Throughout 2025, the Canadian commercial real estate market continued to navigate the cumulative effects of elevated interest rates, declining population growth, moderated economic growth, tariff uncertainty and shifting demand patterns across property sectors. Amidst these economic and political headwinds, the TD Greystone Real Estate Strategy (the “Strategy”) has maintained its course in generating stable and growing income for TD Asset Management (“TDAM”) clients through disciplined, hands-on portfolio management that emphasizes diversification and high-quality commercial real estate.