As of April 18, 2024, the nine leading real estate investment trusts (REITs) in Canada had a combined market capitalization of nearly 39 billion Canadian dollars. Canadian Apartment Properties had the highest market cap at 7.8 billion Canadian dollars, about three billion higher than RioCan, which held second place. Canadian Apartment Properties is an apartment properties investment trust that specializes in mid-tier and luxury multiunit residential rental properties.

Canadian Apartment Properties was the real estate investment trust (REIT) with the largest market cap in Canada as of April 11, 2024. The market cap, or the aggregate value of the total outstanding shares of the company, was 5.4 billion U.S. dollars during that period. Canadian Apartment Properties also had the third-highest revenue after Choice Properties and RioCan. Nevertheless, Dream Industrial headed the ranking in terms of five-year return on investment (ROI), at 7.58 percent. RioCan's EBITDA margin was also the second-highest, with earnings before interest, taxes, depreciation, and amortization amounting to 65.53 percent of the company's revenue. In terms of dividends, Allied Properties ranked first, with a dividend yield of 9.97 percent.

The market cap of real estate investment trusts (REITs) in Canada has decreased dramatically since 2021. As of December 2024, the aggregate market capitalization, or the market value of the outstanding shares of stocks of all REITs, amounted to 32.84 billion U.S. dollars, down from 58.9 billion U.S. dollars in December 2021. REITs are companies that own or finance rental real estate. One of their major benefits is liquidity: Though not all REITs are publicly traded, many of the major ones are, which allows investors to easily buy and sell shares. Because REITs pay out most of their taxable income to shareholders as dividends, they typically do not pay any corporate income tax.

The Real Estate Investment Trusts industry in Canada has declined in recent years, as solid operational efficiency and a low interest rate environment, which had laid the foundation for growth, have been undermined by the COVID-19 pandemic and interest rate hikes. Prior to 2020, the industry benefited from a low level of revenue volatility backed by a steady stream of income from rentals amid stable economic growth. Long-term rent contracts in commercial segments and the rise of rental rates in the residential product segment enabled the industry to maintain stable growth rates. Overall, industry revenue is expected to have declined at a CAGR of 5.6% to reach an estimated $8.2 billion in 2023, when revenue is expected to decline 8.1%. Continued decline in 2023 can be attributed to rising interest rates, which have inhabited operators from making investments and have dampened demand for property sold by REITs.Industry revenue generally grows in line with the economy and benefits from steady streams of income generated from rent. The overall health of the economy had been sound prior to 2020, which benefited the industry through higher levels of investment to satisfy increasing demand for properties by businesses. A booming housing market in major metropolitan hubs, many of which have experienced elevated rental prices, has underpinned revenue growth in the residential segment. More recent interest rate hikes have raised the cost of capital for industry operators, driving down industry profit.Moving forward, the industry is expected to return to growth, with industry revenue forecast to grow at a CAGR of 2.3% to reach an expected $9.2 billion in 2028. Declining interest rates and an aging population are set to drive growth. Falling interest rates will likely make other investments less attractive, making REITs more valuable. An aging population is expected to keep demand afloat as they are typically attracted to the steady and generally market-beating returns REITs offer.

The price to earning (PE) ratio of REITs in Canada was lower than the PE ratio of the total market and the real estate sector as of March 2024. REITs are companies that own or finance rental real estate. One of their major benefits is liquidity: Though not all REITs are publicly traded, many of the major ones are, which allows investors to easily buy and sell shares. Because REITs pay out most of their taxable income to shareholders as dividends, they typically do not pay any corporate income tax. As of March 2024, the PE ratio of REITs in Canada stood at -18.6, with the earnings of the market forecast to grow 62.3 percent annually. The PE ratio is a valuation metric which is calculated as the ratio of the total market cap to the total earnings. A higher PE ratio means that the market cap has grown higher than the earnings - a sign of high investor confidence, but also that the market may be overpriced.

