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Canadian (TSX) Real Estate Sector Analysis

UpdatedFeb 25, 2026
DataAggregated Company Financials
Companies68
  • 7D0.6%
  • 3M0.8%
  • 1Y2.3%
  • YTD0.6%

In the last week, the Real Estate industry is up 1.5%, with First Capital Real Estate Investment Trust up 4.4%. This means that the industry has gained 3.6% over the past year. As for the next few years, earnings are expected to grow by 35% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Feb 2026CA$100.9bCA$33.7bCA$2.0b11x49.2x3x
Fri, 23 Jan 2026CA$104.4bCA$33.9bCA$3.7b10.5x28x3.1x
Sun, 21 Dec 2025CA$100.9bCA$33.9bCA$3.7b10.8x27x3x
Tue, 18 Nov 2025CA$101.1bCA$34.2bCA$3.7b10.5x27.5x3x
Thu, 16 Oct 2025CA$104.2bCA$33.6bCA$2.9b13x36.3x3.1x
Sat, 13 Sep 2025CA$109.2bCA$33.4bCA$2.9b13.6x38.2x3.3x
Mon, 11 Aug 2025CA$104.1bCA$33.4bCA$2.5b13x42.3x3.1x
Wed, 09 Jul 2025CA$101.2bCA$32.8bCA$3.4b13.3x29.6x3.1x
Fri, 06 Jun 2025CA$99.4bCA$32.7bCA$3.4b12x28.9x3x
Sun, 04 May 2025CA$97.2bCA$33.0bCA$4.3b11.1x22.4x2.9x
Tue, 01 Apr 2025CA$97.0bCA$33.6bCA$4.6b11.2x21.3x2.9x
Thu, 27 Feb 2025CA$99.2bCA$33.7bCA$3.3b12.6x29.8x2.9x
Sat, 25 Jan 2025CA$98.5bCA$32.9bCA$891.2m13.8x110.5x3x
Mon, 23 Dec 2024CA$100.7bCA$32.9bCA$891.7m13.6x113x3.1x
Wed, 20 Nov 2024CA$98.5bCA$32.4bCA$833.6m14.7x118.2x3x
Fri, 18 Oct 2024CA$104.0bCA$31.8bCA$1.6b9.4x63.3x3.3x
Sun, 15 Sep 2024CA$105.3bCA$31.6bCA$1.6b9.2x64.1x3.3x
Tue, 13 Aug 2024CA$94.4bCA$31.6bCA$1.7b8.7x55.4x3x
Thu, 11 Jul 2024CA$89.7bCA$31.2bCA$1.8b9.1x49.9x2.9x
Sat, 08 Jun 2024CA$89.6bCA$31.3bCA$1.8b9.3x50.4x2.9x
Mon, 06 May 2024CA$89.4bCA$31.0bCA$1.1b11.6x82.9x2.9x
Wed, 03 Apr 2024CA$98.0bCA$31.8bCA$1.1b11.3x87.5x3.1x
Fri, 01 Mar 2024CA$97.1bCA$31.8bCA$1.2b10.6x84.1x3.1x
Sun, 28 Jan 2024CA$103.1bCA$31.6bCA$1.6b10.3x63.3x3.3x
Tue, 26 Dec 2023CA$101.1bCA$31.4bCA$1.7b9.6x60.2x3.2x
Thu, 23 Nov 2023CA$94.1bCA$31.9bCA$1.9b8.3x50.4x3x
Sat, 21 Oct 2023CA$89.2bCA$31.2bCA$3.3b9.4x27.3x2.9x
Mon, 18 Sep 2023CA$101.9bCA$31.0bCA$3.3b10x31.3x3.3x
Wed, 16 Aug 2023CA$100.1bCA$31.7bCA$3.2b8.5x31x3.2x
Fri, 14 Jul 2023CA$102.4bCA$31.1bCA$4.3b7x23.9x3.3x
Sun, 11 Jun 2023CA$106.7bCA$31.3bCA$4.3b7x24.6x3.4x
Tue, 09 May 2023CA$107.4bCA$31.1bCA$7.1b7.2x15.1x3.5x
Thu, 06 Apr 2023CA$108.3bCA$31.0bCA$8.3b6.3x13.1x3.5x
Sat, 04 Mar 2023CA$116.0bCA$31.2bCA$9.6b6.9x12x3.7x
Price to Earnings Ratio

