The Missing Middle with Mike Moffatt and Cara Stern

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/

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/

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/

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/

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/

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/

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/

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/

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/

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.

Why does it feel like young Canadians can't get ahead anymore?In this episode, Cara Stern and Mike Moffatt break down the growing generational divide in Canada, and why Millennials and Gen Z are being squeezed from both sides. From skyrocketing housing costs to rising taxes and massive government spending on programs like Old Age Security (OAS), the financial pressure on younger Canadians has never been higher.We explore how Canada's aging population is reshaping the economy, why healthcare and retirement spending now dominate government budgets, and how policy decisions around housing have made affordability worse. With fewer workers supporting more retirees, and homeownership increasingly out of reach, this episode uncovers the systemic forces driving a massive wealth transfer from young to old.Is this sustainable? Why hasn't policy changed? And what can younger generations actually do about it?Chapters:00:00 Introduction: The Hidden Wealth Transfer From Young to Old00:18 Canada's Aging Population and the Fiscal Squeeze01:32 Why Fewer Workers Are Supporting More Retirees01:54 How OAS Became Canada's Biggest Federal Expense03:04 The Truth About Who Paid for Old Age Security04:14 Young Canadians Are Being Squeezed From Both Sides04:59 How Housing Policy Made Homes More Expensive06:29 Did Boomers Intentionally Build This System?08:23 The Unintended Consequences of Housing Restrictions09:13 Why Millennials and Gen Z Feel Locked Out10:20 How Government Spending Shifted Toward Seniors11:42 Why Younger Generations Struggle to Organize Politically12:49 Would Lower Home Prices Crash Canada's Economy?13:34 Why Cheaper Housing Would Make Canada Wealthier13:52 Why Young Canadians Need Political Power15:00 Final Thoughts and OutroResearch/links:An Oligarchy of Old Peoplehttps://www.theatlantic.com/magazine/2026/05/gerontocracy-wealth-power/686585/Are Boomers Bankrupting the Future?https://www.youtube.com/watch?v=lbM3_BPDJ5Y2026 Ontario Budgethttps://budget.ontario.ca/2026/pdf/2026-ontario-budget-en.pdfPage 196Annual Financial Report of the Government of Canada 2024-25https://www.canada.ca/content/dam/fin/publications/afr-rfa/2025/afr-rfa-2024-25-eng.pdfPg 15Hosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinFunded by the Neptis Foundation https://neptis.org/

Canada's international student program is under fire and the numbers are hard to ignore.In this episode, Sabrina Maddeaux and Mike Moffatt break down a shocking Auditor General report that uncovered major enforcement failures inside Canada's immigration system. With over 153,000 potentially non-compliant students flagged and little follow-up from authorities, this isn't just a bureaucratic slip-up. It raises serious questions about oversight, accountability, and trust.Is this really about growing too fast, or did the government fail to enforce its own rules?We dive into:The difference between a capacity problem vs. an enforcement problemWhy thousands of fraud cases were never investigatedHow approval rates hit 98% in high-risk streamsThe impact on housing affordability and job marketsWhat this means for public trust in Canada's institutionsAnd whether cutting immigration targets actually solves anythingThis conversation unpacks how policy decisions ripple across the economy, and why fixing the system may require more than just lowering the numbers.Chapters:00:00 – Intro: Auditor General Report: The Big Findings00:45 – Enforcement Failure01:47 – “Deliberate and Scandalous” Fraud Handling03:42 – What the Program Was Supposed to Do04:34 – What It Became: Wage Suppression & Exploitation05:24 – Housing Crisis Impact07:45 – Only 40% Confirmed They Leave Canada09:32 – The Case for Retroactive Enforcement11:02 – Why Cutting Immigration Isn't EnoughRESEARCH LINKS:Auditor General Report on International Student Program (March 2025): https://www.canada.ca/en/auditor-general/our-work/audit-reports/auditor-general-report-2026-international-student-program-reforms.htmlHosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinFunded by the Neptis Foundation https://neptis.org/

