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Canadian (TSX) Real Estate Industry Analysis

UpdatedJul 01, 2026
DataAggregated Company Financials
Companies29
  • 7D4.4%
  • 3M-0.5%
  • 1Y-13.1%
  • YTD-13.4%

In the last week, the Real Estate industry is up 4.4%, with FirstService up 6.9%. In the past year, the industry is down 13%. Looking forward, earnings are forecast to grow by 39% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 01 Jul 2026CA$25.0bCA$20.1bCA$869.6m10.6x28.8x1.2x
Fri, 29 May 2026CA$24.1bCA$19.7bCA$865.2m9.8x27.8x1.2x
Sun, 26 Apr 2026CA$26.0bCA$19.3bCA$935.3m9.9x27.8x1.3x
Tue, 24 Mar 2026CA$24.5bCA$19.3bCA$924.4m8.1x26.6x1.3x
Thu, 19 Feb 2026CA$26.3bCA$19.3bCA$1.1b8x24.2x1.4x
Sat, 17 Jan 2026CA$30.6bCA$19.3bCA$1.1b7.7x27.4x1.6x
Mon, 15 Dec 2025CA$29.2bCA$19.2bCA$1.1b7.9x27.1x1.5x
Wed, 12 Nov 2025CA$29.7bCA$19.4bCA$1.1b7.2x26.6x1.5x
Fri, 10 Oct 2025CA$32.3bCA$19.0bCA$1.1b8.1x30.6x1.7x
Sun, 07 Sep 2025CA$34.2bCA$18.8bCA$1.0b10x32.7x1.8x
Tue, 05 Aug 2025CA$32.3bCA$18.8bCA$1.1b9x30.5x1.7x
Thu, 03 Jul 2025CA$29.0bCA$18.2bCA$1.1b8.9x26.4x1.6x
Sat, 31 May 2025CA$28.7bCA$18.4bCA$1.1b7.9x26.1x1.6x
Mon, 28 Apr 2025CA$27.6bCA$18.4bCA$1.1b9.6x24x1.5x
Wed, 26 Mar 2025CA$29.6bCA$18.7bCA$1.2b9.1x24.8x1.6x
Fri, 21 Feb 2025CA$30.3bCA$18.7bCA$804.8m12.5x37.6x1.6x
Sun, 19 Jan 2025CA$31.5bCA$18.2bCA$763.1m11.7x41.3x1.7x
Tue, 17 Dec 2024CA$32.4bCA$18.0bCA$758.7m12.2x42.7x1.8x
Thu, 14 Nov 2024CA$32.5bCA$17.8bCA$708.4m14.9x45.9x1.8x
Sat, 12 Oct 2024CA$32.0bCA$17.0bCA$702.9m8.5x45.5x1.9x
Mon, 09 Sep 2024CA$30.1bCA$16.8bCA$699.2m8.8x43x1.8x
Wed, 07 Aug 2024CA$29.5bCA$16.9bCA$544.5m8.5x54.2x1.7x
Fri, 05 Jul 2024CA$28.1bCA$16.6bCA$537.9m8.8x52.3x1.7x
Sun, 02 Jun 2024CA$27.1bCA$16.6bCA$502.6m9.1x54x1.6x
Tue, 30 Apr 2024CA$31.9bCA$17.7bCA$417.6m14.4x76.3x1.8x
Thu, 28 Mar 2024CA$34.2bCA$17.4bCA$473.5m17.8x72.3x2x
Sat, 24 Feb 2024CA$33.0bCA$17.2bCA$632.7m16.1x52.2x1.9x
Mon, 22 Jan 2024CA$32.1bCA$17.1bCA$227.7m13.1x140.9x1.9x
Wed, 20 Dec 2023CA$31.1bCA$17.0bCA$279.3m13x111.5x1.8x
Fri, 17 Nov 2023CA$28.5bCA$17.4bCA$323.0m10.3x88.4x1.6x
Sun, 15 Oct 2023CA$27.2bCA$17.1bCA$582.1m8.7x46.7x1.6x
Tue, 12 Sep 2023CA$30.3bCA$17.1bCA$579.7m8.9x52.3x1.8x
Thu, 10 Aug 2023CA$29.7bCA$17.4bCA$1.0b10.9x28.7x1.7x
Sat, 08 Jul 2023CA$29.3bCA$17.0bCA$1.3b7.1x21.8x1.7x
Price to Earnings Ratio

