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

Canadian (TSX) Real Estate Sector Analysis

UpdatedFeb 21, 2026
DataAggregated Company Financials
Companies68
  • 7D1.5%
  • 3M0.9%
  • 1Y3.4%
  • YTD0.5%

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
Sat, 21 Feb 2026CA$100.2bCA$33.7bCA$2.2b10.9x45.1x3x
Mon, 19 Jan 2026CA$106.5bCA$34.0bCA$3.7b10.8x28.5x3.1x
Wed, 17 Dec 2025CA$99.2bCA$33.8bCA$3.7b10.8x26.6x2.9x
Fri, 14 Nov 2025CA$101.9bCA$34.1bCA$4.0b10.8x25.7x3x
Sun, 12 Oct 2025CA$103.5bCA$33.6bCA$2.9b12.7x36.1x3.1x
Tue, 09 Sep 2025CA$108.7bCA$33.4bCA$2.9b13.8x38x3.3x
Thu, 07 Aug 2025CA$104.5bCA$33.4bCA$2.5b13.6x41.2x3.1x
Sat, 05 Jul 2025CA$100.5bCA$32.7bCA$3.4b13.4x29.4x3.1x
Mon, 02 Jun 2025CA$99.6bCA$32.8bCA$3.4b12.2x28.9x3x
Wed, 30 Apr 2025CA$95.0bCA$33.1bCA$4.4b11x21.6x2.9x
Fri, 28 Mar 2025CA$97.2bCA$33.5bCA$4.6b11.1x21.3x2.9x
Sun, 23 Feb 2025CA$98.0bCA$33.5bCA$3.2b13.8x30.3x2.9x
Tue, 21 Jan 2025CA$98.1bCA$32.9bCA$891.7m13.6x110x3x
Thu, 19 Dec 2024CA$102.8bCA$33.0bCA$892.4m13.6x115.2x3.1x
Sat, 16 Nov 2024CA$98.8bCA$32.6bCA$843.1m14.8x117.2x3x
Mon, 14 Oct 2024CA$102.2bCA$31.8bCA$1.6b9.1x62.2x3.2x
Wed, 11 Sep 2024CA$100.6bCA$31.6bCA$1.6b9x61.3x3.2x
Fri, 09 Aug 2024CA$93.6bCA$31.5bCA$1.8b8.5x52.4x3x
Sun, 07 Jul 2024CA$88.7bCA$31.2bCA$1.8b9.1x49.3x2.8x
Tue, 04 Jun 2024CA$88.1bCA$31.2bCA$1.8b9.2x49.9x2.8x
Thu, 02 May 2024CA$92.4bCA$32.2bCA$990.2m11.9x93.3x2.9x
Sat, 30 Mar 2024CA$98.9bCA$31.8bCA$1.1b11.2x88.7x3.1x
Mon, 26 Feb 2024CA$98.6bCA$31.6bCA$1.2b10.4x83.3x3.1x
Wed, 24 Jan 2024CA$103.4bCA$31.6bCA$1.6b10.4x63.4x3.3x
Fri, 22 Dec 2023CA$99.7bCA$31.4bCA$1.7b9.5x59.3x3.2x
Sun, 19 Nov 2023CA$93.4bCA$31.9bCA$1.9b7.9x50.3x2.9x
Tue, 17 Oct 2023CA$93.3bCA$31.1bCA$3.3b9.6x28.6x3x
Thu, 14 Sep 2023CA$100.0bCA$31.0bCA$3.3b9.1x30.7x3.2x
Sat, 12 Aug 2023CA$102.1bCA$31.5bCA$3.3b8.6x31x3.2x
Mon, 10 Jul 2023CA$100.2bCA$31.2bCA$4.3b6.9x23.3x3.2x
Wed, 07 Jun 2023CA$107.3bCA$31.4bCA$4.3b6.9x24.7x3.4x
Fri, 05 May 2023CA$107.2bCA$31.3bCA$7.2b7.1x14.9x3.4x
Sun, 02 Apr 2023CA$110.1bCA$31.0bCA$8.3b6.4x13.3x3.5x
Tue, 28 Feb 2023CA$116.4bCA$31.1bCA$10.2b6.7x11.5x3.7x
Price to Earnings Ratio

11.5x


Total Market Cap: CA$116.4bTotal 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 Market1.43%
Real Estate1.51%
Hotel and Resort REITs4.11%
Health Care REITs3.13%
Specialized REITs3.03%
Real Estate2.35%
Retail REITs1.53%
Office REITs1.07%
Residential REITs0.84%
REITS0.82%
Industrial REITs0.48%
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
FCR.UN First Capital Real Estate Investment TrustCA$20.913.2%
+CA$138.1m		26.7%PB0.9x
FSV FirstServiceCA$213.211.2%
+CA$117.9m		-14.2%PE49.1x
SVI StorageVault CanadaCA$5.004.6%
+CA$80.4m		25.0%PS5.5x
CRR.UN Crombie Real Estate Investment TrustCA$16.312.6%
+CA$78.5m		18.6%PB1.7x
MEQ Mainstreet EquityCA$182.604.8%
+CA$77.9m		-9.1%PE6.1x

Latest News

D.UN
CA$17.44
Dream Office Real Estate Investment Trust
7D
-0.6%
1Y
-1.7%
FSV
CA$213.21
FirstService
7D
1.2%
1Y
-14.2%
CRR.UN
CA$16.31
Crombie Real Estate Investment Trust
7D
2.6%
1Y
18.6%
MRT.UN
CA$6.23
Morguard Real Estate Investment Trust
7D
-2.5%
1Y
13.1%
REAL
CA$6.06
Real Matters
7D
-1.8%
1Y
4.5%

REAL: Recent Upgrades And Lower P/E Will Support Future Upside

Analysts have trimmed their average price target on Real Matters by about CA$0.37 to reflect slightly lower fair value and profit margin assumptions, even as they factor in modestly higher revenue growth expectations and a reduced future P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts have upgraded their stance on Real Matters, signaling increased confidence that the current share price may not fully reflect their fair value assumptions.
BRE
CA$14.15
Bridgemarq Real Estate Services
7D
-0.4%
1Y
2.8%
SRU.UN
CA$27.80
SmartCentres Real Estate Investment Trust
7D
1.9%
1Y
9.4%
HOM.UN
CA$16.90
BSR Real Estate Investment Trust
7D
-0.6%
1Y
2.5%
ISC
CA$48.09
Information Services
7D
9.0%
1Y
78.7%

ISC: Lower-End Guidance And Margin Outlook Will Support Fair Long-Term View

Narrative Update on Information Services Analysts have lifted their price target for the Information Services group by CA$2.00. The change reflects updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E.
MEQ
CA$182.60
Mainstreet Equity
7D
4.8%
1Y
-9.1%
FCR.UN
CA$20.91
First Capital Real Estate Investment Trust
7D
3.2%
1Y
26.7%
WFC
CA$19.00
Wall Financial
7D
14.5%
1Y
37.7%
SVI
CA$5.00
StorageVault Canada
7D
4.6%
1Y
25.0%
GRT.UN
CA$88.02
Granite Real Estate Investment Trust
7D
-0.8%
1Y
29.5%
MPC
CA$4.90
Madison Pacific Properties
7D
-3.9%
1Y
-2.0%
UFC
CA$0.81
Urbanfund
7D
-10.0%
1Y
n/a