Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Canadian (TSX) Real Estate Sector Analysis

UpdatedSep 14, 2025
DataAggregated Company Financials
Companies71
  • 7D0.4%
  • 3M8.8%
  • 1Y-1.7%
  • YTD10.1%

In the last week, the Real Estate industry is flat overall, with Canadian Apartment Properties Real Estate Investment Trust standing out by going down 3.1%. In line with that, the industry has also been flat over the past 12 months. As for the next few years, earnings are expected to grow by 29% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 15 Sep 2025CA$109.2bCA$33.4bCA$2.9b13.6x38.2x3.3x
Wed, 13 Aug 2025CA$103.5bCA$33.4bCA$2.5b13.1x42.2x3.1x
Fri, 11 Jul 2025CA$101.4bCA$32.8bCA$3.4b13.4x29.6x3.1x
Sun, 08 Jun 2025CA$99.9bCA$32.8bCA$3.4b12.2x29.1x3x
Tue, 06 May 2025CA$97.1bCA$33.0bCA$4.3b10.9x22.4x2.9x
Thu, 03 Apr 2025CA$97.9bCA$33.5bCA$4.6b11.2x21.1x2.9x
Sat, 01 Mar 2025CA$98.8bCA$33.9bCA$3.4b12.2x29.1x2.9x
Mon, 27 Jan 2025CA$90.5bCA$32.9bCA$891.3m13.8x101.6x2.8x
Wed, 25 Dec 2024CA$100.4bCA$32.9bCA$891.7m13.7x112.5x3x
Fri, 22 Nov 2024CA$98.3bCA$32.4bCA$845.4m14.9x116.2x3x
Sun, 20 Oct 2024CA$103.7bCA$31.8bCA$1.6b9.4x63.1x3.3x
Tue, 17 Sep 2024CA$105.3bCA$31.6bCA$1.6b9.3x64.4x3.3x
Thu, 15 Aug 2024CA$94.5bCA$31.4bCA$1.7b8.8x57.1x3x
Sat, 13 Jul 2024CA$92.4bCA$31.2bCA$1.8b9.1x51.3x3x
Mon, 10 Jun 2024CA$88.2bCA$31.3bCA$1.8b9.3x49.5x2.8x
Wed, 08 May 2024CA$89.6bCA$31.1bCA$1.1b11.5x80.6x2.9x
Fri, 05 Apr 2024CA$96.0bCA$31.8bCA$1.1b11.2x85.7x3x
Sun, 03 Mar 2024CA$97.9bCA$31.7bCA$1.3b11.8x73.3x3.1x
Tue, 30 Jan 2024CA$103.2bCA$31.6bCA$1.6b10x63.3x3.3x
Thu, 28 Dec 2023CA$101.9bCA$31.3bCA$1.7b9.5x60.6x3.3x
Sat, 25 Nov 2023CA$94.3bCA$31.8bCA$1.7b8.7x55.3x3x
Mon, 23 Oct 2023CA$89.2bCA$31.2bCA$3.3b9.4x27.3x2.9x
Wed, 20 Sep 2023CA$100.3bCA$30.9bCA$3.3b10x30.8x3.2x
Fri, 18 Aug 2023CA$99.4bCA$31.1bCA$3.3b9.2x30.4x3.2x
Sun, 16 Jul 2023CA$102.7bCA$31.2bCA$4.3b7x23.9x3.3x
Tue, 13 Jun 2023CA$106.3bCA$31.3bCA$4.3b7x24.5x3.4x
Thu, 11 May 2023CA$107.1bCA$31.2bCA$7.0b7x15.2x3.4x
Sat, 08 Apr 2023CA$108.9bCA$31.1bCA$8.3b6.3x13.1x3.5x
Mon, 06 Mar 2023CA$116.0bCA$31.2bCA$9.6b6.9x12x3.7x
Wed, 01 Feb 2023CA$116.2bCA$31.0bCA$13.8b6x8.4x3.8x
Fri, 30 Dec 2022CA$105.8bCA$31.3bCA$13.8b5.7x7.7x3.4x
Sun, 27 Nov 2022CA$110.0bCA$31.1bCA$13.8b5.8x8x3.5x
Tue, 25 Oct 2022CA$101.0bCA$30.8bCA$15.9b4.9x6.4x3.3x
Thu, 22 Sep 2022CA$105.8bCA$30.4bCA$15.8b5x6.7x3.5x
Price to Earnings Ratio

