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Canadian (TSX) Real Estate Sector Analysis

UpdatedFeb 22, 2026
DataAggregated Company Financials
Companies68
  • 7D1.5%
  • 3M1.6%
  • 1Y3.5%
  • YTD0.5%

In the last week, the Real Estate industry is up 1.5%, with First Capital Real Estate Investment Trust leading the way, up 3.2%. This means that the industry has gained 3.4% over the past year. 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
Sun, 22 Feb 2026CA$100.8bCA$33.7bCA$2.0b10.9x49.2x3x
Tue, 20 Jan 2026CA$106.5bCA$34.0bCA$3.7b10.8x28.5x3.1x
Thu, 18 Dec 2025CA$99.9bCA$33.9bCA$3.7b10.6x26.8x3x
Sat, 15 Nov 2025CA$100.7bCA$34.2bCA$3.7b10.2x27.3x2.9x
Mon, 13 Oct 2025CA$103.5bCA$33.6bCA$2.9b11.3x36.1x3.1x
Wed, 10 Sep 2025CA$108.6bCA$33.4bCA$2.9b13.7x38x3.2x
Fri, 08 Aug 2025CA$104.4bCA$33.4bCA$2.5b13.6x41.4x3.1x
Sun, 06 Jul 2025CA$102.3bCA$32.7bCA$3.4b13.4x29.9x3.1x
Tue, 03 Jun 2025CA$99.6bCA$32.8bCA$3.4b12.1x29x3x
Thu, 01 May 2025CA$95.3bCA$33.0bCA$4.4b11x21.7x2.9x
Sat, 29 Mar 2025CA$97.6bCA$33.6bCA$4.6b11.3x21.4x2.9x
Mon, 24 Feb 2025CA$97.9bCA$33.5bCA$3.2b13.8x30.3x2.9x
Wed, 22 Jan 2025CA$98.6bCA$32.9bCA$891.9m13.6x110.5x3x
Fri, 20 Dec 2024CA$100.6bCA$32.9bCA$892.3m13.5x112.8x3.1x
Sun, 17 Nov 2024CA$98.6bCA$32.6bCA$841.0m14.8x117.2x3x
Tue, 15 Oct 2024CA$102.2bCA$31.8bCA$1.6b9.1x62.2x3.2x
Thu, 12 Sep 2024CA$102.4bCA$31.6bCA$1.6b9x62.4x3.2x
Sat, 10 Aug 2024CA$94.3bCA$31.5bCA$1.6b8.7x58.6x3x
Mon, 08 Jul 2024CA$88.7bCA$31.2bCA$1.8b9.1x49.3x2.8x
Wed, 05 Jun 2024CA$88.6bCA$31.2bCA$1.8b9.3x50.3x2.8x
Fri, 03 May 2024CA$88.0bCA$31.0bCA$890.0m11.6x98.8x2.8x
Sun, 31 Mar 2024CA$98.9bCA$31.8bCA$1.1b11.2x88.8x3.1x
Tue, 27 Feb 2024CA$97.5bCA$31.6bCA$1.2b10.5x83.7x3.1x
Thu, 25 Jan 2024CA$103.5bCA$31.7bCA$1.6b10.4x63.5x3.3x
Sat, 23 Dec 2023CA$101.1bCA$31.4bCA$1.7b9.6x60.1x3.2x
Mon, 20 Nov 2023CA$93.7bCA$31.9bCA$1.9b7.9x49.9x2.9x
Wed, 18 Oct 2023CA$93.5bCA$31.1bCA$3.3b9.6x28.7x3x
Fri, 15 Sep 2023CA$100.0bCA$31.0bCA$3.3b10x30.7x3.2x
Sun, 13 Aug 2023CA$102.1bCA$31.5bCA$3.3b8.6x31x3.2x
Tue, 11 Jul 2023CA$100.5bCA$31.2bCA$4.3b7x23.3x3.2x
Thu, 08 Jun 2023CA$107.3bCA$31.3bCA$4.3b6.9x24.7x3.4x
Sat, 06 May 2023CA$107.6bCA$31.1bCA$7.2b7.2x15x3.5x
Mon, 03 Apr 2023CA$110.2bCA$31.1bCA$8.3b6.4x13.3x3.5x
Wed, 01 Mar 2023CA$116.4bCA$31.2bCA$10.2b6.7x11.4x3.7x
Price to Earnings Ratio

11.4x


Total Market Cap: CA$116.4bTotal Earnings: CA$10.2bTotal Revenue: CA$31.2bTotal 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 45.1x 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 40% 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 Market1.50%
Real Estate1.52%
Hotel and Resort REITs4.13%
Health Care REITs3.13%
Specialized REITs3.03%
Real Estate2.39%
Retail REITs1.53%
Office REITs1.07%
Residential REITs0.85%
REITS0.83%
Industrial REITs0.49%
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 135% 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 18% 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$213.211.2%
+CA$175.4m		-14.2%PE49.4x
FCR.UN First Capital Real Estate Investment TrustCA$20.913.2%
+CA$138.1m		26.7%PB0.9x
CIGI Colliers International GroupCA$156.290.7%
+CA$84.5m		-12.4%PE56.6x
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

Latest News

SRU.UN
CA$27.80
SmartCentres Real Estate Investment Trust
7D
1.9%
1Y
9.4%
CRR.UN
CA$16.31
Crombie Real Estate Investment Trust
7D
2.6%
1Y
18.6%
HOM.UN
CA$16.90
BSR Real Estate Investment Trust
7D
-0.6%
1Y
2.5%
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%
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%
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%
CIGI
CA$156.29
Colliers International Group
7D
0.7%
1Y
-12.4%
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