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Canadian (TSX) Real Estate Sector Analysis

UpdatedApr 07, 2026
DataAggregated Company Financials
Companies69
  • 7D3.2%
  • 3M-3.8%
  • 1Y7.7%
  • YTD-2.0%

Colliers International Group is up 5.0%, leading the way for the Real Estate industry, which has gained 3.2%. In the last 12 months, the industry was up 7.7%. Looking forward, earnings are forecast to grow by 35% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 07 Apr 2026CA$98.2bCA$34.0bCA$2.5b11.3x39.4x2.9x
Thu, 05 Mar 2026CA$100.7bCA$33.7bCA$2.0b11.1x50x3x
Sat, 31 Jan 2026CA$102.9bCA$33.7bCA$3.7b10.8x27.6x3.1x
Mon, 29 Dec 2025CA$100.8bCA$33.7bCA$3.7b10.6x27x3x
Wed, 26 Nov 2025CA$100.5bCA$34.2bCA$3.7b9.8x27.1x2.9x
Fri, 24 Oct 2025CA$106.3bCA$33.5bCA$2.9b12.9x37.1x3.2x
Sun, 21 Sep 2025CA$108.2bCA$33.3bCA$2.9b13.6x37.8x3.2x
Tue, 19 Aug 2025CA$106.0bCA$33.2bCA$2.5b14.2x42.4x3.2x
Thu, 17 Jul 2025CA$102.3bCA$32.8bCA$3.4b13.7x29.9x3.1x
Sat, 14 Jun 2025CA$101.0bCA$32.7bCA$3.4b12.5x29.5x3.1x
Mon, 12 May 2025CA$96.8bCA$33.2bCA$3.5b12.3x27.5x2.9x
Wed, 09 Apr 2025CA$91.6bCA$33.5bCA$4.6b10.3x19.9x2.7x
Fri, 07 Mar 2025CA$100.1bCA$33.8bCA$3.6b12.1x28x3x
Sun, 02 Feb 2025CA$99.1bCA$33.1bCA$901.7m13.5x110x3x
Tue, 31 Dec 2024CA$100.3bCA$32.9bCA$891.9m13.9x112.4x3x
Thu, 28 Nov 2024CA$99.2bCA$32.5bCA$825.9m14.9x120.1x3.1x
Sat, 26 Oct 2024CA$103.1bCA$32.3bCA$1.7b9.5x61.3x3.2x
Mon, 23 Sep 2024CA$105.1bCA$31.6bCA$1.6b9.5x64x3.3x
Wed, 21 Aug 2024CA$95.9bCA$31.3bCA$1.6b8.9x58.8x3.1x
Fri, 19 Jul 2024CA$95.3bCA$31.3bCA$1.8b9.4x53.1x3x
Sun, 16 Jun 2024CA$87.8bCA$31.3bCA$1.8b9.1x49.3x2.8x
Tue, 14 May 2024CA$90.3bCA$31.2bCA$1.7b9.5x52.2x2.9x
Thu, 11 Apr 2024CA$98.2bCA$31.9bCA$1.1b11.5x88.3x3.1x
Sat, 09 Mar 2024CA$98.6bCA$31.6bCA$1.3b10.2x76.9x3.1x
Mon, 05 Feb 2024CA$102.7bCA$31.6bCA$1.1b10.2x91.4x3.2x
Wed, 03 Jan 2024CA$101.1bCA$31.5bCA$1.7b9.3x59.8x3.2x
Fri, 01 Dec 2023CA$94.1bCA$31.7bCA$1.7b8.3x55.4x3x
Sun, 29 Oct 2023CA$87.5bCA$31.6bCA$3.2b9.2x27.3x2.8x
Tue, 26 Sep 2023CA$96.5bCA$30.9bCA$3.3b10.1x29.6x3.1x
Thu, 24 Aug 2023CA$99.3bCA$31.0bCA$3.3b9.7x30.5x3.2x
Sat, 22 Jul 2023CA$103.1bCA$31.3bCA$4.8b7.1x21.4x3.3x
Mon, 19 Jun 2023CA$105.2bCA$31.1bCA$4.3b6.9x24.5x3.4x
Wed, 17 May 2023CA$106.8bCA$31.5bCA$4.4b6.9x24.5x3.4x
Fri, 14 Apr 2023CA$110.2bCA$30.9bCA$8.3b6.4x13.3x3.6x
Price to Earnings Ratio

