 2025CA$100.1bCA$33.8bCA$3.6b12.1x28x3x
Sun, 02 Feb 2025CA$99.1bCA$33.1bCA$901.7m13.5x110x3x
Tue, 31 Dec 2024CA$100.3bCA$32.9bCA$891.9m13.9x112.4x3x
Thu, 28 Nov 2024CA$99.2bCA$32.5bCA$825.9m14.9x120.1x3.1x
Sat, 26 Oct 2024CA$103.1bCA$32.3bCA$1.7b9.5x61.3x3.2x
Mon, 23 Sep 2024CA$105.1bCA$31.6bCA$1.6b9.5x64x3.3x
Wed, 21 Aug 2024CA$95.9bCA$31.3bCA$1.6b8.9x58.8x3.1x
Fri, 19 Jul 2024CA$95.3bCA$31.3bCA$1.8b9.4x53.1x3x
Sun, 16 Jun 2024CA$87.8bCA$31.3bCA$1.8b9.1x49.3x2.8x
Tue, 14 May 2024CA$90.3bCA$31.2bCA$1.7b9.5x52.2x2.9x
Thu, 11 Apr 2024CA$98.2bCA$31.9bCA$1.1b11.5x88.3x3.1x
Sat, 09 Mar 2024CA$98.6bCA$31.6bCA$1.3b10.2x76.9x3.1x
Mon, 05 Feb 2024CA$102.7bCA$31.6bCA$1.1b10.2x91.4x3.2x
Wed, 03 Jan 2024CA$101.1bCA$31.5bCA$1.7b9.3x59.8x3.2x
Fri, 01 Dec 2023CA$94.1bCA$31.7bCA$1.7b8.3x55.4x3x
Sun, 29 Oct 2023CA$87.5bCA$31.6bCA$3.2b9.2x27.3x2.8x
Tue, 26 Sep 2023CA$96.5bCA$30.9bCA$3.3b10.1x29.6x3.1x
Thu, 24 Aug 2023CA$99.3bCA$31.0bCA$3.3b9.7x30.5x3.2x
Sat, 22 Jul 2023CA$103.1bCA$31.3bCA$4.8b7.1x21.4x3.3x
Mon, 19 Jun 2023CA$105.2bCA$31.1bCA$4.3b6.9x24.5x3.4x
Wed, 17 May 2023CA$106.8bCA$31.5bCA$4.4b6.9x24.5x3.4x
Fri, 14 Apr 2023CA$110.2bCA$30.9bCA$8.3b6.4x13.3x3.6x
Sun, 12 Mar 2023CA$111.7bCA$31.4bCA$8.8b7x12.7x3.6x
Tue, 07 Feb 2023CA$116.4bCA$31.0bCA$13.5b6.1x8.6x3.8x
Price to Earnings Ratio

8.6x


Total Market Cap: CA$116.4bTotal Earnings: CA$13.5bTotal Revenue: CA$31.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Real Estate Sector Price to Earnings3Y Average 48.1x202420252026
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 27.6x which is lower than its 3-year average PE of 48.1x.
  • 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 2.8% 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-3.80%
Real Estate-2.22%
Residential REITs-0.068%
Health Care REITs-0.18%
REITS-0.26%
Specialized REITs-1.75%
Hotel and Resort REITs-2.28%
Industrial REITs-2.32%
Retail REITs-2.55%
Real Estate-3.30%
Office REITs-3.83%
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 37.7% 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 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
BEI.UN Boardwalk Real Estate Investment TrustCA$68.852.4%
+CA$78.9m		9.9%PB0.7x
INO.UN Inovalis Real Estate Investment TrustCA$1.1510.6%
+CA$3.7m		25.0%PB0.2x
FCA.UN Firm Capital Apartment Real Estate Investment TrustCA$4.898.7%
+CA$3.0m		-2.4%PB0.6x
HR.UN H&R Real Estate Investment TrustCA$10.750.09%
+CA$2.6m		15.0%PB0.6x
KMP.UN Killam Apartment REITCA$17.540.1%
+CA$2.4m		6.1%PB0.7x

Latest News

HR.UN
CA$10.75
H&R Real Estate Investment Trust
7D
0.09%
1Y
15.0%
AX.UN
CA$8.92
Artis Real Estate Investment Trust
7D
-11.5%
1Y
16.6%
FSV
CA$210.96
FirstService
7D
-3.6%
1Y
-20.2%

FSV: Modest Guidance Trim Will Set Up Stronger 2026 Rebound

Analysts have trimmed their price target on FirstService to $211 from $213, reflecting slightly softer Q3 results and a modest 2025 guidance revision, while still pointing to expectations for stronger growth in 2026 as support for the longer term outlook. Analyst Commentary Bullish Takeaways Bullish analysts see the small trim in the price target to $211 from $213 as a fine tuning of valuation, not a shift in the fundamental view on FirstService.
DIR.UN
CA$12.86
Dream Industrial Real Estate Investment Trust
7D
-3.7%
1Y
10.1%
CIGI
CA$186.06
Colliers International Group
7D
-2.8%
1Y
-10.0%

CIGI: Ongoing Platform Investment And Acquisition Optionality Will Sustain Premium Multiples

Analysts now set a new price target for Colliers International Group at US$247.89, reflecting updated assumptions for discount rate, revenue growth, profit margin and forward P/E that keep the fair value estimate broadly in line with prior views. What's in the News Colliers International Group maintained consolidated earnings guidance for 2025, with management indicating an expectation for low teens percent revenue growth for the full year 2025.
CRT.UN
CA$16.32
CT Real Estate Investment Trust
7D
-2.8%
1Y
14.2%
KMP.UN
CA$17.54
Killam Apartment REIT
7D
0.1%
1Y
6.1%
AIF
CA$46.20
Altus Group
7D
-7.1%
1Y
-22.2%

AIF: Buy Rating And Share Buyback Are Expected To Support Upside

Altus Group's analyst price target range has been reset, with one firm raising its view to C$65 and others trimming targets to C$56 and C$52, as analysts reassess the shares based on updated return assumptions and valuation multiples. Analyst Commentary Recent Street research on Altus Group reflects a split view, with one upgrade and two more cautious moves on rating and price targets.
REI.UN
CA$19.51
RioCan Real Estate Investment Trust
7D
-2.5%
1Y
5.6%
CHP.UN
CA$15.24
Choice Properties Real Estate Investment Trust
7D
-2.9%
1Y
18.0%
PWR
CA$0.055
Captiva Verde Wellness
7D
10.0%
1Y
57.1%
BEI.UN
CA$68.85
Boardwalk Real Estate Investment Trust
7D
2.4%
1Y
9.9%
NET.UN
CA$6.17
Canadian Net Real Estate Investment Trust
7D
1.9%
1Y
19.7%
INO.UN
CA$1.15
Inovalis Real Estate Investment Trust
7D
10.6%
1Y
25.0%
CAI
CA$0.02
Capitan Investment
7D
33.3%
1Y
33.3%
FCA.UN
CA$4.89
Firm Capital Apartment Real Estate Investment Trust
7D
8.7%
1Y
-2.4%