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Canadian (TSX) Real Estate Sector Analysis

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies69
  • 7D-0.2%
  • 3M-2.1%
  • 1Y7.9%
  • YTD1.1%

The Real Estate is pretty flat in the last 7 days, but First Capital Real Estate Investment Trust has stood out, gaining 7.4%. The past year has been better, since the industry has gained 7.9% in that time. As for the next few years, earnings are expected to grow by 36% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Apr 2026CA$102.4bCA$33.7bCA$2.5b12x41.2x3x
Fri, 20 Mar 2026CA$97.7bCA$33.8bCA$1.7b11x58.1x2.9x
Sun, 15 Feb 2026CA$99.3bCA$33.3bCA$3.1b10.3x31.6x3x
Tue, 13 Jan 2026CA$105.5bCA$34.0bCA$3.7b10.7x28.2x3.1x
Thu, 11 Dec 2025CA$98.2bCA$33.9bCA$3.7b9.8x26.5x2.9x
Sat, 08 Nov 2025CA$101.0bCA$34.1bCA$3.7b11.3x27.5x3x
Mon, 06 Oct 2025CA$106.9bCA$33.5bCA$2.9b13.2x37.3x3.2x
Wed, 03 Sep 2025CA$107.2bCA$33.3bCA$2.9b13.5x37.5x3.2x
Fri, 01 Aug 2025CA$104.6bCA$33.3bCA$2.6b13.8x40.2x3.1x
Sun, 29 Jun 2025CA$91.0bCA$32.8bCA$3.4b12.7x26.6x2.8x
Tue, 27 May 2025CA$96.3bCA$32.9bCA$3.4b12x28.1x2.9x
Thu, 24 Apr 2025CA$94.2bCA$33.1bCA$4.6b10.8x20.5x2.8x
Sat, 22 Mar 2025CA$97.9bCA$33.8bCA$4.2b11.3x23.6x2.9x
Mon, 17 Feb 2025CA$98.5bCA$33.5bCA$2.8b13.9x34.8x2.9x
Wed, 15 Jan 2025CA$96.9bCA$32.9bCA$892.6m13.3x108.6x2.9x
Fri, 13 Dec 2024CA$103.7bCA$32.7bCA$889.9m14.9x116.5x3.2x
Sun, 10 Nov 2024CA$99.9bCA$32.6bCA$1.1b14.6x87.8x3.1x
Tue, 08 Oct 2024CA$102.5bCA$31.6bCA$1.6b9.2x62.4x3.2x
Thu, 05 Sep 2024CA$99.6bCA$31.5bCA$1.6b8.8x60.8x3.2x
Sat, 03 Aug 2024CA$95.7bCA$31.6bCA$1.8b9.6x54.1x3x
Mon, 01 Jul 2024CA$88.2bCA$31.3bCA$1.8b9x49x2.8x
Wed, 29 May 2024CA$89.0bCA$31.2bCA$1.8b9.2x50.5x2.9x
Fri, 26 Apr 2024CA$93.3bCA$32.1bCA$956.3m12x97.6x2.9x
Sun, 24 Mar 2024CA$98.4bCA$31.8bCA$1.2b10.6x85.6x3.1x
Tue, 20 Feb 2024CA$99.4bCA$31.6bCA$843.5m10.4x117.9x3.1x
Thu, 18 Jan 2024CA$100.1bCA$31.7bCA$1.6b9.6x61.4x3.2x
Sat, 16 Dec 2023CA$102.4bCA$31.5bCA$1.7b9.3x60.8x3.2x
Mon, 13 Nov 2023CA$91.4bCA$31.6bCA$1.8b10x50.2x2.9x
Wed, 11 Oct 2023CA$93.7bCA$31.1bCA$3.3b9.7x28.7x3x
Fri, 08 Sep 2023CA$101.0bCA$31.2bCA$3.3b9.1x31x3.2x
Sun, 06 Aug 2023CA$102.1bCA$31.6bCA$4.4b7.5x23.3x3.2x
Tue, 04 Jul 2023CA$100.7bCA$31.2bCA$4.3b7x23.4x3.2x
Thu, 01 Jun 2023CA$105.4bCA$31.6bCA$4.4b6.9x24.1x3.3x
Sat, 29 Apr 2023CA$110.5bCA$31.3bCA$8.0b7.2x13.9x3.5x
Price to Earnings Ratio

13.9x


Total Market Cap: CA$110.5bTotal Earnings: CA$8.0bTotal Revenue: CA$31.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Real Estate Sector Price to Earnings3Y Average 50.5x202420252026
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 41.2x 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 32% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.5% 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-1.08%
Real Estate-0.19%
Hotel and Resort REITs6.28%
Specialized REITs1.23%
Industrial REITs0.46%
Residential REITs0.29%
Office REITs-0.029%
Real Estate-0.33%
Retail REITs-0.37%
Health Care REITs-1.23%
REITS-1.47%
Industry PE
  • Investors are most optimistic about the Real Estate industry even though it's trading below its 3-year average PE ratio of 45.2x.
    • 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?

