The Missing Middle Podcast

Hosted by Cara Stern, Mike Moffatt, and Meredith Martin

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Episodes

186

Latest episode

Jun 2026

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EN-CA

About the show

Welcome to the Missing Middle, a podcast about why the middle class in Canada is disappearing. We hope to help you understand why life is becoming unaffordable for so many in this country, and what can be done to reverse course.

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June 12, 2026Episode 18423 min

Will Baby Boomers Leave Behind a Housing Glut?

Many Canadians believe that when Baby Boomers leave their homes, a flood of houses will hit the market and solve the housing crisis. In this episode, Mike Moffatt and Cara Stern explore why that outcome is far from certain, examining the roles of immigration, population growth, housing supply, and changing housing preferences in shaping Canada's future.Topics Covered:• Baby Boomers and the housing market• Immigration and housing demand• Canada’s aging population• Family-sized housing shortages• Suburban vs. urban living• Housing affordability• Population growth and the economy• The future of Canadian housing policy#HousingCrisis #CanadaHousing #RealEstate #HousingAffordability #Immigration #HousingMarket #CanadianEconomy #MissingMiddlePodcastChapters:00:00 Will Baby Boomers Solve the Housing Crisis?01:28 The Theory: A Coming Flood of Family Homes03:35 Why Demographics Alone Don't Tell the Full Story05:55 Immigration and Canada's Population Growth08:22 Will Canada Be Able to Attract Future Immigrants?10:30 The Missing Supply of Family-Sized Homes13:12 Why Suburban Living Isn't Going Away15:40 Are Planners Misreading Housing Demand?18:05 What Could Actually Cause a Housing Glut?20:45 Regional Winners and Losers in Canada's Housing Market22:15 Team Affordability vs. Team Housing ShortageResearch/links:Mike’s piece at the Globe: https://www.theglobeandmail.com/investing/personal-finance/article-housing-baby-boomers-suburban-homes-young-families/Statcan population projections: https://www150.statcan.gc.ca/t1/tbl1/en/cv.action?pid=1710005801 Hosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinFunded by the Neptis Foundation https://neptis.org/

June 10, 2026Episode 18356 min

Toronto’s Housing Crisis Explained with Ron Butler | Live Event

Toronto’s housing crisis is no longer just about buying a home, it’s reshaping who can afford to build a future in the city at all. In this special live taping of The Missing Middle Podcast, Sabrina Maddeaux, Mike Moffatt, Cara Stern, and special guest Ron Butler unpack why young families are leaving Toronto, how policy failures created a city of “dog crate” condos and unaffordable homes, and what needs to change before affordability gets even worse.Topics covered include:• Why young families are leaving Toronto and the GTA• The rise of tiny “dog crate” condos• Why missing middle housing is so difficult to build• Zoning delays, development charges, and housing red tape• The future of rentals, condos, and home prices• The Greenbelt debate and urban sprawl• Whether Toronto can still work for middle-class families• Why more young Canadians are leaving Ontario and Canada• Non-market housing, affordability, and the politics shaping the city’s futureSubscribe for more conversations on housing, affordability, and the future of Canada’s middle class.Chapters:0:00 – Live From Toronto: The Housing Crisis Debate Begins1:42 – Why Young Families Are Leaving Toronto5:08 – The Reality of Buying a Home in the GTA8:11 – Why Toronto Only Builds Mansions or Tiny Condos11:24 – Are “Dog Crate” Condos Doomed?14:37 – Missing Middle Housing & Zoning Failures18:02 – The Greenbelt, Sprawl, and Housing Politics21:10 – Renting for Life in Toronto24:02 – Should Young Buyers Wait to Purchase?26:12 – Non-Market Housing vs Market Housing29:04 – Predictions for Toronto’s Housing FutureResearch:‘It’s not like we’re sitting on our hands.’ Toronto’s biggest landlord sees 7 more complexes fall into critical disrepairhttps://www.thestar.com/news/gta/it-s-not-like-we-re-sitting-on-our-hands-torontos-biggest-landlord-sees-7/article_dc443926-e4b8-11ef-ab56-6f7d86f12c53.htmlDrug deals in doorways and a stranger in the living room: Why Toronto Community Housing residents say its $38M security force is failing themhttps://www.thestar.com/news/gta/drug-deals-in-doorways-and-a-stranger-in-the-living-room-why-toronto-community-housing/article_2b7633ac-d86b-4fde-9e4e-5e308f4dff5a.htmlHosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinFunded by the Neptis Foundation https://neptis.org/

