Canada Life
Participating Account

The Livmore Bay & Gerrard, 55 Gerrard St. West, Toronto, Ontario
Le Livmore Ville-Marie, 435 René Lévesque Blvd., Montreal, Quebec
The Hendrix
The Mint, 425 West Trade St., Charlotte, North Carolina
180 Queen St. West, Toronto, Ontario
555 Robson St., Vancouver, British Columbia
650 Almanor Ave., Sunnyvale, California
Financial House, 205 Detroit St., Denver, Colorado
2200 Yukon Court, Milton, Ontario
18701 & 18901 East 38th Ave., Denver, Colorado
351 & 353 Maple St., Bellingham, Massachusetts
3209 Lionshead Ave., Carlsbad, California
Long-Term
Real Estate Investing

Direct real estate is a core component of the Canada Life Participating Account, providing diversified exposure to high-quality commercial and multi-residential assets across North America.

End-to-End
Real Estate Expertise

To optimize long-term performance, GWL Realty Advisors manages every aspect of the portfolio, from strategy and investments to development, asset management, property management and leasing.

Built for
Long-Term Stability

With a core investment strategy, the portfolio focuses on high-quality income-producing properties and development opportunities, delivering diversification, stable income and long-term capital appreciation while serving as a natural hedge against inflation.

$5.9B direct real estate portfolio

13.8M sq. ft. of commercial space

$4.9B development pipeline

Unleveraged investment strategy

North American portfolio

4.8K multi-residential units

95 properties

As of June 30, 2026
Source of Return (%)
As of June 30, 2026
Year Income Capital Total
2017 4.8 4.6 9.8
2018 4.3 3.0 7.6
2019 4.3 3.6 7.9
2020 4.1 0.3 4.4
2021 3.4 7.5 11.0
2022 3.8 1.5 5.2
2023 3.7 -5.1 -1.4
2024 4.0 -1.5 2.5
2025 3.9 -0.7 3.3
YTD 2.0 0.3 2.2
type 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD
Income
 4.8% 4.3% 4.3% 4.1% 3.4% 3.8% 3.7% 4.0% 3.9% 2.0%
Capital
 4.6% 3.0% 3.6% 0.3% 7.5% 1.5% (5.1)% (1.5)% (0.7)% 0.3%
Total
 9.8% 7.6% 7.9% 4.4% 11.0% 5.2% (1.4)% 2.5% 3.3% 2.2%
Holdings by Property Type
As of June 30, 2026
Type Percentage
Retail 8.4
Office 17.1
Industrial 37.9
Residential 31.6
Other 4.9
Retail
8.4%
Office
17.1%
Industrial
37.9%
Residential
31.6%
Other
4.9%
Holdings by Region
As of June 30, 2026
Type Percentage
British Columbia 10.8
Alberta 10.8
Ontario 37.2
Quebec 7.5
Mountain U.S. 8.2
Pacific U.S. 10.2
Southwest U.S. 2.8
Northeast U.S. 7.8
Southeast U.S. 4.3
British Columbia
10.8%
Alberta
10.8%
Ontario
37.2%
Quebec
7.5%
Mountain U.S.
8.2%
Pacific U.S.
10.2%
Southwest U.S.
2.8%
Northeast U.S.
7.8%
Southeast U.S.
4.3%

Canada Life Participating Account insurance policies are issued by The Canada Life Assurance Company. GWL Realty Advisors manages some of the real estate assets of the Canada Life Participating Account.

Note: Canada Life Participating Account refers to the Canada Life combined open participating account and the Canada Life closed participating account.

Connect With Our Team

Steven Marino
Executive Vice President, Chief Portfolio & Growth Officer

David Blyth
Vice President, Corporate Development & Investor Relations