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Are REITs cheap or expensive?

Attempting to analyze what’s going on in the REIT sector is so maddening that my suspicion is, if there’s a correction on the horizon, we’ll never see it coming.

Trust me, I tried. There is no valuation data available for the S&P/TSX REIT Index, so I built a valuation index using four of the country’s largest REITs – RioCan Real Estate Investment Trust, Canadian Real Estate Investment Trust, H&R Real Estate Investment Trust and Dundee Real Estate Investment Trust.