June 5, 2026Episode 18221 min

Why Strong Communities Don’t Happen by Accident

Why does modern life feel so disconnected? In this episode, Cara Stern sits down with journalist and Scout leader Harrison Lowman to talk about the decline of community in Canada, and what it takes to rebuild it.From scouting and volunteering to neighbourhood pubs, churches, and “third spaces,” they explore why strong communities don’t happen automatically, how urban design shapes social connection, and why so many people feel isolated despite living closer together than ever before. They also discuss parenting, trust, loneliness, suburban life, condo living, and the importance of showing up for your neighbours.Topics covered:Why people feel more isolated todayThe decline of volunteering in CanadaHow urban design affects communityWhy “third spaces” matterParenting, support systems, and “the village”High-trust vs low-trust societiesHow scouting builds community and leadershipWhat it takes to know your neighbours againSubscribe for more conversations on housing, cities, policy, and the future of Canada.Chapters:00:00 Why Community Is More Than Good Urban Design02:22 Scouts, Service, and Teaching Kids to Contribute04:04 Why Modern Life Makes Community Harder to Build07:47 Third Places, Neighbours, and High-Trust Communities11:55 A Surprise Pie and the Power of Trust14:55 Finding Community Through Volunteering and Shared Purpose17:17 You Have to Be a Villager to Have a Village19:34 Can We Design Communities That Bring People Together?Research/links:» Volunteer wellbeing: what works and who benefits? https://whatworkswellbeing.org/resources/volunteer-wellbeing-what-works-and-who-benefits/ Exploring the Effects of Volunteering on the Social, Mental, and Physical Health and Well-being of Volunteers: An Umbrella Review - PMC https://pmc.ncbi.nlm.nih.gov/articles/PMC10159229/Hosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinFunded by the Neptis Foundation https://neptis.org/

