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Canadian (TSX) Real Estate Sector Analysis

UpdatedFeb 27, 2026
DataAggregated Company Financials
Companies69
  • 7D2.0%
  • 3M1.6%
  • 1Y4.1%
  • YTD2.0%

Over the last 7 days, the Real Estate industry has risen 2.0%, driven by gains from Colliers International Group of 5.0%. This takes the industry's 12 month performance to a gain of 4.1%. As for the next few years, earnings are expected to grow by 37% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 28 Feb 2026CA$101.1bCA$33.7bCA$1.9b11.6x53.9x3x
Mon, 26 Jan 2026CA$104.9bCA$33.8bCA$3.7b10.5x28.1x3.1x
Wed, 24 Dec 2025CA$100.9bCA$33.7bCA$3.7b10.6x27x3x
Fri, 21 Nov 2025CA$99.8bCA$34.3bCA$3.7b10.5x27.2x2.9x
Sun, 19 Oct 2025CA$104.7bCA$33.6bCA$2.9b12.8x36.5x3.1x
Tue, 16 Sep 2025CA$109.2bCA$33.3bCA$2.9b13.6x38.2x3.3x
Thu, 14 Aug 2025CA$104.5bCA$33.4bCA$2.5b13.7x41x3.1x
Sat, 12 Jul 2025CA$101.4bCA$32.8bCA$3.4b13.4x29.6x3.1x
Mon, 09 Jun 2025CA$99.9bCA$32.8bCA$3.4b12.2x29.1x3x
Wed, 07 May 2025CA$96.3bCA$33.0bCA$4.1b11.2x23.5x2.9x
Fri, 04 Apr 2025CA$98.2bCA$33.3bCA$4.6b11.1x21.2x2.9x
Sun, 02 Mar 2025CA$98.9bCA$33.9bCA$3.4b12.2x29.1x2.9x
Tue, 28 Jan 2025CA$98.8bCA$32.9bCA$892.4m13.7x110.7x3x
Thu, 26 Dec 2024CA$100.5bCA$32.9bCA$891.9m13.7x112.6x3.1x
Sat, 23 Nov 2024CA$98.6bCA$32.5bCA$843.4m14.9x116.9x3x
Mon, 21 Oct 2024CA$103.7bCA$31.8bCA$1.6b9.4x63.1x3.3x
Wed, 18 Sep 2024CA$104.9bCA$31.6bCA$1.6b9.5x64.2x3.3x
Fri, 16 Aug 2024CA$94.7bCA$31.5bCA$1.7b8.8x57.3x3x
Sun, 14 Jul 2024CA$93.0bCA$31.2bCA$1.8b9.1x51.8x3x
Tue, 11 Jun 2024CA$88.4bCA$31.3bCA$1.8b9.1x49.7x2.8x
Thu, 09 May 2024CA$89.6bCA$31.2bCA$1.5b9.3x59.8x2.9x
Sat, 06 Apr 2024CA$95.7bCA$31.8bCA$1.1b11.2x85.5x3x
Mon, 04 Mar 2024CA$97.9bCA$31.7bCA$1.3b11.8x73.3x3.1x
Wed, 31 Jan 2024CA$103.9bCA$31.6bCA$1.6b9.9x63.4x3.3x
Fri, 29 Dec 2023CA$101.8bCA$31.4bCA$1.7b9x60.2x3.2x
Sun, 26 Nov 2023CA$94.2bCA$31.8bCA$1.7b8.7x55.3x3x
Tue, 24 Oct 2023CA$84.9bCA$30.0bCA$2.1b9.6x40.7x2.8x
Thu, 21 Sep 2023CA$100.4bCA$30.9bCA$3.3b9.9x30.8x3.2x
Sat, 19 Aug 2023CA$99.0bCA$31.1bCA$3.3b9.9x30.3x3.2x
Mon, 17 Jul 2023CA$102.7bCA$31.2bCA$4.3b7x23.9x3.3x
Wed, 14 Jun 2023CA$106.3bCA$31.3bCA$4.3b6.9x24.5x3.4x
Fri, 12 May 2023CA$107.6bCA$31.4bCA$5.9b7.1x18.4x3.4x
Sun, 09 Apr 2023CA$108.9bCA$31.1bCA$8.3b6.3x13.1x3.5x
Tue, 07 Mar 2023CA$116.1bCA$31.2bCA$9.6b6.8x12x3.7x
Price to Earnings Ratio

