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
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
| Income | 4.5% | 4.5% | 4.3% | 4.2% | 3.8% | 3.7% | 3.3% | 3.5% | 3.7% | 3.8% |
| Capital | 0.9% | 1.8% | 2.7% | 4.9% | (1.3)% | 7.8% | 3.9% | (6.5)% | (4.3)% | (3.4)% |
| Total | 5.4% | 6.3% | 7.1% | 9.2% | 2.5% | 11.6% | 7.2% | (3.0)% | (0.6)% | 0.4% |
Compound rates of return
| Three Month | (0.1)% |
| Year-to-date | 0.4% |
| One Year | 0.4% |
| Three Year | (1.1)% |
| Five Year | 2.8% |
| Ten Year | 4.4% |
Diversification by property type
By property type (millions)
| Retail | 10.0% | $ | 564 |
| Office | 28.4% | $ | 1,526 |
| Industrial | 27.2% | $ | 1,470 |
| Residential | 26.9% | $ | 1,451 |
| Other | 7.5% | $ | 407 |
Diversification by region
By region (millions)
| British Columbia | 11.6% | $ | 629 |
| Alberta | 12.2% | $ | 661 |
| Prairies | 0.4% | $ | 24 |
| Ontario | 64.5% | $ | 3,491 |
| Quebec | 10.4% | $ | 566 |
| Atlantic | 0.9% | $ | 48 |
Quarterly Highlights
Q4 2025 Great-West Life Real Estate Fund Bulletin
Performance for the Fund is improving, marked by a positive 2025 total return. Income returns outpaced capital depreciation (inclusive of a negative mark-to-market of the Fund’s debt) leading to a total gross return for the year of 42 basis points. Notably, the Fund exceeded the MSCI/REALPAC Canada Property Index benchmark on a direct real estate total return basis in both the quarter and the full year of 2025, delivering relative outperformance 9 bps and 31 bps respectively. The results are beginning to reflect early signals that valuation pressures are easing and that capital performance is set to stabilize.
Downloads
Latest annual report
Latest bulletin
Past Performance Reports
Quarterly Bulletins
| Q4 2025 Bulletin |
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| Q3 2025 Bulletin |
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| Q2 2025 Bulletin |
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| Q1 2025 Bulletin |
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