Canadian (TSX) REITS Industry Analysis

Industry Valuation and Performance

Has the Canadian REITS Industry valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Mon, 06 Jul 2026	CA$4.3b	CA$1.3b	-CA$715,702,434.00	14.8x	-6.1x	3.3x
Wed, 03 Jun 2026	CA$4.1b	CA$1.3b	-CA$715,702,434.00	14.7x	-5.7x	3.1x
Fri, 01 May 2026	CA$4.1b	CA$1.3b	-CA$743,365,441.00	9.4x	-5.6x	3.1x
Sun, 29 Mar 2026	CA$3.9b	CA$1.3b	-CA$743,365,441.00	8.9x	-5.2x	2.9x
Tue, 24 Feb 2026	CA$4.1b	CA$1.3b	-CA$733,557,722.00	9.2x	-5.6x	3.1x
Thu, 22 Jan 2026	CA$4.1b	CA$1.3b	-CA$379,898,722.00	9.2x	-10.9x	3.1x
Sat, 20 Dec 2025	CA$4.0b	CA$1.3b	-CA$379,898,722.00	8.5x	-10.6x	3x
Mon, 17 Nov 2025	CA$3.9b	CA$1.3b	-CA$369,786,720.00	8.3x	-10.4x	2.9x
Wed, 15 Oct 2025	CA$4.8b	CA$1.4b	-CA$110,680,261.00	9x	-43.4x	3.5x
Fri, 12 Sep 2025	CA$5.1b	CA$1.4b	-CA$110,680,261.00	8.6x	-46.5x	3.7x
Sun, 10 Aug 2025	CA$5.0b	CA$1.5b	-CA$218,183,644.00	8.3x	-22.8x	3.3x
Tue, 08 Jul 2025	CA$5.3b	CA$1.6b	-CA$195,408,672.00	7.8x	-27x	3.4x
Thu, 05 Jun 2025	CA$4.7b	CA$1.6b	-CA$195,408,672.00	7.8x	-24.3x	3.1x
Sat, 03 May 2025	CA$4.5b	CA$1.6b	-CA$135,003,792.00	7.7x	-33.2x	2.9x
Mon, 31 Mar 2025	CA$4.7b	CA$1.6b	-CA$189,655,274.00	7.8x	-24.8x	2.9x
Wed, 26 Feb 2025	CA$4.7b	CA$1.7b	-CA$239,924,479.00	7.8x	-19.7x	2.8x
Fri, 24 Jan 2025	CA$4.4b	CA$1.7b	-CA$391,634,479.00	11x	-11.3x	2.6x
Sun, 22 Dec 2024	CA$4.5b	CA$1.7b	-CA$391,634,479.00	11.3x	-11.4x	2.7x
Tue, 19 Nov 2024	CA$5.1b	CA$1.8b	-CA$398,329,474.00	10.5x	-12.9x	2.9x
Thu, 17 Oct 2024	CA$5.5b	CA$1.9b	-CA$474,273,724.00	9.4x	-11.6x	2.9x
Sat, 14 Sep 2024	CA$5.4b	CA$1.9b	-CA$474,273,724.00	9.2x	-11.5x	2.9x
Mon, 12 Aug 2024	CA$4.7b	CA$1.8b	-CA$242,052,459.00	8.5x	-19.5x	2.6x
Wed, 10 Jul 2024	CA$4.5b	CA$1.8b	-CA$341,683,846.00	7.9x	-13.3x	2.5x
Fri, 07 Jun 2024	CA$4.7b	CA$1.8b	-CA$341,683,846.00	8.1x	-13.6x	2.6x
Sun, 05 May 2024	CA$4.5b	CA$1.8b	-CA$259,777,117.00	7.6x	-17.5x	2.5x
Tue, 02 Apr 2024	CA$4.6b	CA$1.8b	-CA$236,724,569.00	7.6x	-19.5x	2.5x
Thu, 29 Feb 2024	CA$4.5b	CA$1.9b	-CA$282,235,636.00	9.4x	-15.9x	2.4x
Sat, 27 Jan 2024	CA$9.4b	CA$2.2b	CA$367.5m	7.4x	25.5x	4.3x
Mon, 25 Dec 2023	CA$9.2b	CA$2.2b	CA$367.5m	6.8x	25.1x	4.2x
Wed, 22 Nov 2023	CA$9.0b	CA$2.2b	CA$370.3m	6.7x	24.2x	4.1x
Fri, 20 Oct 2023	CA$8.9b	CA$2.0b	CA$250.7m	6.4x	35.6x	4.4x
Sun, 17 Sep 2023	CA$9.6b	CA$2.0b	CA$250.7m	7.3x	38.1x	4.7x
Tue, 15 Aug 2023	CA$9.5b	CA$2.1b	CA$247.6m	6.6x	38.5x	4.5x
Thu, 13 Jul 2023	CA$9.6b	CA$2.2b	CA$515.8m	5.4x	18.5x	4.4x

Current Industry PE

Investors are relatively neutral on the Canadian REITs industry at the moment, indicating that they anticipate long term growth rates to remain steady.

The industry is trading close to its 3-year average PS ratio of 3.2x.

Past Earnings Growth

Total earnings for the REITs industry have declined over the last three years, with the industry now making a loss overall.
Revenues have also declined 15% per year, which is driving profits down.

