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Canadian (TSX) Real Estate Sector Analysis

UpdatedDec 04, 2025
DataAggregated Company Financials
Companies68
  • 7D-1.1%
  • 3M-8.1%
  • 1Y-5.9%
  • YTD-0.3%

In the last week, the Real Estate industry is down 1.1% with First Capital Real Estate Investment Trust down the most at 3.8%. However, the industry is down 5.9% over the past year. Earnings are forecast to grow by 29% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 04 Dec 2025CA$99.8bCA$34.1bCA$3.7b9.8x26.9x2.9x
Sat, 01 Nov 2025CA$101.8bCA$33.7bCA$2.9b12.6x34.7x3x
Mon, 29 Sep 2025CA$105.7bCA$33.5bCA$2.9b13.6x36.9x3.2x
Wed, 27 Aug 2025CA$106.8bCA$33.2bCA$2.5b14.2x42.6x3.2x
Fri, 25 Jul 2025CA$102.5bCA$32.8bCA$2.8b13.8x37.2x3.1x
Sun, 22 Jun 2025CA$99.7bCA$32.9bCA$3.4b12.5x29.1x3x
Tue, 20 May 2025CA$98.9bCA$33.1bCA$3.4b12.5x28.7x3x
Thu, 17 Apr 2025CA$93.6bCA$33.0bCA$4.6b10.6x20.4x2.8x
Sat, 15 Mar 2025CA$95.9bCA$33.8bCA$4.1b11.6x23.3x2.8x
Mon, 10 Feb 2025CA$98.8bCA$33.7bCA$1.2b13.6x83.8x2.9x
Wed, 08 Jan 2025CA$100.2bCA$32.9bCA$892.2m13.9x112.3x3x
Fri, 06 Dec 2024CA$100.0bCA$32.5bCA$889.3m15.8x112.5x3.1x
Sun, 03 Nov 2024CA$99.2bCA$32.4bCA$2.0b9.7x49x3.1x
Tue, 01 Oct 2024CA$104.6bCA$31.5bCA$1.6b9.4x63.7x3.3x
Thu, 29 Aug 2024CA$100.3bCA$31.2bCA$1.6b9.1x61.9x3.2x
Sat, 27 Jul 2024CA$95.9bCA$31.4bCA$1.7b9.2x56x3.1x
Mon, 24 Jun 2024CA$86.6bCA$31.3bCA$1.8b9.2x48.1x2.8x
Wed, 22 May 2024CA$90.4bCA$31.1bCA$1.8b9.2x50.5x2.9x
Fri, 19 Apr 2024CA$92.8bCA$32.0bCA$1.1b11.7x83.6x2.9x
Sun, 17 Mar 2024CA$97.5bCA$31.8bCA$1.1b10.9x87x3.1x
Tue, 13 Feb 2024CA$98.6bCA$31.4bCA$507.8m10x194.2x3.1x
Thu, 11 Jan 2024CA$101.5bCA$31.5bCA$1.7b9.4x60x3.2x
Sat, 09 Dec 2023CA$97.6bCA$31.7bCA$1.7b8.5x58x3.1x
Mon, 06 Nov 2023CA$94.7bCA$31.3bCA$2.9b9.8x33.1x3x
Wed, 04 Oct 2023CA$92.7bCA$31.1bCA$3.3b9.1x28.4x3x
Fri, 01 Sep 2023CA$100.3bCA$31.0bCA$3.3b9.2x30.8x3.2x
Sun, 30 Jul 2023CA$102.0bCA$31.3bCA$4.7b7x21.8x3.3x
Tue, 27 Jun 2023CA$96.4bCA$31.1bCA$4.3b7x22.5x3.1x
Thu, 25 May 2023CA$105.7bCA$31.6bCA$4.4b6.9x24.2x3.3x
Sat, 22 Apr 2023CA$111.1bCA$31.0bCA$8.4b6x13.3x3.6x
Mon, 20 Mar 2023CA$39.0bCA$19.3bCA$3.6b6.7x10.8x2x
Wed, 15 Feb 2023CA$116.9bCA$30.7bCA$12.7b6.1x9.2x3.8x
Fri, 13 Jan 2023CA$112.8bCA$31.1bCA$13.8b5.7x8.2x3.6x
Sun, 11 Dec 2022CA$107.3bCA$31.4bCA$13.8b5.6x7.8x3.4x
Price to Earnings Ratio

