If you’re one of many who assumed real estate investment trusts could only climb higher, the past few months are a harsh reminder that nothing goes up forever.

The fall has come gradually, but in total the S&P/TSX Capped REIT index is down 8.5 per cent since peaking in mid-August.

This is a splash of cold water in the face of investors who piled into these trusts for their juicy yields. It’s also a warning sign for the investment banks that relied on REIT financings as a stable source of revenue throughout the turbulence of the past few years. REITs were the gift that kept on giving, and now future issuances are much less certain.