The Canadian luxury housing market, encompassing high-end apartments, condominiums, villas, and landed houses, is experiencing robust growth, driven by several factors. Strong economic performance in major cities like Toronto, Vancouver, and Calgary, coupled with increasing high-net-worth individuals and foreign investment, fuels demand for premium properties. The limited supply of luxury housing, particularly in desirable urban locations, further contributes to price escalation. While rising interest rates present a potential headwind, the overall market remains resilient due to persistent demand from domestic and international buyers seeking exclusive residences. The market segmentation reveals variations in performance across property types and cities. Toronto and Vancouver consistently rank among the most expensive markets globally, attracting significant investment. While the "Other Cities" segment experiences growth, its pace lags behind the top-tier urban centres due to factors such as lower population density and reduced economic activity compared to the major hubs. This dynamic creates opportunities for developers catering to the specific preferences within each segment. Looking ahead, the Canadian luxury housing market is projected to maintain a compound annual growth rate (CAGR) exceeding 10% throughout the forecast period (2025-2033). Several trends are expected to shape market evolution, including the growing popularity of sustainable and smart-home features, an increasing preference for larger living spaces, and a rise in demand for properties with proximity to amenities and green spaces. However, regulatory changes aiming to cool down the market, such as stricter mortgage rules or increased property taxes, could act as restraints on future growth. Key players such as Westbank Corp, Mattamy Homes, and Oxford Properties Group, amongst others, continue to dominate the market through strategic acquisitions and new development projects. International market dynamics and global economic conditions may also impact investment flows into the Canadian luxury housing sector, shaping overall market performance in the coming years. Recent developments include: October 2021: The CHEO Foundation gave the first look inside Minto Dream Home, the 'Caraway.' The Minto Dream Home on Skysail Place is a customized bungalow, situated on an oversized corner lot. It's a collaboration by the Minto Group (a Canadian real estate company) with Tanya Collins Design (a residential and commercial interior designer). The Caraway features beautiful views of the Mahogany Pond with an incredible wrap-around porch to enjoy the views and the outdoors, while inside the 4,603 square-foot floor plan offers plenty of space. The Minto Dream Home has a net-zero approach to minimize its carbon footprint and improve the wellness of the planet., March 2021: Skydev (a real estate development and construction oversight company), held a private ceremony to celebrate the start of the development's construction. The new development, called Southfield Green, is owned by Skyline Apartment REIT (a private Canadian real estate investment trust). Once the development is complete, the complex will be managed by Skyline Living (a Canadian residential property management company). The Southfield Green development will comprise a four-storey complex with luxury suites and on-site amenities, including an indoor/outdoor lounge and terrace, a dog run, and an on-site gym and yoga studio. The site is well located within walking distance of grocery stores, restaurants, and transit. The suites will boast fantastic views of the adjacent Southfield Park.. Notable trends are: Pandemic Accelerated Luxury Home Sales in Major Canadian Markets.

Revenue for Canadian apartment lessors has gained through the end of 2025. Apartment lessors collect rental income from rental properties, so market forces largely determine their rates. The supply of apartment rentals has grown slower than demand, which has elevated rental rates for lessors' benefit. Favourable economic conditions and demographic trends during most of the period have driven growth in demand. In 2020, the spread of COVID-19 lessened demand for apartment rentals, but the nature of apartment leases prevented a dip in revenue until 2021. Revenue has climbed since 2022 as higher prices and strong demand have fuelled a robust rental market. Revenue has climbed at a CAGR of 1.7% over the past five years and will reach $67.6 billion through the end of 2025. This includes a 1.6% swell in 2025 alone. Climbing vacancies fueled by a historic increase in rental supply will limit rent growth in 2025. The urban population in Canada has continued to expand, fuelling demand for housing in recent years. The supply of apartment rental units has lagged behind demand growth, reflected in low vacancy rates across Canada. Major urban centres have had especially low vacancy rates in recent years. Disposable income has also grown despite significant economic volatility. This has given individuals more funds to cover living expenses, which has enabled lessors to raise rental rates. Despite skyrocketing rental prices, profit has declined because of rising operating costs and property taxes. Favourable macroeconomic conditions are expected to fuel demand for apartment rentals moving forward. Per capita disposable income will climb while vacancy rates remain low. Furthermore, immigration and urbanization growth will fuel rent growth in major cities, benefiting apartment rental providers. Demand will continue to outpace supply growth, prompting a revenue gain. Revenue will expand at a CAGR of 1.3% through the end of 2030, reaching $71.9 billion in 2030.

The Canadian storage and warehouse leasing industry is simultaneously driven and challenged by persistent e-commerce growth, shifting logistics demands and booming population growth rates. Even as e-commerce businesses remain the key drivers of demand, industrial market studies hint at moderation, especially as national availability rates for warehouse space hit the highest levels since 2016. Simultaneously, demand for storage solutions is fueled by an expanding urban population and tight housing markets. Given the fiercely competitive landscape, key stakeholders need to differentiate services through automation, IoT adoption, and offering additional services like temperature-controlled storage and integrated logistics. Revenue has climbed at a CAGR of 4.0% through the five years to 2025. It is expected to reach $5.7 billion in 2025, when revenue will gain an estimated 1.3%. Differentiating factors shaping the market include customers' changing storage requirements influenced by demographic growth patterns, residential needs and third-party logistics. While demand for compact storage solutions in high-density neighborhoods is rising, the growth from commercial tenants since 2020 has been dominant due to enhanced logistical requirements. Characterizing this split horizontal marketplace are two distinctly dominant profiles—high-quality urban facilities and aging suburban stock, which influence decision-making based on rental rates, availability, location, and services offered. Through the end of 2030, tech-enabled facilities and automated spaces will command premium rents, while dated inventories may face obsolescence. Expansion strategies should consider acquisitions since organic growth will likely remain costly, especially for large-scale facilities. Cold storage facilities will experience substantial growth driven by pharmaceutical logistics demands and perishable food exports, necessitating alignment with ESG goals and cost reduction measures. However, while profit is expected to remain high, it will stagnate because of high upfront costs for automation, climate-controlled infrastructure and rising maintenance costs. To stay competitive, entities must invest in automation, adopt dynamic pricing models, and consider acquisition opportunities in undersupplied regions. Still, revenue will climb at a CAGR of 1.2% through the end of 2030, reaching $6.1 billion.