June 3, 2026Episode 18116 min

Answering Your Biggest Questions About Canada’s Housing Crisis

Why are young Canadians leaving cities? Why are seniors staying in homes that are too big for them? And can Canada lower housing costs without cutting quality of life even further?In this listener Q&A episode of The Missing Middle, Sabrina Maddeaux and Cara Stern answer audience questions on housing affordability, immigration, downsizing, social isolation, wage stagnation, the Greenbelt, and why building more “missing middle” housing has become so difficult in Canada.Topics covered:Why seniors aren’t downsizingThe shortage of family-sized homesHousing prices vs stagnant wagesSocial isolation and unaffordable citiesImmigration and housing demandThe Greenbelt debateWhat young Canadians can do politicallyIf you enjoy the episode, subscribe and leave a comment with your own question for a future mailbag episode.Eamon Seniors are lonely, rich, and live in houses that are too big, often in desirable neighbourhoods. Young people are desperate for housing, poor, and looking for roommates. Why not create a tax incentive for seniors to free up rooms in their houses for young people? I think a vacancy tax is punitive, but a tax incentive could unlock housing in a win-win (rather than zero sum) way for willing participants. Thoughts? KateIn your second-time homebuyer article you mention that various government initiatives could lower newly built housing costs by up to 15% which would free up more family sized homes "making it easier for seniors to downsize". How would lowering the cost of newly built homes by 15% make it easier for seniors to downsize? In my view, the more significant factor facing senior downsizers is not the cost of new housing but the scarcity of appealing post-move options for them. Mary (edited for length) I am a boomer with two millennial children who haven't yet reached middle-class milestones like stable employment or homeownership. I believe factors other than parental status are at play: 1) Are houses more expensive, or are incomes simply failing to keep up with declining purchasing power? 2) Given the rise in single-person households, why is there so much social isolation, and how does the difficulty of making connections in urban environments impact the ability for young people to save and enter the housing market?Chris Jeanneret and came from the comments section of our Greenbelt episode: Is the Greenbelt even practical for "affordable" housing, or does it only provide more land for luxury country estates? @canucklhead Isn't the obvious solution here to keep immigration low for the next few years to keep pressuring rents lower? Wouldn't this be the easiest solution to help affordability for everyone? Emily writes: I see what is happening to those under 25 and it is awful. How can I get involved? What steps can I take that will make the most difference? Do you know of a group in Edmonton organizing that is making a real difference especially in the "missing middle". Chapters: 00:00Mailbag Special: Your Housing Questions Answered00:23Should Seniors Rent Out Empty Bedrooms?02:57Will Cheaper New Homes Help Seniors Downsize?05:07Why Millennials Are Falling Behind06:00Social Isolation, Third Places & Housing Costs08:05How Housing Affordability Breaks Friendships and Communities10:54Can the Greenbelt Deliver Affordable Housing?12:43Is Lower Immigration the Fastest Path to Affordability?14:16What Canadians Can Do to Push for ChangeResearch/links:The Disappearing "Third Place": Why Making Friends Is Getting Harderhttps://youtu.be/WYFTsrvwr0o?si=IIGS4jllTN2dKT5hGrow Together Edmontonhttps://www.growtogetheryeg.com/Hosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinFunded by the Neptis Foundation https://neptis.org/

May 29, 2026Episode 18021 min

The Story Behind Canada’s Collapsing Fertility Rate

Canada’s fertility rate has fallen to just 1.25 children per woman, one of the lowest in the developed world. But what’s actually driving the decline? Are fewer Canadians having children, or are the ones having kids simply choosing to have fewer of them?In this episode of DemograFix, ⁠Mike Moffatt and ⁠Cara Stern break down the data behind Canada’s collapsing birth rate. They explore why more women are remaining childless, why one-child families have become the norm, and how housing costs, delayed parenthood, childcare, culture, and changing lifestyles are reshaping family formation across the country.Topics discussed:Why Vancouver and Victoria have some of the world’s lowest fertility ratesThe surprising link between housing affordability and birth ratesWhy millennials and Gen Z still say they want kidsHow family sizes changed from the 1980s to todayWhether education actually reduces fertilityWhy cities are losing young familiesThe growing gap between the number of children Canadians want and the number they actually haveIf Canada wants higher birth rates, what would it actually take to make raising children affordable again?#Canada #HousingCrisis #FertilityRate #BirthRate #Millennials #GenZ #Economy #Housing #Population #Parenting #Childcare #CanadianPolitics #Demographics #TheMissingMiddleChapters:00:00 Introduction: Canada’s Ultra-Low Fertility Rate01:08 What Fertility Rates Measure — And Why Canada Is Different01:59 Housing Costs, Cities, and Why Young Families Are Leaving03:49 Are Fewer Women Having Children?04:32 Delayed Parenthood and The Rise In Childlessness06:01 Marriage, Religion, Immigration, and Fertility Trends08:03 Does Higher Education Actually Reduce Birth Rates?10:24 From Three-Child Families To One-Child Households12:26 Housing Costs, Bedrooms, and Raising Kids In Canada14:22 Canadians Still Want More Children17:28 From Overpopulation Fears To Population Collapse19:44 The Growing Gap Between Family Goals and Reality20:05 What Governments Could Do To Make Raising Kids EasierResearch/links:Proportion of women aged 20 to 49 without children, by age group and selected sociodemographic characteristics, 2024https://www150.statcan.gc.ca/n1/daily-quotidien/260126/t001a-eng.htm‘One and Done’ is the new norm: inside Canada’s growing one-child family trendhttps://www.babycenter.ca/a25053886/one-and-done-is-the-new-norm-inside-Canadas-growing-one-child-family-trend Living arrangements of children in Canada: A century of changehttps://publications.gc.ca/collections/collection_2014/statcan/75-006-x/75-006-2014001-4-eng.pdfFertility in Canada, 1921 to 2022https://www150.statcan.gc.ca/n1/pub/91f0015m/91f0015m2024001-eng.htm Credits:Mike Moffatt https://twitter.com/MikePMoffatthttps://bsky.app/profile/mikepmoffatt.bsky.socialCara Stern https://x.com/carasternhttps://bsky.app/profile/carastern.bsky.socialMeredith Martin https://twitter.com/meredithmartinhttps://bsky.app/profile/meredithmartin.bsky.socialSean Foreman @seanegertonforemanhttps://bsky.app/profile/seanforeman.bsky.socialUniversity of Ottawa Co-op Student, Kelly HobanBrought to you by the Missing Middle Initiative https://www.missingmiddleinitiative.ca/Hosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinFunded by the Neptis Foundation https://neptis.org/

