Canadian (TSX) Real Estate Sector Analysis

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
Wed, 22 Jul 2026	CA$101.4b	CA$34.0b	CA$2.5b	13.6x	41.2x	3x
Fri, 19 Jun 2026	CA$100.9b	CA$34.6b	CA$2.5b	12.5x	40.4x	2.9x
Sun, 17 May 2026	CA$96.9b	CA$34.1b	CA$2.5b	11.5x	38.9x	2.8x
Tue, 14 Apr 2026	CA$100.1b	CA$33.8b	CA$2.5b	12x	40.3x	3x
Thu, 12 Mar 2026	CA$98.7b	CA$33.6b	CA$1.7b	11.1x	57.5x	2.9x
Sat, 07 Feb 2026	CA$104.4b	CA$33.7b	CA$3.7b	10.8x	28x	3.1x
Mon, 05 Jan 2026	CA$100.9b	CA$33.8b	CA$3.7b	10.6x	27x	3x
Wed, 03 Dec 2025	CA$99.8b	CA$34.1b	CA$3.7b	9.9x	26.9x	2.9x
Fri, 31 Oct 2025	CA$102.5b	CA$33.6b	CA$2.9b	12.8x	35.6x	3x
Sun, 28 Sep 2025	CA$105.7b	CA$33.5b	CA$2.9b	13.6x	36.9x	3.2x
Tue, 26 Aug 2025	CA$107.4b	CA$33.3b	CA$2.5b	14.5x	42.8x	3.2x
Thu, 24 Jul 2025	CA$102.6b	CA$32.8b	CA$2.8b	13.8x	37.3x	3.1x
Sat, 21 Jun 2025	CA$99.7b	CA$32.9b	CA$3.4b	12.5x	29.1x	3x
Mon, 19 May 2025	CA$98.9b	CA$33.1b	CA$3.4b	12.5x	28.7x	3x
Wed, 16 Apr 2025	CA$92.5b	CA$33.1b	CA$4.6b	10.7x	20.1x	2.8x
Fri, 14 Mar 2025	CA$97.1b	CA$33.8b	CA$4.1b	11.6x	23.6x	2.9x
Sun, 09 Feb 2025	CA$98.8b	CA$33.7b	CA$1.2b	13.6x	83.8x	2.9x
Tue, 07 Jan 2025	CA$100.8b	CA$32.9b	CA$892.0m	13.8x	113x	3.1x
Thu, 05 Dec 2024	CA$99.8b	CA$32.6b	CA$815.7m	15.8x	122.4x	3.1x
Sat, 02 Nov 2024	CA$99.9b	CA$32.4b	CA$2.0b	9.7x	49.5x	3.1x
Mon, 30 Sep 2024	CA$104.6b	CA$31.5b	CA$1.6b	9.3x	63.7x	3.3x
Wed, 28 Aug 2024	CA$99.4b	CA$31.1b	CA$1.6b	9x	61.4x	3.2x
Fri, 26 Jul 2024	CA$95.0b	CA$31.1b	CA$1.7b	9.2x	55x	3.1x
Sun, 23 Jun 2024	CA$86.6b	CA$31.3b	CA$1.8b	9.2x	48.1x	2.8x
Tue, 21 May 2024	CA$90.4b	CA$31.1b	CA$1.8b	9.2x	50.5x	2.9x
Thu, 18 Apr 2024	CA$92.6b	CA$32.0b	CA$1.1b	11.6x	83.5x	2.9x
Sat, 16 Mar 2024	CA$97.6b	CA$31.8b	CA$1.1b	10.9x	87.1x	3.1x
Mon, 12 Feb 2024	CA$98.3b	CA$31.4b	CA$507.6m	10.2x	193.6x	3.1x
Wed, 10 Jan 2024	CA$101.5b	CA$31.5b	CA$1.7b	9.9x	59.9x	3.2x
Fri, 08 Dec 2023	CA$97.6b	CA$31.7b	CA$1.7b	8.5x	58x	3.1x
Sun, 05 Nov 2023	CA$94.7b	CA$31.3b	CA$2.9b	9.8x	33.1x	3x
Tue, 03 Oct 2023	CA$93.7b	CA$31.1b	CA$3.3b	9.3x	28.7x	3x
Thu, 31 Aug 2023	CA$101.3b	CA$31.0b	CA$3.3b	9.2x	31.1x	3.3x
Sat, 29 Jul 2023	CA$102.0b	CA$31.3b	CA$4.7b	7x	21.8x	3.3x

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 41.4x which is lower than its 3-year average PE of 52.0x.

The industry is trading close to its 3-year average PS ratio of 3.0x.

Past Earnings Growth

The earnings for companies in the Real Estate industry have declined 19% 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	0.17%
Real Estate	0.70%
Health Care REITs	2.35%
Industrial REITs	2.22%
Specialized REITs	2.09%
Office REITs	1.56%
REITS	1.28%
Real Estate	0.94%
Retail REITs	0.31%
Residential REITs	-0.32%
Hotel and Resort REITs	-3.26%

Industry PE

Investors are most optimistic about the Real Estate industry even though it's trading below its 3-year average PE ratio of 45.8x.