Cities across Canada are backing away from upzoning. After agreeing to allow fourplexes and other missing middle housing, municipalities like Calgary, Toronto, Markham, and Windsor are scaling back — or reversing — reforms altogether. What's behind the pushback, and are YIMBYs losing the as-of-right fight?In this segment, we break down:Why cities are rejecting upzoning after agreeing to itWhat Calgary's reversal means for housing reformWhy Edmonton is succeeding where others aren'tThe politics behind fourplex oppositionWhether provinces — not cities — should lead upzoningWhat advocates should do nextIs this just a temporary backlash, or the beginning of a broader retreat from upzoning?(Quick note from Cara: This was recorded before the first round ended. If the Oilers are already out at this release, I would like the record to show that I believed in them right up until the end, and that next year is our year!)Chapters:00:15 | The Housing Accelerator Fund and Refusal to Implement Changes01:03 | GTA Holdouts: Oakville, Markham, and Toronto02:04 | Calgary's Policy Reversal After Election03:06 | Edmonton: Getting Infill Housing Right (8 Units As-of-Right)04:11 | Debunking the Myths 06:08 | The Policy Lesson: Working to Make Changes Stick07:18 | The Path Forward: Debating Future Approaches 15:29 | Winning Hearts and Minds: Focusing on Benefits Research/links:Majority of Windsor council stands firm in fourplex decision, limits them to certain areas of the cityhttps://www.ctvnews.ca/windsor/article/majority-of-windsor-council-stands-firm-in-fourplex-decision-limits-them-to-certain-areas-of-the-city/Fourplexes: A tale of two neighbouring communitieshttps://canada.constructconnect.com/dcn/news/projects/2024/04/fourplexes-a-tale-of-two-neighbouring-communities2025: The year Edmonton built the missing middle https://www.jacobdawang.com/blog/2026/zbr-two-year-review/Hosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinFunded by the Neptis Foundation https://neptis.org/

One year after Mark Carney's stunning rise to power, how is his government actually performing?In this episode, we break down the biggest political upset in recent Canadian history, from the collapse of a presumed Conservative victory to the Liberals' unexpected dominance. Is Carney delivering where it counts?We grade the government's performance across the issues that matter most to Canadians:The rising cost of living and inflationThe worsening housing affordability crisisA fragile job market, especially for young CanadiansCanada's high-stakes relationship with Donald Trump and the United StatesOngoing challenges in immigration policy and planningAlong the way, we explore why older voters have become a decisive political force, whether Canada is drifting toward a two-party system, and why there's a growing disconnect between political popularity and real-world performance.Is this government all talk, or are the foundations being laid for long-term success?Chapters:00:00 Intro: One Year After the Election, Carney's More Popular Than Ever00:00:30 Looking Back: How the Conservatives Lost a “Guaranteed” Win00:02:13 The Senior Vote That Reshaped Canadian Politics00:03:25 Grading the Government00:04:36 Issue #1: Cost of Living00:09:04 Issue #2: Economy & Jobs — Youth Employment Concerns00:13:44 Issue #3: Trump, Trade & Canada–U.S. Relations00:16:20 Issue #4: Immigration — Lack of Long-Term Plan00:20:22 Issue #5: Housing Affordability — Mixed Progress00:22:19 Ontario Housing Deals Change the GradeResearch:https://x.com/DavidColetto/status/2043400016639983755/photo/1https://abacusdata.ca/liberals-lead-by-6-by-elections/ https://www.ipsos.com/en-ca/liberals-open-double-digit-national-lead-over-conservatives-advance-elections The Hidden Job Market Crisis No One Is Talking Abouthttps://youtu.be/UcTsszcmVbo?si=1o3ECKoYBZk5uDTnHosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinFunded by the Neptis Foundation https://neptis.org/