Industry Trends

Which industries have driven the changes within the Canadian Real Estate industry?


CA Market	1.35%
Real Estate	1.53%
REITS	1.03%
Office REITs	2.40%
Healthcare REITs	1.98%
Residential REITs	1.93%
Diversified REITs	1.03%
Retail REITs	0.44%
Industrial REITs	0.34%
Specialized REITs	0.082%
Hotel and Resort REITs	-1.14%

Industry PE

Investors are most optimistic about the Retail REITs industry even though it's trading below its 3-year average PE ratio of 20.8x.

Analysts are expecting annual earnings growth of 19.6%, which is lower than the prior year's growth of 34.5% per year.

Forecasted Growth

Analysts are most optimistic on the Office REITs industry, expecting annual earnings growth of 144% over the next 5 years.

In contrast, the Industrial REITs industry is expected to see its earnings grow by 9.1% per year over the next few years.

Company	Last Price	7D	1Y	Valuation
HR.UN H&R Real Estate Investment Trust	CA$11.20	0.8% +CA$23.8m	-10.1%	PB0.7x
MRT.UN Morguard Real Estate Investment Trust	CA$7.07	0.9% +CA$6.4m	22.3%	PB0.5x
BTB.UN BTB Real Estate Investment Trust	CA$3.91	1.0% +CA$3.5m	6.3%	PB0.7x
NET.UN Canadian Net Real Estate Investment Trust	CA$6.41	0.2% +CA$206.3k	16.5%	PB0.9x

Company

Last Price

Valuation

HR.UN H&R Real Estate Investment Trust

CA$11.20

0.8%
+CA$23.8m

-10.1%

PB0.7x

MRT.UN Morguard Real Estate Investment Trust

CA$7.07

0.9%
+CA$6.4m

22.3%

PB0.5x

BTB.UN BTB Real Estate Investment Trust

CA$3.91

1.0%
+CA$3.5m

6.3%

PB0.7x

NET.UN Canadian Net Real Estate Investment Trust

CA$6.41

0.2%
+CA$206.3k

16.5%

PB0.9x

BTB Real Estate Investment Trust Announces Board and Committee Changes

BTB Real Estate Investment Trust held its Annual General Meeting in Montréal on June 16, 2026. Mr. Darcy Morris was elected as Trustee. Mr. Morris is the Co-Founder and Chief Executive Officer of Ewing Morris & Co. Investment Partners, an independent Canadian private wealth firm based in Toronto. Prior to co-founding Ewing Morris in 2011, Mr. Morris served as a Portfolio Manager at MacDougall, MacDougall & MacTier Inc. and earlier as an Associate at Burgundy Asset Management. Mr. Morris is an experienced public company board member. He currently serves on the Board of Directors of The Caldwell Partners International Inc. and has previously held board positions at Quisitive Technology Solutions Inc., Cedar Realty Trust Inc., and ZCL Composites Inc. Through these roles, he has developed significant expertise in corporate governance, strategic oversight, capital allocation, and shareholder engagement. Mr. Morris holds an Honours Bachelor of Arts in Political Studies and Economics from Queen's University (2004) and earned the Canadian Investment Manager (CIM) designation in 2010. He is a member of the Young Presidents' Organization (YPO) and has served in community leadership roles, including as Treasurer of the Toronto Public Library Foundation and President and Director of the Art Gallery of Ontario (AGO) Foundation. Ms. Carol A. Paradine was elected as Trustee. Ms. Paradine was the Chief Executive Officer of the Canadian Public Accountability Board (CPAB) from March 2018 to March 2026 and represented Canada on the board of the International Forum of Independent Audit Regulators. Ms. Paradine’s previous experience includes roles as an audit partner at Deloitte Canada and as a member of the firm’s board of directors. She has also acted as chief financial officer of the Canadian audit firm and corporate controller of a publicly listed technology company. Ms. Paradine currently serves as Past-Chair of the board of directors of the Alzheimer Society of Toronto. Previous roles include member, Audit and Assurance Standards Oversight Council, Chair, Manitoba Chambers of Commerce, president, Alzheimer Society of Manitoba, Board and Audit committee member, Alzheimer Society of Canada, Board and Audit committee member, CentrePort Canada, Board and Finance committee member, YMCA-YWCA National Capital Region, Board member, Innovate Manitoba, Board member, Harmony House and Advisory Board member, Carleton University School of Business. She also coached youth soccer for many years and was a lecturer and coach at Carleton University. Ms. Paradine holds a Bachelor of Commerce degree from Carleton University and is a fellow chartered professional accountant. Mr. Jocelyn Proteau retired from his role as Chairman of the Board and Trustee, concluding a 20-year contribution to the REIT. Ms. Lucie Ducharme departed as Trustee and President of the Human Resources and Governance Committee. Mr. Luc Martin was appointed as Chairman of the Board. Trustee since 2016, Mr. Martin has served as President of the Audit Committee since joining the Board.

Canadian (TSX) REITS Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Now 20% undervalued

Dividend of CA$0.03 announced

Morguard Real Estate Investment Trust to Report Q2, 2026 Results on Jul 29, 2026

BTB Real Estate Investment Trust Announces Board and Committee Changes

Dividend of CA$0.043 announced