Analysts are expecting annual earnings growth of 34.3%, which is higher than its past year's earnings decline of 9.5% per year.

Forecasted Growth

Analysts are most optimistic on the REITS industry, expecting annual earnings growth of 150% over the next 5 years.
This is better than its past earnings decline of 41% per year.

In contrast, the Industrial REITs industry is expected to see its earnings grow by 8.4% per year over the next few years.

Company	Last Price	7D	1Y	Valuation
CIGI Colliers International Group	CA$138.08	3.3% +CA$222.3m	-27.6%	PE60x
DIR.UN Dream Industrial Real Estate Investment Trust	CA$14.80	3.5% +CA$140.1m	25.4%	PB0.9x
GRT.UN Granite Real Estate Investment Trust	CA$99.52	1.4% +CA$96.3m	36.4%	PB1.1x
REI.UN RioCan Real Estate Investment Trust	CA$22.94	1.5% +CA$96.1m	27.2%	PB0.9x
CRT.UN CT Real Estate Investment Trust	CA$18.78	1.3% +CA$59.6m	19.4%	PB2.2x

Company

Last Price

Valuation

CIGI Colliers International Group

CA$138.08

3.3%
+CA$222.3m

-27.6%

PE60x

DIR.UN Dream Industrial Real Estate Investment Trust

CA$14.80

3.5%
+CA$140.1m

25.4%

PB0.9x

GRT.UN Granite Real Estate Investment Trust

CA$99.52

1.4%
+CA$96.3m

36.4%

PB1.1x

REI.UN RioCan Real Estate Investment Trust

CA$22.94

1.5%
+CA$96.1m

27.2%

PB0.9x

CRT.UN CT Real Estate Investment Trust

CA$18.78

1.3%
+CA$59.6m

19.4%

PB2.2x

Axia Real Assets LP proposed to acquire Plaza Retail REIT (TSX:PLZ.UN) from Morguard Corporation (TSX:MRC) and other shareholders for approximately CAD 600 million.

Axia Real Assets LP proposed to acquire Plaza Retail REIT (TSX:PLZ.UN) from Morguard Corporation (TSX:MRC) and other shareholders for approximately CAD 600 million on June 8, 2026. The proposed purchase Price of CAD 5.28 per Unit represented a 20.8% premium to the 90 day volume-weighted average price of the Units on the Toronto Stock Exchange as of the close of trading on June 8, 2026, the day Axia's offer was delivered to the Board. The proposed purchase price also represented an approximately 19.5% premium to the closing trading price of the Units on June 8, 2026. The proposed transaction values the REIT at approximately CAD 1.23 billion, including approximately CAD 670 million of debt. Axia obtained committed financing to deliver all amounts required to be paid in connection with the Proposed Transaction, including to the extent necessary, to refinance any existing indebtedness of the REIT that may be accelerated as a result of the consummation of the proposed transaction. Included as part of this was a financing commitment from a Canadian Schedule I Bank. Following receipt of the proposal, the Board of Trustees of Plaza formed a special committee of independent trustees to carefully consider the proposal, its terms and conditions, and potential strategic alternatives, with a view to determining the course of action that is in the best interests of the REIT and all unitholders. Plaza unitholders do not need to take any action at this time. The REIT does not intend to make any further public comment regarding the Proposal or the review process unless and until it determines that additional disclosure is in the best interests of unitholders or required by law. The transaction remains non-binding and is subject to a definitive agreement, regulatory approvals and other approvals required by law. Colliers Capital Markets Canada and National Bank of Canada Financial Markets acted as financial advisor for Axia Real Assets LP. Stikeman Elliott LLP acted as legal advisor for Axia Real Assets LP. TD Securities, Inc. acted as financial advisor and Blake Cassels & Graydon LLP acted as legal advisor to the Special Committee of Plaza Retail REIT.

Canadian (TSX) Real Estate Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Dream Industrial Real Estate Investment Trust to Report Q2, 2026 Results on Aug 04, 2026

Dividend of CA$0.06 announced

Dividend of CA$0.065 announced

Dividend of CA$0.076 announced

Dividend of CA$0.082 announced

Dividend of CA$0.097 announced

Dividend of US$0.047 announced

Dividend of CA$0.13 announced

Granite Real Estate Investment Trust Declares Distribution for July 2026, Payable on August 14, 2026

New minor risk - Share price stability

CIGI: Share Buyback And Strengthening Real Estate Fundamentals Will Support Future Upside

Second quarter dividend of CA$0.08 announced

Dividend of CA$0.073 announced

FirstService Corporation to Report Q2, 2026 Results on Jul 23, 2026

Axia Real Assets LP proposed to acquire Plaza Retail REIT (TSX:PLZ.UN) from Morguard Corporation (TSX:MRC) and other shareholders for approximately CAD 600 million.

First quarter dividend increased to CA$0.003