21.8x


Total Market Cap: CA$29.3bTotal Earnings: CA$1.3bTotal Revenue: CA$17.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Real Estate Industry Price to Earnings3Y Average 45.7x202420252026
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 28.8x which is lower than its 3-year average PE of 45.7x.
  • The 3-year average PS ratio of 1.7x is higher than the industry's current PS ratio of 1.2x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have declined 13% per year over the last three years.
  • Meanwhile revenues for these companies have grown 5.7% 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 industry?

CA Market-0.59%
Real Estate1.70%
Real Estate4.38%
Real Estate Services5.49%
Real Estate Development1.87%
Real Estate Operating Companies0.95%
Diversified Real Estate0%0
Industry PE
  • Investors are most optimistic about the Real Estate Services industry even though it's trading below its 3-year average PE ratio of 70.5x.
    • Analysts are expecting annual earnings growth of 36.0%, which is higher than its past year's earnings growth of 4.1% per year.
  • Investors are most pessimistic about the Real Estate Operating Companies industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate Development industry, expecting annual earnings growth of 104% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Real Estate Services industry is expected to see its earnings grow by 36% 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$201.676.9%
+CA$596.4m		-15.1%PE40.3x
CIGI Colliers International GroupCA$133.094.7%
+CA$305.6m		-25.3%PE57.5x
AIF Altus GroupCA$45.064.6%
+CA$71.6m		-14.5%PS3.2x
MRC MorguardCA$124.432.8%
+CA$35.7m		9.9%PE7.6x
DRM Dream UnlimitedCA$19.702.0%
+CA$16.4m		-4.6%PS1.8x

Latest News

REAL
CA$5.20
Real Matters
7D
4.2%
1Y
-6.5%
FSV
CA$201.67
FirstService
7D
6.9%
1Y
-15.1%
Narrative Update • Jun 25

FSV: Updated Fair Value View Will Support Future Premium P/E

Analysts have lifted their CA$ fair value estimate for FirstService by about CA$5 to roughly CA$249, reflecting updated assumptions for discount rate, profit margin and future P/E, following recent revisions to Street price targets at TD Securities. Analyst Commentary Recent research updates on FirstService give you a mixed but useful set of signals on how the stock is being framed, with one report raising the price target by CA$3 and another lowering it by CA$16.
GUF
CA$0.51
Gulf & Pacific Equities
7D
-1.9%
1Y
n/a
CIGI
CA$133.09
Colliers International Group
7D
4.7%
1Y
-25.3%
AIF
CA$45.06
Altus Group
7D
4.6%
1Y
-14.5%
Narrative Update • Jun 23

AIF: Share Repurchases And AI Rollout Will Support Future Upside

Altus Group’s analyst price target has been raised by CA$6 to CA$51.33, as analysts point to updated assumptions for revenue growth, profit margins and the company’s future P/E profile. What's in the News for Altus Group Altus Group completed a share repurchase of 3,846,153 shares, representing 9.5% of its common shares, for a total of CA$200 million under the buyback announced on March 16, 2026.
SVI
CA$4.66
StorageVault Canada
7D
-3.3%
1Y
13.9%
MRC
CA$124.43
Morguard
7D
2.8%
1Y
9.9%
MRD
CA$18.60
Melcor Developments
7D
1.5%
1Y
34.2%
DRM
CA$19.70
Dream Unlimited
7D
2.0%
1Y
-4.6%
NAHF
CA$0.49
North America Home Finance
7D
-2.0%
1Y
n/a
HMT
CA$1.05
Halmont Properties
7D
5.0%
1Y
n/a
YEG
CA$0.15
Yorkton Equity Group
7D
-6.3%
1Y
-26.8%
BRED
CA$0.23
Purebread Brands
7D
-8.0%
1Y
76.9%
MPC
CA$4.75
Madison Pacific Properties
7D
-3.1%
1Y
-13.6%
PWR
CA$0.035
Captiva Verde Wellness
7D
-12.5%
1Y
16.7%