Is Canada heading toward an oversupplied rental market? Are return-to-office mandates reviving Canada's office sector? How can the public and private sectors work together to accelerate modular homebuilding and improve housing affordability? And which asset classes do industry executives predict will outperform the broader real estate market in 2026?

The Canadian real estate industry is navigating a period of profound transformation, marked by both significant challenges and emerging opportunities. While housing supply and affordability remain at the centre of national attention—given their outsized impact on the broader economy and real estate sector—the market’s story is far more diverse. Asset classes such as retail, student housing, self-storage and industrial properties are demonstrating resilience and, in many cases, exceeding expectations.

PwC Canada and the Urban Land Institute’s annual Emerging Trends in Canadian Real Estate report analyzes what will define the next era of real estate, based on hundreds of interviews with developers, investors, asset managers and other industry professionals from across the country. What emerged was a nuanced picture: Beneath macroeconomic uncertainty, industry leaders see real opportunities—not in returning to the old market, but in adapting to find new sources of growth.