6.7x


Total Market Cap: CA$105.8bTotal Earnings: CA$15.8bTotal Revenue: CA$30.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Real Estate Sector Price to Earnings3Y Average 45.1x202320242025
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 38.2x which is lower than its 3-year average PE of 45.1x.
  • The industry is trading close to its 3-year average PS ratio of 3.2x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have declined 43% 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 Market0.93%
Real Estate0.45%
Office REITs6.53%
Health Care REITs1.78%
Real Estate0.75%
Retail REITs0.42%
Industrial REITs0.41%
REITS0.33%
Hotel and Resort REITs-0.97%
Residential REITs-1.00%
Specialized REITs-1.62%
Industry PE
  • Investors are most optimistic about the Real Estate industry even though it's trading below its 3-year average PE ratio of 41.8x.
    • Analysts are expecting annual earnings growth of 16.3%, which is lower than the prior year's growth of 23.3% per year.
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 decline of 25% per year.
  • In contrast, the Industrial 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
FSV FirstServiceCA$283.121.4%
+CA$175.8m		14.5%PE65.6x
AP.UN Allied Properties Real Estate Investment TrustCA$20.606.3%
+CA$170.5m		9.5%PB0.5x
ISC Information ServicesCA$37.3013.7%
+CA$83.7m		28.6%PE30.5x
REI.UN RioCan Real Estate Investment TrustCA$18.941.5%
+CA$82.7m		-8.3%PB0.8x
DIR.UN Dream Industrial Real Estate Investment TrustCA$12.592.2%
+CA$76.9m		-12.6%PB0.7x

Latest News

FSV
CA$283.12
FirstService
7D
1.4%
1Y
14.5%
CAR.UN
CA$41.71
Canadian Apartment Properties Real Estate Investment Trust
7D
-3.1%
1Y
-26.3%
CIGI
CA$230.85
Colliers International Group
7D
0.4%
1Y
15.8%

Alternative Asset Trends And Digital Transformation Will Unlock Future Opportunities

Despite robust Q2 results, improved margins, strong engineering performance, and successful acquisitions supporting medium-term confidence, Colliers International Group’s consensus analyst price target was modestly lowered from CA$229.77 to CA$223.59. Analyst Commentary Q2 earnings and sales outperformance drove upward price target revisions.
ISC
CA$37.30
Information Services
7D
13.7%
1Y
28.6%

Here's Why Information Services (TSE:ISC) Has A Meaningful Debt Burden

Sep 11
Here's Why Information Services (TSE:ISC) Has A Meaningful Debt Burden
AIF
CA$60.05
Altus Group
7D
-1.9%
1Y
13.9%

Digital Transformation Will Redefine Global Real Estate Analytics

With both the discount rate and future P/E remaining virtually unchanged, analyst sentiment toward Altus Group’s valuation is steady, leading to an unchanged consensus price target of CA$64.29. What's in the News Altus Group is exploring a potential sale after receiving inbound takeover interest, working with investment bankers to solicit buyer interest, with private equity firms expected as possible suitors; the company has not guaranteed a deal and may remain independent.
KDSX
CA$0.85
Kadestone Capital
7D
-22.7%
1Y
-16.7%

We Think Kadestone Capital (CVE:KDSX) Has A Fair Chunk Of Debt

Sep 03
We Think Kadestone Capital (CVE:KDSX) Has A Fair Chunk Of Debt
GO.U
US$12.35
GO Residential Real Estate Investment Trust
7D
-3.1%
1Y
n/a
PKT
CA$0.60
Parkit Enterprise
7D
-7.7%
1Y
-1.6%
D.UN
CA$20.04
Dream Office Real Estate Investment Trust
7D
10.7%
1Y
-9.7%
DIR.UN
CA$12.59
Dream Industrial Real Estate Investment Trust
7D
2.2%
1Y
-12.6%
GRT.UN
CA$77.93
Granite Real Estate Investment Trust
7D
-1.0%
1Y
n/a
AP.UN
CA$20.60
Allied Properties Real Estate Investment Trust
7D
6.3%
1Y
9.5%
KMP.UN
CA$18.14
Killam Apartment REIT
7D
-0.9%
1Y
-16.4%
REI.UN
CA$18.94
RioCan Real Estate Investment Trust
7D
1.5%
1Y
-8.3%
REAL
CA$7.13
Real Matters
7D
6.7%
1Y
-13.0%

Market Still Lacking Some Conviction On Real Matters Inc. (TSE:REAL)

Aug 19
Market Still Lacking Some Conviction On Real Matters Inc. (TSE:REAL)
MEQ
CA$192.89
Mainstreet Equity
7D
-2.7%
1Y
-0.7%