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Canadian (TSX) Real Estate Sector Analysis

UpdatedFeb 18, 2026
DataAggregated Company Financials
Companies68
  • 7D-3.8%
  • 3M1.1%
  • 1Y1.7%
  • YTD-0.3%

Over the last 7 days, the Real Estate industry has dropped 3.8%, driven by a pullback from Colliers International Group of 24%. In contrast, Information Services has gained 14%. As for the longer term, the industry's performance has been flat for the past year. As for the next few years, earnings are expected to grow by 32% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 18 Feb 2026CA$99.3bCA$33.7bCA$3.1b10.6x31.6x3x
Fri, 16 Jan 2026CA$105.3bCA$34.0bCA$3.7b10.8x28.2x3.1x
Sun, 14 Dec 2025CA$99.0bCA$33.8bCA$3.7b10.3x26.7x2.9x
Tue, 11 Nov 2025CA$100.5bCA$34.0bCA$3.7b10.7x27.2x3x
Thu, 09 Oct 2025CA$104.8bCA$33.5bCA$2.9b13.1x36.6x3.1x
Sat, 06 Sep 2025CA$107.8bCA$33.4bCA$2.9b13.7x37.7x3.2x
Mon, 04 Aug 2025CA$103.5bCA$33.5bCA$2.5b13.6x40.7x3.1x
Wed, 02 Jul 2025CA$100.0bCA$32.7bCA$3.4b13x29.2x3.1x
Fri, 30 May 2025CA$99.3bCA$33.0bCA$3.4b12.3x29x3x
Sun, 27 Apr 2025CA$95.2bCA$33.1bCA$4.4b11x21.7x2.9x
Tue, 25 Mar 2025CA$97.7bCA$33.8bCA$4.2b11.3x23.5x2.9x
Thu, 20 Feb 2025CA$98.5bCA$33.6bCA$2.8b14.8x34.8x2.9x
Sat, 18 Jan 2025CA$98.1bCA$33.0bCA$892.7m13.6x109.8x3x
Mon, 16 Dec 2024CA$94.2bCA$32.8bCA$891.5m14x105.7x2.9x
Wed, 13 Nov 2024CA$99.6bCA$32.7bCA$1.2b14.5x84x3x
Fri, 11 Oct 2024CA$102.4bCA$31.7bCA$1.6b9x62.4x3.2x
Sun, 08 Sep 2024CA$99.9bCA$31.5bCA$1.6b8.8x61x3.2x
Tue, 06 Aug 2024CA$94.7bCA$31.5bCA$1.7b10.1x54.4x3x
Thu, 04 Jul 2024CA$88.6bCA$31.2bCA$1.8b9x49.2x2.8x
Sat, 01 Jun 2024CA$87.4bCA$31.2bCA$1.8b9.4x49.5x2.8x
Mon, 29 Apr 2024CA$93.4bCA$32.1bCA$956.8m11.8x97.6x2.9x
Wed, 27 Mar 2024CA$98.1bCA$31.8bCA$1.1b11.1x85.7x3.1x
Fri, 23 Feb 2024CA$99.0bCA$31.5bCA$769.8m10.3x128.5x3.1x
Sun, 21 Jan 2024CA$101.3bCA$31.6bCA$1.6b9.9x62.2x3.2x
Tue, 19 Dec 2023CA$100.3bCA$31.5bCA$1.7b9.6x59.6x3.2x
Thu, 16 Nov 2023CA$93.9bCA$31.8bCA$1.9b10.1x48.9x3x
Sat, 14 Oct 2023CA$92.5bCA$31.1bCA$3.3b9.5x28.4x3x
Mon, 11 Sep 2023CA$96.7bCA$31.1bCA$3.3b9.2x29.7x3.1x
Wed, 09 Aug 2023CA$101.7bCA$31.3bCA$4.4b7.7x23.4x3.3x
Fri, 07 Jul 2023CA$100.5bCA$31.3bCA$4.3b7x23.3x3.2x
Sun, 04 Jun 2023CA$107.1bCA$31.4bCA$4.3b6.9x24.6x3.4x
Tue, 02 May 2023CA$110.0bCA$31.3bCA$8.0b7.3x13.8x3.5x
Thu, 30 Mar 2023CA$108.3bCA$31.1bCA$8.5b6.4x12.7x3.5x
Sat, 25 Feb 2023CA$116.2bCA$31.0bCA$10.8b6.2x10.7x3.7x
Price to Earnings Ratio

