Episode 63
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?
Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.
With $62 billion in assets, ATB Financial is powering possibilities for more than 820,000 financial services clients in Alberta and beyond. Visit https://ATB.com/inthemoney for more information
Over the last 45 years, Middlefield has helped Canadians build and preserve wealth through active management. Ask your financial advisor about Middlefield or learn more at https://middlefield.com today.
Discover how The Murray Wealth Group can work for you by visiting https://MurrayWealthGroup.com. World Class Investing. Wealth built Together.
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