Great-West Life Real Estate Fund
Established in 1981, the Great-West Life Real Estate Fund is one of Canada’s largest real estate segregated funds. The Great-West Life Real Estate Fund (also known as the Canadian Real Estate Investment Fund No. 1 (or CREIF)) invests in a portfolio of high-quality, income-producing properties diversified by type and location. The objective is to provide investors with strong income returns and the opportunity for long-term capital appreciation.
Fund Performance
in real estate assets
in total assets
properties
Source of return
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | YTD | |
| Income | 4.5% | 4.3% | 4.2% | 3.8% | 3.7% | 3.3% | 3.5% | 3.7% | 3.8% | 1.0% |
| Capital | 1.8% | 2.7% | 4.9% | (1.3)% | 7.8% | 3.9% | (6.5)% | (4.3)% | (3.4)% | 0.6% |
| Total | 6.3% | 7.1% | 9.2% | 2.5% | 11.6% | 7.2% | (3.0)% | (0.6)% | 0.4% | 1.6% |
Compound rates of return
| Three Month | 1.6% |
| One Year | 1.9% |
| Three Year | (0.3)% |
| Five Year | 2.8% |
| Ten Year | 4.4% |
Diversification by property type
By property type (millions)
| Retail | 10.0% | $ | 569 |
| Office | 28.6% | $ | 1,545 |
| Industrial | 26.8% | $ | 1,453 |
| Residential | 30.0% | $ | 1,624 |
| Other | 4.6% | $ | 251 |
Diversification by region
By region (millions)
| British Columbia | 11.6% | $ | 632 |
| Alberta | 12.4% | $ | 677 |
| Prairies | 0.4% | $ | 24 |
| Ontario | 64.5% | $ | 3,509 |
| Quebec | 10.2% | $ | 552 |
| Atlantic | 0.9% | $ | 48 |
Quarterly Highlights
Q1 2026 Great-West Life Real Estate Fund Bulletin
Performance for the Fund continued to build momentum in Q1 2026, delivering a total fund return of 1.57%, supported by a strong 1.00% income return alongside a positive trend in capital growth and debt mark to market impacts. Results reflect a performance inflection point, with the Fund delivering its strongest quarterly return in the past 15 quarters. This improvement is further underscored by the relative performance of the Fund, as it outpaced both the MSCI/REALPAC Canada Property Index benchmark and its peer group within the MSCI/REALPAC Canada Property Fund Index on total return measures.
Downloads
Latest annual report
Latest bulletin
Past Performance Reports
Quarterly Bulletins
| Q1 2026 Bulletin |
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| Q4 2025 Bulletin |
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| Q3 2025 Bulletin |
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| Q2 2025 Bulletin |
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