May 27, 2026Episode 17918 min

Why Canada Will NEVER Tax Your Home Profits

Why are Canadians allowed to sell their homes tax-free while profits from stocks and investments get taxed? And is that policy making Canada’s housing crisis even worse?In this episode of Classonomics Sabrina Maddeaux and Mike Moffatt break down Canada’s capital gains exemption on primary residences, why it exists, why politicians are terrified to touch it, and whether it’s contributing to skyrocketing home prices and inequality between homeowners and renters.They explore the history of the tax exemption, why attempts to change it spark political outrage, how other countries handle housing taxes, and whether taxing home profits would actually make housing more affordable. Plus, they discuss property taxes, downsizing, investor advantages, generational inequality, and why even “common sense” housing reforms have become politically impossible in Canada.Topics covered:Canada’s capital gains exemption on homesHousing affordability and inequalityWhy homeowners are politically powerfulHow other countries tax housing wealthProperty taxes and downsizingInvestors vs families in the housing marketThe politics of housing reform in CanadaWhy fixing housing has become so difficult#Canada #HousingCrisis #RealEstate #Taxes #HousingMarket #CanadianPolitics #Economics #TheMissingMiddleChapters:00:00 Why Canada Doesn’t Tax Gains on Your Primary Home01:17 Why Politicians Won’t Touch the Primary Residence Exemption04:06 The History of Canada’s Capital Gains Exemption05:28 How Other Countries Handle Housing Capital Gains07:25 Does the Exemption Actually Worsen the Housing Crisis?10:39 The Case Against Taxing Primary Residences13:26 Better Alternatives: Tax Fairness Without Capital Gains Reform16:06 Why Even Good Housing Policy Can Be Politically ImpossibleResearch:Canada should look to Australia on eliminating barriers to downsizing for seniorshttps://www.theglobeandmail.com/investing/personal-finance/article-housing-baby-boomers-suburban-homes-young-families/CBC article from a few years ago: https://www.cbc.ca/news/politics/the-conservatives-misleading-claims-about-a-secret-liberal-housing-tax-1.5312873 26 of 40:https://view.asiae.co.kr/en/article/2022032109551988175 History of cap gains taxes:https://www.ctf.ca/EN/EN/Newsletters/Perspectives/2021/3/210304.aspxHosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinFunded by the Neptis Foundation https://neptis.org/