12x


Total Market Cap: CA$116.0bTotal Earnings: CA$9.6bTotal Revenue: CA$31.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Real Estate Sector Price to Earnings3Y Average 48.6x202420252026
Current Industry PE
  • Investors are relatively neutral on the Canadian Real Estate industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 48.6x.
  • 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 41% 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 Market2.97%
Real Estate0.62%
Specialized REITs3.59%
Real Estate2.53%
Health Care REITs1.87%
Retail REITs0.60%
Hotel and Resort REITs0%0
Office REITs-0.26%
REITS-0.26%
Industrial REITs-0.50%
Residential REITs-1.25%
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 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 17% 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$156.404.0%
+CA$329.5m		-14.0%PE56.6x
FSV FirstServiceCA$212.731.2%
+CA$170.7m		-16.0%PE49.2x
FCR.UN First Capital Real Estate Investment TrustCA$21.082.0%
+CA$89.2m		25.6%PB0.9x
AIF Altus GroupCA$43.4812.2%
+CA$85.5m		-19.9%PS3.5x
MEQ Mainstreet EquityCA$181.503.5%
+CA$56.6m		-12.1%PE6x

Latest News

DRM
CA$21.42
Dream Unlimited
7D
4.9%
1Y
0.9%
AIF
CA$43.48
Altus Group
7D
12.2%
1Y
-19.9%
BEI.UN
CA$66.12
Boardwalk Real Estate Investment Trust
7D
-2.4%
1Y
2.4%
FSV
CA$212.73
FirstService
7D
1.2%
1Y
-16.0%

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$156.40
Colliers International Group
7D
4.0%
1Y
-14.0%

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.
CHP.UN
CA$15.88
Choice Properties Real Estate Investment Trust
7D
0.6%
1Y
15.0%
CRT.UN
CA$17.17
CT Real Estate Investment Trust
7D
1.1%
1Y
15.9%
KMP.UN
CA$16.72
Killam Apartment REIT
7D
-1.8%
1Y
1.8%
REI.UN
CA$19.69
RioCan Real Estate Investment Trust
7D
-1.4%
1Y
-1.3%
CAR.UN
CA$37.25
Canadian Apartment Properties Real Estate Investment Trust
7D
-2.0%
1Y
-6.3%
HR.UN
CA$10.49
H&R Real Estate Investment Trust
7D
-0.6%
1Y
3.2%
REAL
CA$6.06
Real Matters
7D
-3.8%
1Y
5.2%

REAL: Recent Upgrades And Lower P/E Will Support Future Upside

Analysts have trimmed their average price target on Real Matters by about CA$0.37 to reflect slightly lower fair value and profit margin assumptions, even as they factor in modestly higher revenue growth expectations and a reduced future P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts have upgraded their stance on Real Matters, signaling increased confidence that the current share price may not fully reflect their fair value assumptions.
ISC
CA$47.50
Information Services
7D
-5.0%
1Y
77.6%

ISC: Lower-End Guidance And Margin Outlook Will Support Fair Long-Term View

Narrative Update on Information Services Analysts have lifted their price target for the Information Services group by CA$2.00. The change reflects updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E.
MEQ
CA$181.50
Mainstreet Equity
7D
3.5%
1Y
-12.1%
FCR.UN
CA$21.08
First Capital Real Estate Investment Trust
7D
2.0%
1Y
25.6%
GRT.UN
CA$88.00
Granite Real Estate Investment Trust
7D
-1.1%
1Y
29.7%