Canadian Apartment Properties (CAR.UN.TO)…

Canadian Apartment Properties (CAR.UN.TO)

31.49

-0.16 (0.51%)

as of Sep 18, 2026, 8:00:01 pm Market Open.

493 watching

SELL

Doesn't like this one. Prefers Boardwalk (BEI.UN-T) and Killam (KMP-T). Even though it has recovered from its lows, you are still dealing with the GTA and it's over supply of rental space. Also balance sheet concerns. (See Top Picks.)

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COMMENT

A lot of apartment properties along the Toronto subway line and with low interest rates people were buying condos last year. Thinks this will slow when interest rates begin to move up in 5-6 months. There is a glut of rental units. Also have to spend CapX on the units. Cheap on a valuation standpoint. 7.5% yield.

WEAK BUY

Starting to get interesting at these levels. Had a problem with underestimating amount needed on CapX for apartment restorations but are now addressing this. Have free cash flow payout at about 107%-108% but should be stable for the next 2 years.

BUY

(Market Call Minute) Cap X has been the big overhang and they seem to be getting over it.

TOP PICK

Uses as a pairs trade against Boardwalk (BEI.UN-T). Both came off a lot last year. Boardwalk has gone up 50%-75% while this one is up marginally. This is about 8% yield and Boardwalk is about 5%. Trading at 10X Funds From Operations while Boardwalk is about 13X-14X. Vast majority of their apartments are in Ontario.

COMMENT

(Market Call Minute.) Over levered. Either a Hold or Sell.

DON'T BUY

(Market Call Minute.) Not performing well because of concerns a lot of problems in the Toronto market.

BUY

Canadian Apartment Properties (CAR.UN-T) and/or Boardwalk REITs (BEI.UN-T)? Thinks you get the same valuation in REITs as you would in the property market with a lot less work. He would buy either one of these or both.

COMMENT

Not a REIT for tax purposes because they recently purchased high-end manufactured home communities, which does not qualify as passive investments. (Wouldn't worry because of this.) Tremendous asset/debt ratio with CMHC financing. Not sure they will be able to grow free cash flow.

DON'T BUY

A big part of the portfolio is in Toronto where they rent controls. They have a lot of capital expenditures to do. Fairly high yield. Like the management. You are better off to go elsewhere.

BUY

(Market Call Minute) Good steady eddy way to go.

DON'T BUY

Question about status of REIT so possibility of having to change into a corporation.

HOLD

Apartments, condos, etc. in Ontario. This one has had more diversity of opinions by people who know the business well. He thinks they're okay. They have been buying back stock. Apartments are long-term big winners overall. 7% yield.

HOLD

Their concentration in Ontario has not served them well with the flight of Congo/apartment dwellers to home ownership.

COMMENT

Large apartment buildings, mainly in Toronto and Montreal. Good management. Very cheap at these levels. Acquiring at a very large discount to NAV but will sell when it comes back. Treating it as a trade.

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Canadian Apartment Properties (CAR.UN.TO)