7.8x


Total Market Cap: CA$107.3bTotal Earnings: CA$13.8bTotal Revenue: CA$31.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Real Estate Sector Price to Earnings3Y Average 47.1x202320242025
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 26.9x which is lower than its 3-year average PE of 47.1x.
  • 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 36% 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 Market0.16%
Real Estate-1.11%
Hotel and Resort REITs0.34%
Real Estate0.054%
Specialized REITs0%0
Office REITs-0.078%
Industrial REITs-0.62%
Residential REITs-0.86%
Health Care REITs-1.10%
REITS-1.42%
Retail REITs-2.40%
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 37.7% 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 106% 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 11% 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
AIF Altus GroupCA$55.141.8%
+CA$41.4m		-9.3%PE90.7x
AX.UN Artis Real Estate Investment TrustCA$6.844.4%
+CA$27.8m		-12.2%PB0.5x
SVI StorageVault CanadaCA$4.921.4%
+CA$25.6m		20.9%PS5.5x
HOM.UN BSR Real Estate Investment TrustCA$16.423.9%
+CA$20.4m		-11.4%PB0.7x
MRC MorguardCA$116.481.3%
+CA$15.8m		-3.8%PE5.5x

Latest News

CIGI
CA$201.14
Colliers International Group
7D
-0.5%
1Y
-7.6%
FCR.UN
CA$18.76
First Capital Real Estate Investment Trust
7D
-3.8%
1Y
5.5%
AX.UN
CA$6.84
Artis Real Estate Investment Trust
7D
4.4%
1Y
-12.2%
MRT.UN
CA$5.98
Morguard Real Estate Investment Trust
7D
2.2%
1Y
8.7%
DIR.UN
CA$12.30
Dream Industrial Real Estate Investment Trust
7D
-1.2%
1Y
-2.1%
AIF
CA$55.14
Altus Group
7D
1.8%
1Y
-9.3%

AIF: Leadership Shift And Mixed Ratings Will Shape Near-Term Outlook

Altus Group's analyst price target has increased slightly from $58.53 to $60.13. Analysts cite recent upgrades and a mix of revised ratings, reflecting ongoing sector trends.
CAR.UN
CA$37.19
Canadian Apartment Properties Real Estate Investment Trust
7D
-1.5%
1Y
-18.3%

CAR.UN: Recent Property Acquisitions Will Drive Outperformance Amid Sector Uncertainty

Analysts have reduced their price target for Canadian Apartment Properties Real Estate Investment Trust from $52.16 to $47.64. This change reflects updated expectations for revenue growth, profit margins, and sector outlook.
REI.UN
CA$18.46
RioCan Real Estate Investment Trust
7D
-2.5%
1Y
-2.5%
HOM.UN
CA$16.42
BSR Real Estate Investment Trust
7D
3.9%
1Y
-11.4%
SRU.UN
CA$25.51
SmartCentres Real Estate Investment Trust
7D
-2.6%
1Y
-1.5%
HR.UN
CA$10.17
H&R Real Estate Investment Trust
7D
-2.1%
1Y
4.5%
CHP.UN
CA$14.67
Choice Properties Real Estate Investment Trust
7D
-2.8%
1Y
5.2%
MRC
CA$116.48
Morguard
7D
1.3%
1Y
-3.8%
MRD
CA$15.50
Melcor Developments
7D
2.2%
1Y
20.2%
MEQ
CA$184.99
Mainstreet Equity
7D
0.5%
1Y
-6.1%

There's No Escaping Mainstreet Equity Corp.'s (TSE:MEQ) Muted Earnings

Nov 04
There's No Escaping Mainstreet Equity Corp.'s (TSE:MEQ) Muted Earnings
SVI
CA$4.92
StorageVault Canada
7D
1.4%
1Y
20.9%