CompanyLast Price7D1YValuation
FCR.UN First Capital Real Estate Investment TrustCA$23.307.4%
+CA$340.1m		41.9%PB1x
REI.UN RioCan Real Estate Investment TrustCA$21.012.4%
+CA$145.6m		22.7%PB0.9x
BEI.UN Boardwalk Real Estate Investment TrustCA$67.402.9%
+CA$91.1m		6.4%PB0.7x
CIGI Colliers International GroupCA$157.750.6%
+CA$49.6m		0.8%PE57.2x
SRU.UN SmartCentres Real Estate Investment TrustCA$28.401.1%
+CA$46.3m		12.9%PB0.8x

Latest News

CIGI
CA$157.75
Colliers International Group
7D
0.6%
1Y
0.8%

Engineering Expansion And AI Efficiency Will Shape Steady But Constrained Future Performance

Catalysts About Colliers International Group Colliers International Group operates a global professional services platform across commercial real estate, engineering and investment management. What are the underlying business or industry changes driving this perspective?
DIR.UN
CA$13.76
Dream Industrial Real Estate Investment Trust
7D
1.0%
1Y
34.6%

DIR.UN: Buybacks And Tighter Price Range Will Shape Future Unit Returns

Analysts have nudged the fair value estimate for Dream Industrial Real Estate Investment Trust higher to CA$15.18 from CA$15.13, reflecting the recent wave of price target increases to a range of CA$14.50 to CA$15.50 as they factor in updated assumptions on discount rate, revenue growth, profit margin and future P/E. Analyst Commentary Recent research points to a cluster of optimistic views on Dream Industrial Real Estate Investment Trust, with several firms lifting their price targets into a relatively tight band between CA$14.50 and CA$15.50.
CAR.UN
CA$36.78
Canadian Apartment Properties Real Estate Investment Trust
7D
-0.6%
1Y
-9.6%
REI.UN
CA$21.01
RioCan Real Estate Investment Trust
7D
2.4%
1Y
22.7%
FCR.UN
CA$23.30
First Capital Real Estate Investment Trust
7D
7.4%
1Y
41.9%
CHP.UN
CA$15.20
Choice Properties Real Estate Investment Trust
7D
-5.9%
1Y
4.3%
SVI
CA$4.44
StorageVault Canada
7D
-1.6%
1Y
20.7%
CRT.UN
CA$17.38
CT Real Estate Investment Trust
7D
-0.8%
1Y
17.9%
SRU.UN
CA$28.40
SmartCentres Real Estate Investment Trust
7D
1.1%
1Y
12.9%
BEI.UN
CA$67.40
Boardwalk Real Estate Investment Trust
7D
2.9%
1Y
6.4%
HR.UN
CA$10.35
H&R Real Estate Investment Trust
7D
-1.9%
1Y
7.1%
ISC
CA$44.60
Information Services
7D
4.9%
1Y
70.7%

ISC: Future Registry Mandate Will Drive Long Term Upside Potential

Analysts have kept their fair value estimate unchanged at CA$49.60 for the Information Services group, pointing to a steady long term earnings outlook that supports a broadly consistent P/E framework, despite only minor technical adjustments to underlying model inputs. What's in the News The board and a special committee of independent directors are reviewing multiple options for the business to identify ways to maximize value for shareholders.
WFC
CA$15.99
Wall Financial
7D
-4.3%
1Y
33.1%
FSV
CA$200.63
FirstService
7D
-2.3%
1Y
-15.7%

FSV: Refreshed Discount Rate Assumptions Will Support Higher Profit Margin Delivery

Analysts have raised their CA$ price target on FirstService by CA$6, citing updated assumptions around discount rates, profit margins and a slightly lower future P/E outlook as the key drivers of the revised view. Analyst Commentary Bullish Takeaways Bullish analysts view the CA$6 increase in the price target as consistent with refreshed discount rate work, suggesting the revised target better aligns with their updated risk assumptions.
VITL.UN
CA$5.62
Vital Infrastructure Property Trust
7D
-1.2%
1Y
15.4%
MRC
CA$120.46
Morguard
7D
3.7%
1Y
7.8%