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

Canadian (TSX) Real Estate Sector Analysis

UpdatedFeb 09, 2026
DataAggregated Company Financials
Companies69
  • 7D1.5%
  • 3M3.2%
  • 1Y5.4%
  • YTD3.1%

Over the last 7 days, the Real Estate industry has risen 1.5%, driven by gains from FirstService of 4.1%. Meanwhile, Altus Group actually underperformed within the industry, shrinking 11% in the last week. This means that the industry has gained 5.4% over the past year. Looking forward, earnings are forecast to grow by 27% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 09 Feb 2026CA$103.6bCA$33.7bCA$3.7b10.8x27.8x3.1x
Wed, 07 Jan 2026CA$102.7bCA$33.9bCA$3.7b10.6x27.5x3x
Fri, 05 Dec 2025CA$99.4bCA$34.1bCA$3.7b10.1x26.8x2.9x
Sun, 02 Nov 2025CA$102.6bCA$33.7bCA$2.9b12.6x34.9x3x
Tue, 30 Sep 2025CA$105.7bCA$33.5bCA$2.9b13.5x36.9x3.2x
Thu, 28 Aug 2025CA$106.6bCA$33.2bCA$2.5b14.2x42.5x3.2x
Sat, 26 Jul 2025CA$103.2bCA$33.0bCA$2.8b13.9x37.3x3.1x
Mon, 23 Jun 2025CA$99.8bCA$32.9bCA$3.4b12.5x29.1x3x
Wed, 21 May 2025CA$98.9bCA$33.0bCA$3.4b12.4x28.9x3x
Fri, 18 Apr 2025CA$93.8bCA$33.0bCA$4.6b10.9x20.4x2.8x
Sun, 16 Mar 2025CA$96.8bCA$33.8bCA$4.1b11.6x23.5x2.9x
Tue, 11 Feb 2025CA$98.8bCA$33.7bCA$1.2b13.6x83.8x2.9x
Thu, 09 Jan 2025CA$99.7bCA$33.0bCA$892.5m13.9x111.7x3x
Sat, 07 Dec 2024CA$99.7bCA$32.7bCA$888.5m15.8x112.2x3.1x
Mon, 04 Nov 2024CA$99.2bCA$32.4bCA$2.0b9.7x49x3.1x
Wed, 02 Oct 2024CA$105.5bCA$31.5bCA$1.6b9.4x64.3x3.3x
Fri, 30 Aug 2024CA$99.8bCA$31.2bCA$1.6b8.9x60.9x3.2x
Sun, 28 Jul 2024CA$96.7bCA$31.4bCA$1.7b9.2x56.5x3.1x
Tue, 25 Jun 2024CA$86.6bCA$31.3bCA$1.8b9.1x48.1x2.8x
Thu, 23 May 2024CA$90.1bCA$31.2bCA$1.8b9.2x50.4x2.9x
Sat, 20 Apr 2024CA$92.8bCA$32.0bCA$1.1b11.7x83.6x2.9x
Mon, 18 Mar 2024CA$96.7bCA$31.8bCA$1.1b10.9x86.3x3x
Wed, 14 Feb 2024CA$96.8bCA$31.6bCA$463.3m9.6x208.8x3.1x
Fri, 12 Jan 2024CA$101.2bCA$31.5bCA$1.7b9.9x59.8x3.2x
Sun, 10 Dec 2023CA$94.7bCA$31.7bCA$1.7b8.5x56.3x3x
Tue, 07 Nov 2023CA$94.7bCA$31.3bCA$2.9b9.6x32.6x3x
Thu, 05 Oct 2023CA$92.7bCA$31.2bCA$3.3b9.2x28.4x3x
Sat, 02 Sep 2023CA$101.1bCA$31.1bCA$3.3b9.2x31x3.3x
Mon, 31 Jul 2023CA$101.5bCA$31.3bCA$4.7b7x21.6x3.2x
Wed, 28 Jun 2023CA$97.8bCA$31.1bCA$4.3b7x22.8x3.1x
Fri, 26 May 2023CA$105.7bCA$31.6bCA$4.4b6.9x24.2x3.3x
Sun, 23 Apr 2023CA$111.1bCA$31.1bCA$8.4b6.1x13.3x3.6x
Tue, 21 Mar 2023CA$38.9bCA$19.2bCA$3.6b6.8x10.8x2x
Thu, 16 Feb 2023CA$117.6bCA$30.7bCA$12.1b6.1x9.7x3.8x
Price to Earnings Ratio

