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 | YTD Q3 2025 | |
| Income | 4.5% | 4.5% | 4.3% | 4.2% | 3.8% | 3.7% | 3.3% | 3.5% | 3.7% | 2.9% |
| Capital | 0.9% | 1.8% | 2.7% | 4.9% | (1.3)% | 7.8% | 3.9% | (6.5)% | (4.3)% | (2.4)% |
| Total | 5.4% | 6.3% | 7.1% | 9.2% | 2.5% | 11.6% | 7.2% | (3.0)% | (0.6)% | 0.5% |
Compound rates of return
| Three Month | 0.3% |
| Year-to-date | 0.5% |
| One Year | 0.5% |
| Three Year | (1.1)% |
| Five Year | 3.1% |
| Ten Year | 4.4% |
Diversification by property type
By property type (millions)
| Retail | 10.0% | $ | 564 |
| Office | 27.1% | $ | 1,522 |
| Industrial | 27.8% | $ | 1,565 |
| Residential | 27.8% | $ | 1,560 |
| Other | 7.3% | $ | 410 |
Diversification by region
By region (millions)
| British Columbia | 11.7% | $ | 655 |
| Alberta | 11.3% | $ | 637 |
| Prairies | 0.5% | $ | 25 |
| Ontario | 65.6% | $ | 3,689 |
| Quebec | 10.1% | $ | 566 |
| Atlantic | 0.8% | $ | 47 |
Quarterly Highlights
Q3 2025 Great-West Life Real Estate Fund Bulletin
Across the first three quarters of 2025, the Fund delivered a total return of +0.51%, supported by a robust income return of +2.87%, partially offset by capital depreciation -1.79% and a mark-to-market impact on the Fund’s existing debt -0.57%.
In the current environment, core real estate continues to serve as a stabilizing pillar, offering consistent income returns through durable, recurring cashflows. Positive leasing momentum in the office sector is contributing to a measured recovery in asset values, suggesting the market may have moved past its trough.
Downloads
Latest annual report
Latest bulletin
Past Performance Reports
Quarterly Bulletins
| Q3 2025 Bulletin |
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| Q2 2025 Bulletin |
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| Q1 2025 Bulletin |
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| Q4 2024 Bulletin |
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