Real estate feels like it’s at a crossroads - office vacancies,
condo challenges, and a housing affordability crisis. But for
Michael Cooper, Chief Responsible Officer of Dream Unlimited,
there are still pockets of big opportunity. In this episode of In
the Money with Amber Kanwar, Michael speaks candidly about the
risks weighing on Canadian real estate and the strategies that
still deliver long-term growth.
Michael explains how Dream has navigated a brutal office cycle,
why industrial and apartments remain resilient, and how
diversified real estate can be both exhausting and rewarding. He
shares his journey from boat washer to real estate leader, the
mentors who shaped his career, and the unconventional management
style behind Dream’s $28 billion portfolio.
He also dives into Canada’s housing crisis - why condo projects
have stalled, why affordability is more about incomes than
supply, and how government policy needs to shift. Plus, Amber and
Michael tackle hot-button issues like immigration pressures,
productivity decline, and Canada’s competitiveness compared to
the U.S.
From REIT valuations and activist pressure to master-planned
communities in Western Canada, this episode delivers a blunt,
inside look at where money is really being made in real estate.
Whether you’re an investor curious about undervalued REITs, a
homeowner watching the condo market, or just trying to understand
how Canada can get its housing story back on track, Michael
Cooper’s insights will change the way you think about property
and policy.
Timestamps
00:00 Show intro
02:25 Why Michael calls himself the Chief Responsible
Officer
03:30 Why Michael first got into real estate
06:30 What makes real estate investors different from other
investors?
08:45 How did the ‘dream’ come to be?
09:50 Break
10:30 What is the value of Dream’s total assets?
12:40 How bad did it get for Dream Office and where are we
today?
18:05 What will get people excited about the sector again?
20:45 Break
21:10 How bad is the condo market right now and how much worse
can it get?
23:55 Why the housing and homelessness crisis more political than
financial
26:40 What would it take for Michael to build right now? The
issue is people don’t make enough money
28:35 The problem with immigration and Canada’s policies and why
it’s important CEOs talk about it
33:15 What is Michael kicking the tires on right now?
37:40 M&A in the REIT sector and has Michael been looking at
public market companies?
43:20 What’s the secret sauce to making money in real
estate?
47:20 How do you build wealth in real estate?
50:20 What Michael has learned from his mistakes
52:00 Michael on affordable housing and explains that governments
are open-minded to coming up wth solutions
52:55 How does Michael think about his legacy?
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