Loblaw Companies Ltd. and CEO Galen Weston Jr., above, raised $400 million in capital in Canadian markets through a REIT, the largest issue of the third quarter of 2013. (Mark Blinch/Reuters)

Companies raised $2 billion on Canadian equity markets in the first three quarters of 2013, a rebound from 2012, but the rest of the year looks quiet because of a depressed mining sector, says a report from PricewaterhouseCoopers Canada.

There have been 23 initial public offerings (IPOs) in Canada this year, including seven in the third quarter of the year.

The $2 billion in new equity means 2013 marks a distinct recovery from the $491 million from 39 IPOs in the first three quarters of 2012.

Real estate particularly strong

Companies tapped the markets for $802 million in the third quarter, compared with $271 million raised in 2012.

Real estate has been particularly promising this year. with $400 million raised for Choice Properties Real Estate Investment Trust from Loblaw Companies Ltd. and another $294 million in Real Estate Income Trust issues from the second quarter.

But questions about when – and by how much — interest rates will increase have made the future of REIT vehicles difficult to predict, Dean Braunsteiner, PwC national IPO leader, said in a statement.

There is at least one new REIT to come – the spinoff of Canadian Tire Corp. properties.

"IPOs from a diverse list of sectors like energy, banking, transportation and technology suggests broad interest in the Canadian IPO market, but lacking a real 'engine' to drive the market, the last quarter of 2013 and the first part of 2014 will be hard to predict," he said.

The mining sector is pulling back as demand for commodities eases, and that removes one of the most significant drivers of IPO activity in Canadian markets.

It also makes the outlook for the last quarter of 2013 and early 2014 murkier, Braunsteiner said, with fewer new issues planned.