9.7x


Total Market Cap: CA$117.6bTotal Earnings: CA$12.1bTotal Revenue: CA$30.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Real Estate Sector Price to Earnings3Y Average 48.2x202420252026
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 27.8x which is lower than its 3-year average PE of 48.2x.
  • 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 3.1% 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 Market2.10%
Real Estate1.53%
Health Care REITs3.40%
Retail REITs2.27%
Specialized REITs1.96%
Industrial REITs1.79%
Real Estate1.68%
Office REITs1.24%
REITS0.21%
Residential REITs-0.13%
Hotel and Resort REITs-4.03%
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 106% over the next 5 years.
  • This is better than its past earnings growth rate of 48% per year.
  • In contrast, the Industrial REITs industry is expected to see its earnings grow by 13% 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$219.684.1%
+CA$398.6m		-11.2%PE50.7x
CIGI Colliers International GroupCA$190.752.2%
+CA$207.8m		-1.4%PE60.8x
DIR.UN Dream Industrial Real Estate Investment TrustCA$13.352.9%
+CA$106.1m		14.9%PB0.8x
FCR.UN First Capital Real Estate Investment TrustCA$20.252.3%
+CA$97.7m		20.0%PB1.1x
CHP.UN Choice Properties Real Estate Investment TrustCA$15.681.6%
+CA$78.7m		16.0%PB1.1x

Latest News

HMT
CA$0.88
Halmont Properties
7D
-12.0%
1Y
17.3%
CIGI
CA$190.75
Colliers International Group
7D
2.2%
1Y
-1.4%

CIGI: Higher Revenue And Margin Assumptions Will Sustain Premium Multiples

Analysts have nudged their price target on Colliers International Group to US$247.89, supported by updated assumptions for slightly higher revenue growth, modestly stronger profit margins and a lower future P/E multiple. Analyst Commentary Recent research paints a mixed picture for Colliers International Group, with some analysts more optimistic on execution and earnings power, and others focused on what still needs to go right for the current valuation to hold.
FSV
CA$219.68
FirstService
7D
4.1%
1Y
-11.2%
AIF
CA$41.37
Altus Group
7D
-11.1%
1Y
-30.4%
REAL
CA$7.01
Real Matters
7D
12.7%
1Y
15.3%

REAL: Reset P/E And Higher Margins Will Drive Future Upside

Analysts have increased their price target on Real Matters to about $8.40 from roughly $8.09, citing updated assumptions for revenue growth, profit margins, and a lower forward P/E multiple in their models. Analyst Commentary Recent research commentary around Real Matters focuses on how updated assumptions feed into the revised price target, with analysts weighing both execution risks and potential upside for growth and profitability.
DIR.UN
CA$13.35
Dream Industrial Real Estate Investment Trust
7D
2.9%
1Y
14.9%

DIR.UN: Outperform Rating And C$15 Outlook Will Be Supported By New Joint Venture

Analysts have raised their price target on Dream Industrial Real Estate Investment Trust to C$15.00 from C$14.50, reflecting updated views on the trust's earnings profile and valuation, using a slightly higher discount rate and a future P/E of about 16.9x. Analyst Commentary Recent research points to a modestly higher valuation framework for Dream Industrial Real Estate Investment Trust, with the price target adjusted to C$15.00 and the P/E assumption set around 16.9x.
CAR.UN
CA$38.19
Canadian Apartment Properties Real Estate Investment Trust
7D
-1.0%
1Y
-6.3%

CAR.UN: Long Term Cash Flow And Buybacks Will Support Upside

Analysts have trimmed their fair value estimate for Canadian Apartment Properties Real Estate Investment Trust to C$51.14 from C$71.76 and now see a C$47 Street price target, citing updated assumptions for discount rates, revenue growth, profit margins and future P/E multiples. Analyst Commentary Bullish analysts point to the updated C$47 price target as a sign that they still see upside potential relative to the revised fair value estimate of C$51.14, even after adjusting their assumptions for discount rates, revenue growth, profit margins and future P/E multiples.
SRU.UN
CA$27.19
SmartCentres Real Estate Investment Trust
7D
1.9%
1Y
9.3%
REI.UN
CA$19.79
RioCan Real Estate Investment Trust
7D
0.8%
1Y
5.9%
CHP.UN
CA$15.68
Choice Properties Real Estate Investment Trust
7D
1.6%
1Y
16.0%
AP.UN
CA$14.06
Allied Properties Real Estate Investment Trust
7D
-1.1%
1Y
-18.2%
FCR.UN
CA$20.25
First Capital Real Estate Investment Trust
7D
2.3%
1Y
20.0%
GRT.UN
CA$88.57
Granite Real Estate Investment Trust
7D
1.3%
1Y
26.3%
MEQ
CA$171.72
Mainstreet Equity
7D
-2.8%
1Y
-18.0%
SVI
CA$4.90
StorageVault Canada
7D
-2.0%
1Y
30.0%
MRC
CA$116.01
Morguard
7D
-2.9%
1Y
3.6%