Boardwalk REIT (TSX: BEI.UN)

Boardwalk is the largest apartment REIT in Alberta and Saskatchewan, with 64% of its assets in Alberta. The Kolias family has run it since its inception 60 years ago and managed it through several boom-and-bust phases. The energy-dependent Prairie economies are affected by the attendant volatility, but Alberta has no rent controls and is the cheapest major market, thus experiencing consistent inward migration from the rest of Canada.