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INVESTMENT PROPERTIES (Tables) | 12 Months Ended
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Dec. 31, 2022
Investment property [abstract] |
Disclosure of detailed information about investment property | The following table presents the change in the fair value of the company’s investment properties:
AS AT AND FOR THE YEARS ENDED DEC. 31 (MILLIONS) | 2022 |  | 2021
Fair value, beginning of year | $ | 100,865 |  |  | $ | 96,782 |
Additions | 11,580 |  |  | 13,558 |
Acquisitions through business combinations | 9,805 |  |  | 988 |
Changes in basis of accounting | (274) |  |  | 599 |
Dispositions 1 | (4,430) |  |  | (15,017) |
Fair value changes | 629 |  |  | 5,073 |
Foreign currency translation and other | (3,075) |  |  | (1,118) |
Fair value, end of year 2 | $ | 115,100 |  |  | $ | 100,865 |
1.Includes amounts reclassified to held for sale. 2.As at December 31, 2022, the ending balance includes $108.2 billion (December 31, 2021 – $94.9 billion) of investment properties leased to third parties and $4.4 billion of Right-of-use (“ROU”) investment properties (December 31, 2021 – $4.1 billion).
Disclosure of fair value measurement of assets [text block] | The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the fair value hierarchy levels:
| 2022 |  | 2021
AS AT DEC. 31 (MILLIONS) | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |  |  |  |  |
Other financial assets |  |  |  |  |  |  |  |  |  |  |
Government bonds | $ | 91 |  |  | $ | 1,475 |  |  | $ | — |  |  | $ | 48 |  |  | $ | 1,972 |  |  | $ | — |
Corporate bonds | 65 |  |  | 1,754 |  |  | 324 |  |  | 85 |  |  | 2,050 |  |  | 383 |
Fixed income securities and other | 493 |  |  | 2,099 |  |  | 3,376 |  |  | 762 |  |  | 1,908 |  |  | 451 |
Common shares and warrants | 3,975 |  |  | 377 |  |  | 2,120 |  |  | 4,063 |  |  | 548 |  |  | 1,316 |
Loans and notes receivables | 22 |  |  | 26 |  |  | 5 |  |  | — |  |  | — |  |  | 5 |
| 4,646 |  |  | 5,731 |  |  | 5,825 |  |  | 4,958 |  |  | 6,478 |  |  | 2,155 |
Accounts receivable and other | 12 |  |  | 3,731 |  |  | 6 |  |  | 3 |  |  | 2,265 |  |  | 77 |
| $ | 4,658 |  |  | $ | 9,462 |  |  | $ | 5,831 |  |  | $ | 4,961 |  |  | $ | 8,743 |  |  | $ | 2,232 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |
Accounts payable and other | $ | 7 |  |  | $ | 4,469 |  |  | $ | 2,419 |  |  | $ | 29 |  |  | $ | 4,150 |  |  | $ | 1,311 |
Subsidiary equity obligations | — |  |  | 441 |  |  | 673 |  |  | — |  |  | 135 |  |  | 1,403 |
| $ | 7 |  |  | $ | 4,910 |  |  | $ | 3,092 |  |  | $ | 29 |  |  | $ | 4,285 |  |  | $ | 2,714 |
The following table presents our investment properties measured at fair value:
AS AT DEC. 31 (MILLIONS) | 2022 |  | 2021
Core | $ | 19,267 |  |  | $ | 19,384 |
Transitional and Development | 25,434 |  |  | 28,334 |
LP Investments | 69,501 |  |  | 51,620 |
Other investment properties | 898 |  |  | 1,527 |
| $ | 115,100 |  |  | $ | 100,865 |
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block] | The following table summarizes the key valuation metrics of the company’s investment properties:
| 2022 |  | 2021
AS AT DEC. 31 | Discount Rate |  | Terminal Capitalization Rate |  | Investment Horizon (years) |  | Discount Rate |  | Terminal Capitalization Rate |  | Investment Horizon (years)
Core | 6.2 | % |  | 4.6 | % |  | 11 |  | 5.9 | % |  | 4.6 | % |  | 11
Transitional and Development 1 | 7.6 | % |  | 5.9 | % |  | 10 |  | 7.3 | % |  | 5.8 | % |  | 10
LP Investments 1 | 8.4 | % |  | 5.7 | % |  | 13 |  | 9.1 | % |  | 5.9 | % |  | 13
Other investment properties 2 | 7.5 | % |  | n/a |  | n/a |  | 8.7 | % |  | n/a |  | n/a
1.The rates presented are for investment properties valued using the discounted cash flow method. These rates exclude multifamily, triple net lease, student housing, manufactured housing and other investment properties valued using the direct capitalization method. 2.Other investment properties include investment properties held in our Infrastructure and Private Equity segments.

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