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

PARTIAL BUY

Allan Tong’s Discover Picks CAP REIT stock surpasses it peers in several categories: earnings, cash flow, gross and profit margins. Its PE, for example, stands at 11x compared to SmartCentres REIT’s 71.7x and Allied Properties REIT‘s 17.4x. ROI is 6.89% vs. 0.99% and 3.63% against those same names. True, the dividend yield pays 2.24% which pales next to those REITs, but the payout ratio is a low 25%. Read 3 Safe and Defensive Stocks to Buy for our full analysis.

PAST TOP PICK

(A Top Pick Jun 15/20, Up 23%) The market was at a low multiple back when he bought it. It was trading at a huge discount to the value of its apartments and that made no sense. It is now near an all time high. The hunt for quality assets is there. This is one of the greatest assets over the long term.

STRONG BUY

He is very bullish on it. It still trades below its pre-pandemic levels. Immigration has paused and there is a question about foreign students returning in the fall. We never saw a dip in occupancy in their products.

TOP PICK

He likes its valuation and its concentration in the GTA, its largest market. Immigration and foreign students returning will drive growth. During Covid, millennials returned home, but after mass vaccinations, this cohort will return to the apartment market and create a bounceback. CAP REIT will definitely benefit from this pent-up demand. He sees a lot of upside in earnings and a NAV basis later this year. CAP REIT is very undervalued.

TOP PICK

Inventory of buildings is way undervalued by the market. Rent is a sensible alternative in places like Toronto. Nice dividend. Terrific holding. Yield is 2.75%. (Analysts’ price target is $56.65)

BUY

Buy it here. Largest publicly traded landlord in Canada. Occupancy is holding high. Cashflow resilient. Over the next couple of months, you'll see some private transactions that will solidify the NAV and it will trade closer to its proper NAV.

TOP PICK

It's the largest apartment owner in Canada at 45,000 units. They also own the largest portfolio where they own the land and rent it out. They also own in Ireland and Holland (see ERE REIT). CAP REIT reported super results last night. The lack of immigration and an Ontario rent freeze have pressured apartment REITs, but these are short-term issues that will reverse. There are low 2% cap rates in downtown Toronto, but he's very bullish CAP REIT. CAP REIT can finance its portfolio at very attractive rates (100 basis points lower than 2019). A strong buy. CAP REIT has always traded at a premium to NAV, but today you can CAP REIT at a discount--a rare opportunity.

TOP PICK

50,000 apartment units, many in the GTA. You are going to have immigration come back into Canada early next year after a vaccine starts to get used. They are collecting 99% of their rents right now. It is a blue chip REIT here in Canada that looks miss-priced. (Analysts’ price target is $55.60)

STRONG BUY

Collection rate is a good 98% Blue-chip managers and a great portfolio. Definitely own this. It's pulled back to a heavily discounted level to NAV, which means it's cheaper to buy this on the stock market than the private market. Its value is in the $60s, but you can buy it now in the $40s. This REIT is overly discounted now, though it believes in it long term. Also, 15% of their portfolio is in Holland and Ireland, which boasts great supply and demand.

PARTIAL BUY

Money flows from cyclicals to defense if a vaccine comes in 2021? Residential property REITS have been resilient in the REIT space. Likes and respects this company. The bigger secular stories are demographics, immigration and urbanization. CAP managers have executed well for many years. Short-term, this is low beta. So, if there's a massive recovery (via a vaccine), money will flow from REITS like this as well as tech. But long-term, this is a proven value creator.

TOP PICK

It has been added to the TSX-60. Immigration will pick up after the virus. They focus on mid-level apartment buildings. Their rents are undervalued. As there is turnover, they are able to charge market rents. They are looking to grow their European division. (Analysts’ price target is $56.23)

BUY ON WEAKNESS

It depends on what the government does in terms of support for landlords. The question is whether government support will continue. He feels we will see it continue. This one has seen some consolidation. Long term these are not bad levels to get into it.

BUY

BEI.UN-T, MI.UN-T and CAR.UN-T. REITs are an interesting universe right now. There is mortgage deferral relief, commercial rent relief. Residential is the best place to be right now. CAR.UN-T would be the best one. BEI.UN-T has a good component out west with potential risk for Alberta. People are going to need places to live and if they can't pay their mortgages then they will have to rent.

BUY ON WEAKNESS

This has done so well as the majority are rental properties mostly in Toronto, where the market is so tight. They have been able to increase rents. The valuation is high now, trading at 28 times free cash flow. They also have exposure in the Netherlands. The asset class is so desirable right now. Maybe one day they will be bought out. The yield is not great here either. Yield 2.4%

BUY

Canadian REITs have done very well in recent years. He's waiting for a pullback to buy more. These names have so much growth embedded, because of the turnover of the apartments they hold. True, the valuation looks high, but their growth is strong. You gotta pull the trigger and own it.

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Canadian Apartment Properties (CAR.UN.TO)