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s Canada's housing market continues to soar, investors are eyeing real estate investment trusts (REITs) on the TSX with a mix of curiosity and caution. REITs offer a way to tap into the property market without directly owning buildings, but timing hasn't been ideal lately. However, there are still opportunities to invest in growing sectors.

    Let's take a closer look at three notable players: Canadian Apartment Properties REIT (CAPREIT), Boardwalk REIT, and Choice Properties REIT. CAPREIT stands out as one of Canada's largest landlords, with a market capitalization of around $6.6 billion. Its funds from operations (FFO) per unit increased by 7% in 2024 to $2.53, driven by strategic property purchases like The Pendrell in Vancouver.

    Boardwalk REIT is another significant player, focusing on apartment buildings and multi-family homes across Canada. With a market value of about $1.7 billion, it owns over 36,000 properties and has shown consistent growth, even during economic downturns. This resilience is due to the steady demand for rental housing, regardless of the economy.

    For those interested in REITs with a retail focus, Choice Properties REIT is worth considering. As Canada's largest REIT, with a market value of $9.9 billion, it boasts a diverse portfolio anchored by Loblaw, the country's biggest grocery store chain. In 2024, its FFO per unit increased by 3% to $1.032, driven in part by strategic purchases like a 50% stake in an industrial property in Mississauga.

    RioCan REIT is another prominent player in the retail sector, with a market value of $5.8 billion. Its FFO per unit rose slightly in 2024 to $1.78, thanks in part to strategic acquisitions like a 50% interest in Lawrence Plaza in Toronto. This highlights its focus on acquiring high-quality properties that generate steady income.