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Canadian (TSX) Real Estate Sector Analysis
UpdatedJan 13, 2026
DataAggregated Company Financials
Companies69
- 7D2.6%
- 3M0.4%
- 1Y9.1%
- YTD4.5%
In the last week, the Real Estate industry is up 2.4%, with FirstService up 5.5%. This means that the industry has gained 8.6% over the past year. As for the next few years, earnings are expected to grow by 30% per annum.
Sector Valuation and Performance
Has the Canadian Real Estate Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 13 Jan 2026 | CA$105.5b | CA$34.0b | CA$3.7b | 10.7x | 28.2x | 3.1x |
| Thu, 11 Dec 2025 | CA$98.2b | CA$33.9b | CA$3.7b | 9.8x | 26.5x | 2.9x |
| Sat, 08 Nov 2025 | CA$101.0b | CA$34.1b | CA$3.7b | 11.3x | 27.5x | 3x |
| Mon, 06 Oct 2025 | CA$106.9b | CA$33.5b | CA$2.9b | 13.2x | 37.3x | 3.2x |
| Wed, 03 Sep 2025 | CA$107.2b | CA$33.3b | CA$2.9b | 13.5x | 37.5x | 3.2x |
| Fri, 01 Aug 2025 | CA$104.6b | CA$33.3b | CA$2.6b | 13.8x | 40.2x | 3.1x |
| Sun, 29 Jun 2025 | CA$91.0b | CA$32.8b | CA$3.4b | 12.7x | 26.6x | 2.8x |
| Tue, 27 May 2025 | CA$96.3b | CA$32.9b | CA$3.4b | 12x | 28.1x | 2.9x |
| Thu, 24 Apr 2025 | CA$94.2b | CA$33.1b | CA$4.6b | 10.8x | 20.5x | 2.8x |
| Sat, 22 Mar 2025 | CA$97.9b | CA$33.8b | CA$4.2b | 11.3x | 23.6x | 2.9x |
| Mon, 17 Feb 2025 | CA$98.5b | CA$33.5b | CA$2.8b | 13.9x | 34.8x | 2.9x |
| Wed, 15 Jan 2025 | CA$96.9b | CA$32.9b | CA$892.6m | 13.3x | 108.6x | 2.9x |
| Fri, 13 Dec 2024 | CA$103.7b | CA$32.7b | CA$889.9m | 14.9x | 116.5x | 3.2x |
| Sun, 10 Nov 2024 | CA$99.9b | CA$32.6b | CA$1.1b | 14.6x | 87.8x | 3.1x |
| Tue, 08 Oct 2024 | CA$102.5b | CA$31.6b | CA$1.6b | 9.2x | 62.4x | 3.2x |
| Thu, 05 Sep 2024 | CA$99.6b | CA$31.5b | CA$1.6b | 8.8x | 60.8x | 3.2x |
| Sat, 03 Aug 2024 | CA$95.7b | CA$31.6b | CA$1.8b | 9.6x | 54.1x | 3x |
| Mon, 01 Jul 2024 | CA$88.2b | CA$31.3b | CA$1.8b | 9x | 49x | 2.8x |
| Wed, 29 May 2024 | CA$89.0b | CA$31.2b | CA$1.8b | 9.2x | 50.5x | 2.9x |
| Fri, 26 Apr 2024 | CA$93.3b | CA$32.1b | CA$956.3m | 12x | 97.6x | 2.9x |
| Sun, 24 Mar 2024 | CA$98.4b | CA$31.8b | CA$1.2b | 10.6x | 85.6x | 3.1x |
| Tue, 20 Feb 2024 | CA$99.4b | CA$31.6b | CA$843.5m | 10.4x | 117.9x | 3.1x |
| Thu, 18 Jan 2024 | CA$100.1b | CA$31.7b | CA$1.6b | 9.6x | 61.4x | 3.2x |
| Sat, 16 Dec 2023 | CA$102.4b | CA$31.5b | CA$1.7b | 9.3x | 60.8x | 3.2x |
| Mon, 13 Nov 2023 | CA$91.4b | CA$31.6b | CA$1.8b | 10x | 50.2x | 2.9x |
| Wed, 11 Oct 2023 | CA$93.7b | CA$31.1b | CA$3.3b | 9.7x | 28.7x | 3x |
| Fri, 08 Sep 2023 | CA$101.0b | CA$31.2b | CA$3.3b | 9.1x | 31x | 3.2x |
| Sun, 06 Aug 2023 | CA$102.1b | CA$31.6b | CA$4.4b | 7.5x | 23.3x | 3.2x |
| Tue, 04 Jul 2023 | CA$100.7b | CA$31.2b | CA$4.3b | 7x | 23.4x | 3.2x |
| Thu, 01 Jun 2023 | CA$105.4b | CA$31.6b | CA$4.4b | 6.9x | 24.1x | 3.3x |
| Sat, 29 Apr 2023 | CA$110.5b | CA$31.3b | CA$8.0b | 7.2x | 13.9x | 3.5x |
| Mon, 27 Mar 2023 | CA$38.5b | CA$19.3b | CA$3.5b | 6.4x | 10.8x | 2x |
| Wed, 22 Feb 2023 | CA$116.6b | CA$30.8b | CA$11.6b | 6.3x | 10.1x | 3.8x |
| Fri, 20 Jan 2023 | CA$113.0b | CA$31.2b | CA$13.8b | 6x | 8.2x | 3.6x |
Price to Earnings Ratio
8.2x
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 28.1x which is lower than its 3-year average PE of 47.7x.
- 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 35% 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 Market | 1.53% | |
| Real Estate | 2.58% | |
| Health Care REITs | 4.32% | |
| Office REITs | 3.81% | |
| Industrial REITs | 3.44% | |
| REITS | 3.35% | |
| Retail REITs | 3.18% | |
| Residential REITs | 2.03% | |
| Real Estate | 1.63% | |
| Specialized REITs | 0.98% | |
| Hotel and Resort REITs | 0.57% | |
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?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| FSV FirstService | CA$222.66 | 4.0% +CA$388.6m | -12.5% | PE52.9x | |
| REI.UN RioCan Real Estate Investment Trust | CA$19.91 | 5.1% +CA$283.2m | 8.6% | PB0.8x | |
| GRT.UN Granite Real Estate Investment Trust | CA$87.14 | 4.6% +CA$230.9m | 27.0% | PB1x | |
| CAR.UN Canadian Apartment Properties Real Estate Investment Trust | CA$39.72 | 3.4% +CA$205.2m | -2.9% | PB0.7x | |
| CHP.UN Choice Properties Real Estate Investment Trust | CA$15.46 | 3.1% +CA$154.2m | 19.0% | PB1.1x |