May 22, 2026Episode 17825 min

The Hidden Algorithm Deciding What You Pay

What if companies could figure out the exact maximum you’re willing to pay, and charge you exactly that?That’s the promise of surveillance pricing: using your personal data, purchase history, location, online behavior, and even financial information to tailor prices specifically to you.In this episode, Cara Stern talks with Vass Bednar, managing director of the Canadian Shield Institute and author of The Big Fix, about why this issue is suddenly on the political agenda in Canada, and what it means for consumers.They discuss:What surveillance pricing is, and how it differs from ordinary dynamic pricingHow companies use your data to predict your “willingness to pay”Why two people could see different prices for the exact same productThe real-world examples already happening with apps, airlines, and delivery platformsWhy 83% of Canadians say this practice should be banned or regulatedWhat governments can actually do to stop itChapters:Research/links:Everything Costs More Because the Algorithm Says So | The Walrushttps://thewalrus.ca/everything-costs-more-because-the-algorithm-says-so/How Corporate Consolidation is Ruining Everything: Discussion with Denise Hearn and Vass Bednarhttps://youtu.be/Uz5DkpZPH2k?si=M_c-2GX4dS7wKF9lCanadians Are Skeptical of Algorithmic Pricing - Abacus Datahttps://abacusdata.ca/canadians-are-deeply-skeptical-of-algorithmic-pricing-and-want-governments-to-intervene/AI-Driven Pricing May Be the Next Shock to Canadian Grocery Shoppershttps://retail-insider.com/retail-insider/2025/12/ai-driven-pricing-may-be-the-next-shock-to-canadian-grocery-shoppers/Algorithms are raising prices for everything. This must stop - The Globe and Mailhttps://www.theglobeandmail.com/business/commentary/article-algorithms-are-raising-prices-for-everything-this-must-stop/Avi Lewis is smart to shed light on surveillance pricing | Canada's National Observer: Climate Newshttps://www.nationalobserver.com/2026/04/24/news/avi-lewis-ndp-surveillance-pricingAlgorithmic pricing: Poll finds half of Canadians againsthttps://www.cp24.com/news/canada/2026/03/18/most-canadians-want-to-ban-or-regulate-algorithmic-pricing-poll-shows/?lid=8z3lanxo654aHosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinFunded by the Neptis Foundation https://neptis.org/

May 20, 2026Episode 17712 min

Why Mark Carney Wants Canada’s Own “Norway Fund”

Canada is launching a new sovereign wealth fund, but what exactly is it, and why is Prime Minister Mark Carney betting big on it?In this episode of Classonomics, Mike Moffatt and Meredith Martin break down the proposed Canada Strong Fund, how sovereign wealth funds work, and why comparisons to Norway’s famous $2 trillion oil fund may not tell the full story. They explore whether debt-financed infrastructure investing can actually grow the economy, why critics are calling it a “sovereign debt fund,” and what this could mean for housing, ports, transit, energy infrastructure, and future generations of Canadians.Topics covered:• What sovereign wealth funds actually are• How Norway built its trillion-dollar oil fund• Why Canada is creating the Canada Strong Fund• The debate over debt-financed infrastructure• How infrastructure investment affects housing and economic growth• The risks, criticisms, and unanswered questions surrounding the fundChapters: 00:00 Introduction to Sovereign Wealth Funds00:41 What is a Sovereign Wealth Fund?01:29 Norway’s Two Sovereign Wealth Funds Explained03:19 Why Norway Created a Second Fund05:13 How Canada’s Fund Differs From Norway’s06:28 Criticism Over Debt Financing08:22 Will the Fund Benefit Future Generations?09:58 Why the Announcement Confused Canadians12:03 Final Thoughts And OutroResearch/links:The Canada Strong Fund: Nation-Building or State Venture Capitalism?https://www.asiapacific.ca/publication/canada-strong-fund-nation-building-or-state-venture-capitalismWhat Canada can learn from Norway's Sovereign Wealth Fundhttps://www.mjemcgill.com/articles/what-canada-can-learn-from-norways-sovereign-wealth-fundOur pension funds must be sovereign wealth funds, too – even if pensioners take a hithttps://www.theglobeandmail.com/business/commentary/article-our-pension-funds-must-be-sovereign-wealth-funds-too-even-if/Canada's spring budget projects economy to grow and deficit to fallhttps://www.bbc.com/news/articles/cz0278zyznjoNeither Norway nor Singapore: Decoding Canada’s new sovereign wealth fundhttps://globalnews.ca/news/11825911/norway-singapore-canada-sovereign-wealth-fund/Hosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinFunded by the Neptis Foundation https://neptis.org/

May 15, 2026Episode 17619 min

Development Charges Are Finally Being Cut. What Happens Next?