12x


Total Market Cap: CA$116.1bTotal Earnings: CA$9.6bTotal Revenue: CA$31.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Real Estate Sector Price to Earnings3Y Average 48.7x202420252026
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 53.9x which is higher than its 3-year average PE of 48.7x.
  • 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 2.7% 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 Market2.71%
Real Estate2.01%
Real Estate3.32%
Retail REITs2.20%
Industrial REITs1.23%
Residential REITs0.88%
Specialized REITs0.86%
Health Care REITs0.84%
REITS0.58%
Office REITs-0.067%
Hotel and Resort REITs-1.29%
Industry PE
  • Investors are most optimistic about the Real Estate industry even though it's trading below its 3-year average PE ratio of 44.5x.
    • Analysts are expecting annual earnings growth of 24.2%, 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
CIGI Colliers International GroupCA$161.793.5%
+CA$281.1m		-13.0%PE58.8x
GRT.UN Granite Real Estate Investment TrustCA$91.974.5%
+CA$240.2m		38.2%PB1x
AIF Altus GroupCA$46.719.0%
+CA$156.3m		-14.7%PS3.8x
FCR.UN First Capital Real Estate Investment TrustCA$21.392.3%
+CA$102.0m		29.4%PB0.9x
FSV FirstServiceCA$214.940.8%
+CA$79.5m		-15.7%PE50x

Latest News

HR.UN
CA$10.43
H&R Real Estate Investment Trust
7D
-1.2%
1Y
3.5%
AP.UN
CA$9.51
Allied Properties Real Estate Investment Trust
7D
-1.2%
1Y
-43.8%
BTB.UN
CA$4.01
BTB Real Estate Investment Trust
7D
-6.3%
1Y
16.6%
GRT.UN
CA$91.97
Granite Real Estate Investment Trust
7D
4.5%
1Y
38.2%
NWH.UN
CA$5.84
NorthWest Healthcare Properties Real Estate Investment Trust
7D
-1.5%
1Y
20.2%
AIF
CA$46.71
Altus Group
7D
9.0%
1Y
-14.7%
BEI.UN
CA$65.40
Boardwalk Real Estate Investment Trust
7D
-2.0%
1Y
2.5%
FSV
CA$214.94
FirstService
7D
0.8%
1Y
-15.7%

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.
CIGI
CA$161.79
Colliers International Group
7D
3.5%
1Y
-13.0%

CIGI: 2026 Guidance And Limited Buybacks Will Support Premium Earnings Multiple

Analysts have trimmed their average price target on Colliers International Group by a few dollars to reflect a slightly lower fair value estimate of about CA$244, while still pointing to solid 2026 guidance, relatively modest Q4 earnings pressure and what they view as overstated AI disruption risks. Analyst Commentary Recent research updates cluster around a similar theme, with price targets brought down modestly following the Q4 earnings miss but ratings staying constructive.
CRT.UN
CA$17.20
CT Real Estate Investment Trust
7D
1.4%
1Y
17.7%
KMP.UN
CA$16.90
Killam Apartment REIT
7D
-1.3%
1Y
3.6%
REI.UN
CA$19.73
RioCan Real Estate Investment Trust
7D
0.9%
1Y
1.8%
CAR.UN
CA$37.74
Canadian Apartment Properties Real Estate Investment Trust
7D
-0.7%
1Y
-6.4%
PMZ.UN
CA$18.26
Primaris Real Estate Investment Trust
7D
3.5%
1Y
15.6%
FCR.UN
CA$21.39
First Capital Real Estate Investment Trust
7D
2.3%
1Y
29.4%
SVI
CA$4.95
StorageVault Canada
7D
-1.0%
1Y
22.5%