Veteran investor Dennis Mitchell of Starlight Capital shares
nearly 20 years of hard-earned insights into real estate
investing—debunking myths, unpacking market fundamentals, and
explaining why there is potential for serious upside in the REIT
sector—if you have the discipline to wait.
In this episode of In the Money with Amber Kanwar, Dennis lays
out his investing playbook: focus on recurring cash flow,
irreplaceable assets, low leverage, and owner-minded management.
He doesn’t claim to be a genius—just someone with more data, a
longer time horizon, and a process that keeps emotions out of
decision-making.
He also tackles Canada’s housing crisis with refreshing clarity.
From immigration and supply shortages to municipal red tape and
affordability myths, Dennis offers bold, actionable
perspectives—and pushes for real government leadership and a
national plan. As he says, “Nobody lives in a national house.”
He answers your questions on Minto Apartment REIT (MI.UN), RioCan
REIT (REI.UN), SmartCentres REIT (SRU.UN), InterRent REIT
(IIP.UN) — which received a takeover bid the day of our
release — and more — offering his honest assessments of their
strengths, weaknesses, and where he’s putting his capital. He
also shares his Pro Picks, the REITs he believes are best
positioned today, including Killam Apartment REIT (KMP.UN) for
its dominant position in Atlantic Canada and exposure to
manufactured home communities, Chartwell Seniors Housing REIT
(CSH.UN) for its post-pandemic growth in seniors housing, and
VICI Properties (VICI), a U.S.-based REIT with triple-net leases,
100% occupancy, and built-in inflation protection.
Whether you're an investor, policymaker, or just trying to
understand the real estate landscape, this conversation is packed
with substance, strategy, and real-world relevance.
Timestamps
00:00 Show intro
01:50 Why real estate in anything but boring
04:00 Why REITs look attractive right now - the three sources of
return
05:25: Dennis’s real edge in real estate investing and why you
should listen to him
07:00 Understanding the REIT sector and the rate
environment
10:00 Why isn’t there more M&A in the REIT space?
12:50 Dennis’s refreshing thoughts on Canada’s housing problem
and how he thinks we can solve it
18:35 There’s no such thing as affordable housing
25:10 ITM Mailbag: Dennis’s thoughts on Minto Apartment REIT
(MI.UN-TSX)
27:45 Is RioCan REIT (REI.UN-TSX) a buy for a long-term
hold?
31:10 Dennis’s view on Smartcentres REIT (SRU.UN-TSX)
34:20 Is Dream Industrial REIT (DIR.UN-TSX) a buy and hold?
36:10 Dennis’s view on Northwest Healthcare Properties REIT
(NWH.UN-TSX)
39:50 What does Dennis think about Interrent REIT
(IIP.UN-TSX)?
43:45 Dennis’s Pro Picks
Sponsors
This episode is sponsored by BMO InvestorLine. Learn how you can
earn up to $3,500 cash back when you open a new account at
bmo.com/onlineinvesting?ecid=pr-2886232INV1-JNBMO16
For over 25 years, Raymond James has been helping Canadians
achieve their financial goals. Visit raymondjames.ca today to
discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. With $62 billion in
assets, ATB Financial is powering possibilities for more than
820,000 financial services clients in Alberta and beyond. Visit
ATB.com/inthemoney for more information
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In the Money delivers expert stock picks, market analysis, and
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