2 Canadian Stocks to Own If Housing Cools (or Re-Accelerates)

Housing rarely moves in a straight line. One month, buyers freeze. The next, lower rates or better confidence can bring them back fast. That puts investors in a tricky spot. Own the wrong housing stock and a cooler market can sting. Own the right real estate names and the story can move in more than one direction.

That’s why Primaris REIT (TSX:PMZ.UN) and Minto Apartment REIT (TSX:MI.UN) stand out. Primaris depends on consumer spending and enclosed shopping centres. Minto carries a takeover wrinkle investors can’t ignore. Yet both connect to Canadian real estate in ways that don’t rely only on bidding wars returning to detached homes.

PMZ

A cooling housing market can shift attention from home buying to everyday spending. People still shop, eat out, visit pharmacies, buy gifts, and run errands. Primaris owns enclosed shopping centres across Canada, with a $5.2 billion national portfolio and 15.1 million square feet of gross leasable area. It also calls itself Canada’s only enclosed shopping centre-focused real estate investment trust (REIT).

That niche gives Primaris a cleaner story than many office or residential landlords. Its malls usually sit in regional markets where they still serve as community hubs. If housing cools, renters and homeowners may cautiously spend more, but retailers still need affordable, high-traffic space. If housing re-accelerates, stronger confidence can help store sales and leasing demand. This makes the dividend stock less about a housing rebound and more about Canada’s everyday economy.

The latest quarter supports that middle-ground case. In Q1 2026, Primaris reported $41.9 million in net income, funds from operations (FFO) per diluted unit of $0.425, and a 51.8% FFO payout ratio. Adjusted FFO per diluted unit rose to $0.354 from $0.346 a year earlier. It also had $626.8 million in liquidity and reaffirmed guidance.

The dividend adds the hook. Primaris pays monthly, with an annualized distribution of $0.88 per unit. At a recent price around $19, that works out near a 4.5% yield. Investors get paid while the market figures out whether Canada’s consumer and housing cycle cools further or turns up again.

MI

Minto offers the more direct housing angle. The dividend stock owns rental apartments in major Canadian urban markets, including Toronto, Ottawa, Montreal, Calgary, and Vancouver. If home ownership stays out of reach, rental demand can remain resilient. If housing re-accelerates, population growth, job markets, and household formation can still support apartment demand over time. Either way, shelter demand doesn’t disappear because buyers hesitate.

Its latest results show both strength and stress. In Q1 2026, revenue rose 3.7% to $39.4 million. Same-property net operating income (NOI) climbed 4.3% to $24.6 million, while normalized FFO per unit rose 7.4% to $0.2371. Average monthly rent in the same-property portfolio increased 3.2% to $2,100.

Yet the cooler side of housing showed up, too. Average occupancy for unfurnished suites slipped to 93.7% from 95.4% a year earlier. New leases came in roughly flat with expiring rents, and management pointed to new rental supply and a temporary pause in population growth. So Minto isn’t immune.

The bigger issue is its pending sale. Crestpoint agreed to acquire Minto units for $18 each in cash, and Minto expects completion in the second half of 2026, subject to remaining conditions. That means MI.UN looks less like a forever holding and more like a short-term real estate income or deal-spread idea while collecting a 3% yield.

Bottom line

Together, these two dividend stocks offer two different housing-cycle paths. Primaris gives investors retail real estate income with monthly cash flow. Minto gives exposure to apartments, but with a likely exit ahead. Each can bring in ample income from a $7,000 investment.

COMPANYRECENT PRICENUMBER OF SHARESANNUAL DIVIDENDANNUAL TOTAL PAYOUTFREQUENCYTOTAL INVESTMENTPMZ.UN$19.42360$0.87$313.20Monthly$6,991.20MI.UN$17.52399$0.53$211.47Monthly$6,990.48

For investors watching housing cool, then possibly warm again, both deserve a closer look before the next turn in sentiment catches investors off guard right now, not years from now.

The post 2 Canadian Stocks to Own If Housing Cools (or Re-Accelerates) appeared first on The Motley Fool Canada.

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Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends Primaris Real Estate Investment Trust. The Motley Fool has a disclosure policy.