Ontario has started cutting development charges. But is this the breakthrough Ontario’s housing market needs, or just the first step?In this episode of The Missing Middle Podcast, Mike Moffatt sits down with Kim Fairley, President of Ontario Real Estate Association (OREA), to unpack what Ontario’s new development charge reforms mean for homebuyers, builders, and municipalities – and what still needs to happen next.They discuss: • Why development charges can add up to $200,000 to the cost of a new home in Ontario • How some Ontario cities have raised DCs by 1,000%–5,000% since 2000 • Why Sault Ste. Marie has no development charges—and what other cities can learn from it • Whether recent provincial and federal reforms will actually improve affordability • What Ontario’s housing market could look like over the next 6–18 monthsChapters:00:00 Intro: Ontario’s new development charge deal: what changes?03:55 Is housing finally getting more affordable? 05:14 Northern Ontario’s housing market: a different reality07:09 Sault Ste. Marie has no development charges08:07 Do buyers know how much development charges cost?10:25 Why transparency on development charges matters12:08 Lower housing costs without raising taxes? 13:35 Do Ontarians support cutting development charges? 16:07 Can politicians actually work together on housing? 17:08 What happens next for Ontario housing? 18:18 Progress made, but the hard part starts now Research/links:How to Lower Development Charges Without Raising Property Taxes https://www.missingmiddleinitiative.ca/p/how-to-lower-development-chargesA Pathway to Development Charge Reform https://www.orea.com/advocacy/Development-Charge-ReformHosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinFunded by the Neptis Foundation https://neptis.org/

May 13, 2026Episode 17516 min

Canada vs. U.S.: Why Young Workers Are Choosing to Leave

Why are so many young Canadians leaving and why are some people suggesting they should be punished for it?In this episode of The Missing Middle, Mike Moffatt and Sabrina Maddeaux break down the growing “brain drain” from Canada to the United States and the shocking proposal that young people who leave should pay a $500,000 exit fee.They dig into what’s really driving this trend: unaffordable housing, stagnant wages, limited career opportunities, and policy decisions that increasingly favour older, wealthier generations.This isn’t about loyalty. It’s about survival and a country that may no longer offer young people a path to the life their parents had.📊 Topics covered:The truth about Canada’s brain drainWhy young workers are choosing the U.S.The economics behind the productivity gapImmigration policy and labour market impactsHousing, wages, and generational inequalityWhat Canada would need to do to win young people backChapters:00:00 Introduction01:00 Why Young Canadians Are Leaving02:25 Cost Of Living And The U.S. Pull Factor03:16 The Real Cost Of Brain Drain04:05 Canada’s Productivity Problem05:12 Punishing Young People Instead Of Fixing Problems05:58 How Politics Shifted Against Younger Generations07:14 Is Brain Drain Being Overblown?08:02 Why The Viral Brain Drain Chart Misleads08:50 Canada’s Record Emigration Problem09:29 Losing The Best And Brightest10:30 Immigration, Talent, And Retention Failures11:14 Is Canada Becoming America’s Farm Team?12:38 How Temporary Workers Changed The Labour Market13:55 What Policies Could Win Young Canadians Back?14:12 Housing As The Core Issue15:17 Taxes, Transfers, And Generational Inequality15:46 Canada’s Value Proposition Problem16:16 Closing Thoughts And Listener QuestionsResearch:Sabrina's National Post column: Fix the brain drain by fixing Canada, not with a $500K exit tax | National Post Statistics Canada — Recent trends in migration flows from Canada to the United States: https://www150.statcan.gc.ca/n1/pub/36-28-0001/2025007/article/00006-eng.htmThe Hub — “Can anyone solve Canada’s brain drain problem?”: https://thehub.ca/2026/04/03/can-anyone-solve-canadas-brain-drain-problem/HRD: Canada's talent exodus: What senior HR leaders can't afford to ignore | Human Resources Director Hosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinFunded by the Neptis Foundation https://neptis.org/

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