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Canadian (TSX) Real Estate Sector Analysis
UpdatedApr 21, 2026
DataAggregated Company Financials
Companies69
- 7D1.6%
- 3M-1.2%
- 1Y9.8%
- YTD2.2%
The Real Estate industry is up 2.7% in the last week, with First Capital Real Estate Investment Trust up 8.3%. This means that the industry has gained 11% over the past year. Looking forward, earnings are forecast to grow by 36% annually.
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, 21 Apr 2026 | CA$103.5b | CA$33.6b | CA$2.5b | 12.2x | 41.7x | 3.1x |
| Thu, 19 Mar 2026 | CA$98.6b | CA$33.8b | CA$1.7b | 11.2x | 58.6x | 2.9x |
| Sat, 14 Feb 2026 | CA$99.2b | CA$33.4b | CA$2.8b | 10.3x | 36x | 3x |
| Mon, 12 Jan 2026 | CA$105.0b | CA$34.0b | CA$3.7b | 10.7x | 28.1x | 3.1x |
| Wed, 10 Dec 2025 | CA$98.2b | CA$33.9b | CA$3.7b | 9.6x | 26.5x | 2.9x |
| Fri, 07 Nov 2025 | CA$101.3b | CA$34.2b | CA$3.9b | 11.2x | 25.9x | 3x |
| Sun, 05 Oct 2025 | CA$106.9b | CA$33.5b | CA$2.9b | 13.2x | 37.3x | 3.2x |
| Tue, 02 Sep 2025 | CA$107.2b | CA$33.3b | CA$2.9b | 13.8x | 37.5x | 3.2x |
| Thu, 31 Jul 2025 | CA$104.6b | CA$33.2b | CA$2.6b | 14.1x | 40.3x | 3.2x |
| Sat, 28 Jun 2025 | CA$99.5b | CA$32.8b | CA$3.4b | 12.7x | 29.1x | 3x |
| Mon, 26 May 2025 | CA$96.3b | CA$32.9b | CA$3.4b | 11.8x | 28.1x | 2.9x |
| Wed, 23 Apr 2025 | CA$93.4b | CA$33.0b | CA$4.6b | 10.7x | 20.3x | 2.8x |
| Fri, 21 Mar 2025 | CA$97.9b | CA$33.8b | CA$4.2b | 11x | 23.6x | 2.9x |
| Sun, 16 Feb 2025 | CA$98.5b | CA$33.5b | CA$2.8b | 13.9x | 34.8x | 2.9x |
| Tue, 14 Jan 2025 | CA$97.6b | CA$33.0b | CA$893.2m | 13.3x | 109.3x | 3x |
| Thu, 12 Dec 2024 | CA$103.3b | CA$32.7b | CA$889.8m | 14.8x | 116.1x | 3.2x |
| Sat, 09 Nov 2024 | CA$100.1b | CA$32.6b | CA$1.1b | 14.9x | 88.1x | 3.1x |
| Mon, 07 Oct 2024 | CA$97.5b | CA$31.0b | CA$1.4b | 9.1x | 69.1x | 3.1x |
| Wed, 04 Sep 2024 | CA$99.8b | CA$31.5b | CA$1.6b | 8.8x | 60.9x | 3.2x |
| Fri, 02 Aug 2024 | CA$95.3b | CA$31.5b | CA$1.7b | 9.2x | 56.5x | 3x |
| Sun, 30 Jun 2024 | CA$88.2b | CA$31.3b | CA$1.8b | 9x | 49x | 2.8x |
| Tue, 28 May 2024 | CA$88.7b | CA$31.2b | CA$1.8b | 9.2x | 50.3x | 2.8x |
| Thu, 25 Apr 2024 | CA$94.4b | CA$31.9b | CA$1.1b | 12x | 85.6x | 3x |
| Sat, 23 Mar 2024 | CA$98.4b | CA$31.8b | CA$1.2b | 10.6x | 85.6x | 3.1x |
| Mon, 19 Feb 2024 | CA$99.4b | CA$31.6b | CA$843.4m | 10.4x | 117.9x | 3.1x |
| Wed, 17 Jan 2024 | CA$102.2b | CA$31.6b | CA$1.6b | 9.7x | 62.7x | 3.2x |
| Fri, 15 Dec 2023 | CA$101.2b | CA$31.5b | CA$1.7b | 9.4x | 60.3x | 3.2x |
| Sun, 12 Nov 2023 | CA$91.3b | CA$31.6b | CA$1.9b | 10x | 47.2x | 2.9x |
| Tue, 10 Oct 2023 | CA$93.2b | CA$31.1b | CA$3.3b | 9.7x | 28.6x | 3x |
| Thu, 07 Sep 2023 | CA$101.1b | CA$31.1b | CA$3.3b | 9.1x | 31x | 3.2x |
| Sat, 05 Aug 2023 | CA$102.1b | CA$31.6b | CA$4.4b | 7.5x | 23.3x | 3.2x |
| Mon, 03 Jul 2023 | CA$100.7b | CA$31.2b | CA$4.3b | 7x | 23.4x | 3.2x |
| Wed, 31 May 2023 | CA$105.6b | CA$31.6b | CA$4.4b | 6.8x | 24.2x | 3.3x |
| Fri, 28 Apr 2023 | CA$110.0b | CA$31.4b | CA$8.1b | 7.2x | 13.6x | 3.5x |
Price to Earnings Ratio
13.6x
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 41.7x which is lower than its 3-year average PE of 50.5x.
- 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 2.4% 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 | 1.15% | |
| Real Estate | 1.56% | |
| Office REITs | 6.13% | |
| Hotel and Resort REITs | 4.20% | |
| Specialized REITs | 2.75% | |
| Industrial REITs | 2.74% | |
| Residential REITs | 1.85% | |
| Retail REITs | 1.35% | |
| Real Estate | 1.10% | |
| Health Care REITs | 0.89% | |
| REITS | -0.51% | |
Industry PE
- Investors are most optimistic about the Real Estate industry even though it's trading below its 3-year average PE ratio of 45.1x.
- Analysts are expecting annual earnings growth of 24.1%, which is higher than its past year's earnings growth of 7.9% per year.
Forecasted Growth
- Analysts are most optimistic on the Office REITs industry, expecting annual earnings growth of 137% over the next 5 years.
- This is better than its past earnings growth rate of 48% per year.
- In contrast, the Residential REITs 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 | |
|---|---|---|---|---|---|
| FCR.UN First Capital Real Estate Investment Trust | CA$23.38 | 8.3% +CA$382.6m | 44.0% | PB1x | |
| REI.UN RioCan Real Estate Investment Trust | CA$21.12 | 4.5% +CA$262.0m | 24.7% | PB0.9x | |
| CIGI Colliers International Group | CA$160.59 | 2.3% +CA$184.0m | 4.1% | PE58.3x | |
| GRT.UN Granite Real Estate Investment Trust | CA$91.32 | 2.6% +CA$141.3m | 50.9% | PB1x | |
| AP.UN Allied Properties Real Estate Investment Trust | CA$10.75 | 7.0% +CA$137.0m | -28.7% | PB0.5x |