13.3x


Total Market Cap: CA$110.2bTotal Earnings: CA$8.3bTotal Revenue: CA$30.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Real Estate Sector Price to Earnings3Y Average 50.1x202420252026
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 39.4x which is lower than its 3-year average PE of 50.1x.
  • 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 33% per year over the last three years.
  • Meanwhile revenues for these companies have grown 3.2% 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 Market3.67%
Real Estate3.19%
Office REITs4.56%
Industrial REITs4.11%
Real Estate3.50%
Retail REITs3.47%
Health Care REITs2.68%
Specialized REITs2.41%
Residential REITs1.94%
REITS1.37%
Hotel and Resort REITs-1.21%
Industry PE
  • Investors are most optimistic about the Real Estate industry even though it's trading below its 3-year average PE ratio of 45.0x.
    • Analysts are expecting annual earnings growth of 23.9%, which is higher than its past year's earnings growth of 16.6% 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 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
CIGI Colliers International GroupCA$151.105.0%
+CA$369.0m		-3.9%PE53.8x
FSV FirstServiceCA$196.653.7%
+CA$322.3m		-14.5%PE44.8x
REI.UN RioCan Real Estate Investment TrustCA$19.674.7%
+CA$259.1m		19.9%PB0.8x
GRT.UN Granite Real Estate Investment TrustCA$84.973.9%
+CA$192.2m		42.7%PB0.9x
CRT.UN CT Real Estate Investment TrustCA$17.184.8%
+CA$191.0m		21.4%PB2.1x

Latest News

MHC.UN
CA$26.80
Flagship Communities Real Estate Investment Trust
7D
-0.7%
1Y
16.5%
GRT.UN
CA$84.97
Granite Real Estate Investment Trust
7D
3.9%
1Y
42.7%
REI.UN
CA$19.67
RioCan Real Estate Investment Trust
7D
4.7%
1Y
19.9%
ISC
CA$45.00
Information Services
7D
-2.2%
1Y
73.3%

ISC: Future Registry Mandate And Labor Deal Will Shape Balanced Outlook

Analysts have raised their price target on the Information Services group to CA$49.60 from CA$44.20, citing updated assumptions around revenue growth, profit margins, discount rate and forward P/E that collectively support a higher estimated fair value. What's in the News The board and a special committee of independent directors are reviewing multiple options intended to maximize shareholder value.
CAR.UN
CA$36.45
Canadian Apartment Properties Real Estate Investment Trust
7D
3.2%
1Y
-7.2%

CAR.UN: Buybacks And Reliable Distributions Will Support Future Outperformance

Analysts have slightly reduced their price target on Canadian Apartment Properties REIT to about CA$44.90 from roughly CA$45.04, reflecting updated views on discount rate assumptions, revenue growth expectations, profit margins and future P/E levels. What's in the News Announced a March 2026 monthly distribution of $0.12917 per unit, or $1.55 on an annualized basis, payable on April 15, 2026 to unitholders of record on March 31, 2026 (Key Developments).
GO.U
US$9.60
GO Residential Real Estate Investment Trust
7D
-2.9%
1Y
n/a
IIP.UN
CA$13.25
InterRent Real Estate Investment Trust
7D
-0.08%
1Y
30.3%
DIR.UN
CA$12.92
Dream Industrial Real Estate Investment Trust
7D
5.0%
1Y
26.2%
CIGI
CA$151.10
Colliers International Group
7D
5.0%
1Y
-3.9%

CIGI: 2026 Guidance And New Leadership Will Support Premium Multiple

Narrative Update Overview Analysts have trimmed their average price targets on Colliers International Group by CA$10 to CA$20 across several firms after a slight Q4 earnings miss, while also highlighting underlying portfolio strength and characterizing recent AI risk concerns as overstated. Analyst Commentary Recent research on Colliers International Group reflects a mixed but generally constructive tone, with several firms lowering price targets after the Q4 earnings miss while still pointing to strengths in the business and valuation support.
FSV
CA$196.65
FirstService
7D
3.7%
1Y
-14.5%

FSV: Refreshed Discount Rate Assumptions Will Support Higher Future P/E

Analysts have adjusted their CA$ price targets on FirstService, with recent research, including a CA$6 increase cited at TD Securities, reflecting updated assumptions around discount rates, long term revenue growth, profit margins and future P/E expectations. Analyst Commentary Bullish Takeaways Bullish analysts view the higher CA$ price targets as consistent with refreshed assumptions on discount rates, suggesting that the risk profile used in their models supports a stronger valuation than before.
HOM.UN
CA$14.95
BSR Real Estate Investment Trust
7D
-1.8%
1Y
-13.7%
CRT.UN
CA$17.18
CT Real Estate Investment Trust
7D
4.8%
1Y
21.4%
CHP.UN
CA$15.73
Choice Properties Real Estate Investment Trust
7D
3.1%
1Y
12.7%
MRD
CA$18.15
Melcor Developments
7D
-0.5%
1Y
55.1%
NXLV
CA$1.98
NexLiving Communities
7D
-5.3%
1Y
23.0%
FCA.UN
CA$3.00
Firm Capital Apartment Real Estate Investment Trust
7D
-26.8%
1Y
-31.5%