Dream: Impact through Real Estate

By: Michael Chu and John Masko

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Synopsis: The Canadian city of Toronto had one of the largest housing affordability problems of any city in the developed world. One company trying to address this problem was Dream, one of the largest real estate groups in Canada. In 2021, Dream had just launched a new system for impact investing, along with two new investment vehicles to connect investors with environmentally and socially beneficial projects. A first mover in impact investing among Canadian real estate firms, Dream wrestled with the question of how to use the language and concepts of impact investing to solve Toronto and Canada's housing affordability crisis. How could Dream work with federal, provincial, and local governments to make housing more affordable? How could it scale impact across the real estate industry to increase affordability? How could Dream also integrate other aspects of impact, like environmental sustainability, into its approach without losing focus on affordability? Students will consider the case of a single large Dream development in Toronto as they evaluate these questions.