10.7x


Total Market Cap: CA$116.2bTotal Earnings: CA$10.8bTotal Revenue: CA$31.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Real Estate Sector Price to Earnings3Y Average 48.4x202420252026
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 31.6x which is lower than its 3-year average PE of 48.4x.
  • 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 34% 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 Market-0.70%
Real Estate-3.83%
Retail REITs1.12%
Health Care REITs1.03%
Industrial REITs-0.05%
Specialized REITs-0.75%
Hotel and Resort REITs-1.12%
Residential REITs-1.31%
REITS-2.19%
Real Estate-10.59%
Office REITs-28.20%
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 39.0% 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 130% 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
ISC Information ServicesCA$50.0014.4%
+CA$117.6m		90.8%PE34.4x
CRR.UN Crombie Real Estate Investment TrustCA$16.272.8%
+CA$82.3m		15.1%PB1.7x
CHP.UN Choice Properties Real Estate Investment TrustCA$15.781.3%
+CA$65.6m		15.7%PB1.1x
CRT.UN CT Real Estate Investment TrustCA$16.991.5%
+CA$59.5m		16.1%PB2.1x
REI.UN RioCan Real Estate Investment TrustCA$19.960.9%
+CA$49.5m		5.7%PB0.8x

Latest News

KMP.UN
CA$17.02
Killam Apartment REIT
7D
-4.5%
1Y
5.1%
CRT.UN
CA$16.99
CT Real Estate Investment Trust
7D
1.5%
1Y
16.1%
CAR.UN
CA$38.01
Canadian Apartment Properties Real Estate Investment Trust
7D
-1.5%
1Y
-6.2%
REI.UN
CA$19.96
RioCan Real Estate Investment Trust
7D
0.9%
1Y
5.7%
AP.UN
CA$9.54
Allied Properties Real Estate Investment Trust
7D
-32.1%
1Y
-44.2%
CRR.UN
CA$16.27
Crombie Real Estate Investment Trust
7D
2.8%
1Y
15.1%
CIGI
CA$150.43
Colliers International Group
7D
-24.2%
1Y
-19.0%
WFC
CA$17.38
Wall Financial
7D
7.7%
1Y
24.5%
FSV
CA$210.25
FirstService
7D
-4.2%
1Y
-15.2%
ISC
CA$50.00
Information Services
7D
14.4%
1Y
90.8%

Real Estate And Credit Tailwinds Will Fade And Pressure Future Earnings Stability

Catalysts About Information Services Information Services operates registry, services and technology businesses that support land, corporate, personal property and regulatory data and workflows. What are the underlying business or industry changes driving this perspective?
GRT.UN
CA$89.00
Granite Real Estate Investment Trust
7D
0.7%
1Y
29.7%
HR.UN
CA$10.55
H&R Real Estate Investment Trust
7D
-2.7%
1Y
4.2%
SRU.UN
CA$27.61
SmartCentres Real Estate Investment Trust
7D
1.2%
1Y
7.6%
CHP.UN
CA$15.78
Choice Properties Real Estate Investment Trust
7D
1.3%
1Y
15.7%
AIF
CA$38.75
Altus Group
7D
-10.3%
1Y
-32.6%

AIF: Buy Rating And Share Buyback Are Expected To Drive Future Upside

Narrative Update on Altus Group Analysts have adjusted their price target on Altus Group slightly lower to about $60.50 from roughly $60.63, reflecting updated views on discount rates, profit margins and future P/E, while highlighting a recent upgrade to Buy and a C$65 target from Street research. Analyst Commentary Recent research reflects a mix of optimism and caution around Altus Group, with the updated C$65 target helping frame how some analysts are thinking about upside potential and execution risk.
REAL
CA$6.30
Real Matters
7D
-12.6%
1Y
3.8%

REAL: Reset P/E And Higher Margins Will Drive Future Upside

Analysts have increased their price target on Real Matters to about $8.40 from roughly $8.09, citing updated assumptions for revenue growth, profit margins, and a lower forward P/E multiple in their models. Analyst Commentary Recent research commentary around Real Matters focuses on how updated assumptions feed into the revised price target, with analysts weighing both execution risks and potential upside for growth and profitability.