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Canadian (TSX) Real Estate Sector Analysis

UpdatedFeb 20, 2026
DataAggregated Company Financials
Companies68
  • 7D1.6%
  • 3M0.3%
  • 1Y2.1%
  • YTD-0.2%

The Real Estate industry is up 1.6% in the last week, with FirstService up 4.5%. Overall in the last year, the industry is flat. Looking forward, earnings are forecast to grow by 31% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 20 Feb 2026CA$100.7bCA$33.7bCA$3.1b10.9x32.5x3x
Sun, 18 Jan 2026CA$106.5bCA$34.0bCA$3.7b10.8x28.5x3.1x
Tue, 16 Dec 2025CA$99.0bCA$33.8bCA$3.7b11x26.7x2.9x
Thu, 13 Nov 2025CA$101.6bCA$34.0bCA$3.9b11.6x25.8x3x
Sat, 11 Oct 2025CA$104.0bCA$33.6bCA$2.9b12.7x36.3x3.1x
Mon, 08 Sep 2025CA$108.4bCA$33.4bCA$2.9b13.7x37.9x3.2x
Wed, 06 Aug 2025CA$103.5bCA$33.5bCA$2.5b13.7x40.7x3.1x
Fri, 04 Jul 2025CA$100.5bCA$32.7bCA$3.4b13.3x29.4x3.1x
Sun, 01 Jun 2025CA$90.4bCA$32.8bCA$3.4b12.2x26.3x2.8x
Tue, 29 Apr 2025CA$95.2bCA$33.0bCA$4.4b11x21.7x2.9x
Thu, 27 Mar 2025CA$98.0bCA$33.7bCA$4.2b11x23.6x2.9x
Sat, 22 Feb 2025CA$98.0bCA$33.5bCA$3.2b13.8x30.3x2.9x
Mon, 20 Jan 2025CA$98.1bCA$33.0bCA$892.7m13.6x109.8x3x
Wed, 18 Dec 2024CA$102.4bCA$32.8bCA$891.6m13.7x114.9x3.1x
Fri, 15 Nov 2024CA$99.0bCA$32.7bCA$940.2m14.8x105.3x3x
Sun, 13 Oct 2024CA$102.2bCA$31.8bCA$1.6b9.1x62.2x3.2x
Tue, 10 Sep 2024CA$100.6bCA$31.6bCA$1.6b9x61.3x3.2x
Thu, 08 Aug 2024CA$94.7bCA$31.4bCA$1.7b8.6x56x3x
Sat, 06 Jul 2024CA$89.3bCA$31.2bCA$1.8b9.1x49.6x2.9x
Mon, 03 Jun 2024CA$88.1bCA$31.2bCA$1.8b9.4x49.9x2.8x
Wed, 01 May 2024CA$92.4bCA$32.2bCA$952.3m11.8x97x2.9x
Fri, 29 Mar 2024CA$99.0bCA$31.8bCA$1.1b11.2x88.8x3.1x
Sun, 25 Feb 2024CA$98.7bCA$31.6bCA$1.2b10.5x83.1x3.1x
Tue, 23 Jan 2024CA$103.3bCA$31.6bCA$1.6b10.4x63.4x3.3x
Thu, 21 Dec 2023CA$100.8bCA$31.5bCA$1.7b9.5x59.9x3.2x
Sat, 18 Nov 2023CA$93.5bCA$31.9bCA$1.8b9x50.6x2.9x
Mon, 16 Oct 2023CA$92.6bCA$31.1bCA$3.3b9.5x28.4x3x
Wed, 13 Sep 2023CA$100.4bCA$31.0bCA$3.3b9.2x30.8x3.2x
Fri, 11 Aug 2023CA$101.6bCA$31.5bCA$4.0b8.5x25.5x3.2x
Sun, 09 Jul 2023CA$100.2bCA$31.2bCA$4.3b6.9x23.3x3.2x
Tue, 06 Jun 2023CA$107.1bCA$31.4bCA$4.3b6.9x24.6x3.4x
Thu, 04 May 2023CA$107.9bCA$31.3bCA$7.2b7.1x14.9x3.4x
Sat, 01 Apr 2023CA$110.1bCA$31.1bCA$8.5b6.4x13x3.5x
Mon, 27 Feb 2023CA$116.2bCA$31.1bCA$10.2b6.7x11.4x3.7x
Price to Earnings Ratio

11.4x


Total Market Cap: CA$116.2bTotal Earnings: CA$10.2bTotal Revenue: CA$31.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Real Estate Sector Price to Earnings3Y Average 48.5x202420252026
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 32.5x which is lower than its 3-year average PE of 48.5x.
  • 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 33% 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 Market2.64%
Real Estate1.57%
Specialized REITs4.96%
Health Care REITs4.92%
Office REITs4.70%
Real Estate2.45%
Retail REITs1.93%
Industrial REITs1.06%
REITS0.20%
Hotel and Resort REITs0%0
Residential REITs-0.60%
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 131% 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
FSV FirstServiceCA$213.724.5%
+CA$421.0m		-13.8%PE49.2x
SRU.UN SmartCentres Real Estate Investment TrustCA$27.683.1%
+CA$120.1m		7.1%PB0.8x
CRT.UN CT Real Estate Investment TrustCA$16.952.9%
+CA$114.3m		15.0%PB2x
AP.UN Allied Properties Real Estate Investment TrustCA$9.705.9%
+CA$105.7m		-43.2%PB0.5x
AIF Altus GroupCA$41.106.0%
+CA$100.7m		-26.4%PE67.7x

Latest News

MHC.UN
CA$20.09
Flagship Communities Real Estate Investment Trust
7D
-25.6%
1Y
-3.9%
MRT.UN
CA$6.27
Morguard Real Estate Investment Trust
7D
-1.6%
1Y
14.0%
AP.UN
CA$9.70
Allied Properties Real Estate Investment Trust
7D
5.9%
1Y
-43.2%
CRT.UN
CA$16.95
CT Real Estate Investment Trust
7D
2.9%
1Y
15.0%
CHP.UN
CA$15.52
Choice Properties Real Estate Investment Trust
7D
2.0%
1Y
13.7%
SRU.UN
CA$27.68
SmartCentres Real Estate Investment Trust
7D
3.1%
1Y
7.1%
HOM.UN
CA$16.82
BSR Real Estate Investment Trust
7D
-0.9%
1Y
1.6%
KMP.UN
CA$16.99
Killam Apartment REIT
7D
-0.2%
1Y
4.7%
CAR.UN
CA$37.74
Canadian Apartment Properties Real Estate Investment Trust
7D
1.3%
1Y
-6.1%
CRR.UN
CA$16.03
Crombie Real Estate Investment Trust
7D
2.8%
1Y
14.6%
CIGI
CA$157.70
Colliers International Group
7D
-1.8%
1Y
-13.1%
FSV
CA$213.72
FirstService
7D
4.5%
1Y
-13.8%
MPC
CA$4.90
Madison Pacific Properties
7D
-3.9%
1Y
-2.0%
AIF
CA$41.10
Altus Group
7D
6.0%
1Y
-26.4%

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.
MRC
CA$114.06
Morguard
7D
-0.2%
1Y
4.2%
FCA.UN
CA$4.45
Firm Capital Apartment Real Estate Investment Trust
7D
-4.3%
1Y
-11.0%