Climate change isn't topping Canadians' priority lists anymore, but that doesn't mean people have stopped caring.New polling shows only 13% of Canadians now rank climate change as a top personal issue, down sharply from 2019. With affordability, housing, and the economy dominating attention, it's easy to think climate action has fallen off the radar.But the data tells a more complicated story.In this episode, Cara Stern and Mike Moffatt break down new surveys from Abacus Data and Ipsos showing Canadians still feel a moral obligation to act, are making more sustainable purchasing decisions, and want governments to do more, even as optimism declines and affordability pressures grow.They also explore why climate messaging may be backfiring, how individual actions can feel too small to matter, and why smart housing policy could reduce both emissions and household costs.In this episode:- Why climate change dropped in Canadians' priorities- Whether affordability is crowding out climate action- Who's actually buying sustainable products- Why Canadians still want government action- The gap between individual effort and policy leadership- How housing policy can lower costs and emissionsChapters:00:00 Introduction: Climate Action vs. Affordability Trade-off00:22 The Worrying Drop in Climate Change as a Top Priority01:20 Climate Engagement Remains Strong Despite Affordability Issues02:23 Who Are the Conscious Consumers? Income, Age, and the Moral Obligation03:25 Generational Views on Climate Hope and Hopelessness04:45 Why Bother? The Feeling of Tiny Individual Efforts05:57 Government Action: Massive Mandate vs. Lack of Clear Plan07:38 Blending Environment and Finance: Smart Housing Policy SolutionsResearch/links:https://moreandbetterhousing.ca/2024/11/19/fourpathways/https://angusreid.org/election-2019-climate-change/Hosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinFunded by the Neptis Foundation https://neptis.org/

Rents are finally falling across Canada. But will it last? In this episode of Classonomics, Sabrina Maddeaux and Mike Moffatt break down new data from the CMHC showing rising vacancy rates, record rental supply, and the first meaningful relief for tenants in years. They explore why an influx of new housing and slower population growth are pushing rents down, and what that reveals about how housing markets actually work.But the conversation goes deeper: from the real impact of immigration on housing demand, to the heated debate over rent control and new policy changes in Manitoba that could reshape the market. Will government intervention protect renters, or make the housing shortage worse? And what happens next as Canada's population growth slows and hundreds of thousands of new units come online? 00:40–01:38: Introduction: Rent Control in Manitoba and the Risk to New Housing Supply01:38–02:58: CMHC Report Findings and the Impact of Supply on Decreased Rents02:58–03:46: The Link Between Immigration Policy and Housing Scarcity03:46–04:27: Future Rental Market Forecast: Supply-Demand Mismatch04:27–05:38: Developers' Investment Decisions Based on Future Immigration Targets05:38–09:24: The Core Debate: Personal Experience, Stability, and Rent Control's Impact on Supply09:24–10:26: Detailed Breakdown of Manitoba's Bill 13 Rent Control Expansion10:26–12:36: Controversy Over Above Guideline Increases (AGI) and Renters' Need for Stability12:36–15:14: Concerns Over Sustainability, Discouraging Investment, and Who Should Cover Landlord Costs15:14–16:17: Final Thoughts on Bill 13 and Conversation ConclusionResearch/Links:NDP plan to expand Manitoba rent control protectionshttps://www.cbc.ca/news/canada/manitoba/manitoba-residential-tenancies-changes-renters-9.7125916Big rent hikes — a made-in-Manitoba problemhttps://www.policyalternatives.ca/news-research/big-rent-hikes-a-made-in-manitoba-problem/Rent control killing jobs: landlordshttps://www.winnipegfreepress.com/breakingnews/2026/04/07/rent-control-killing-jobs-landlordsBill 13 - THE RESIDENTIAL TENANCIES AMENDMENT ACThttps://web2.gov.mb.ca/bills/43-3/b013e.phpHosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinFunded by the Neptis Foundation https://neptis.org/

Young Canadians are now less happy than seniors, and the gap is getting worse.The latest World Happiness Report shows Canadians under 30 have fallen to 71st in the world for life satisfaction, while Canada's overall ranking has dropped from 5th to 25th. In this episode, Mike Moffatt and Cara Stern break down what's driving the decline — from housing affordability and falling “option freedom” to expectations, social media, and why the drop is concentrated in countries like Canada, the U.S., the U.K., and Australia.We also explain how the World Happiness Report actually works, why expectations matter as much as income, and what policy choices may be making young Canadians feel like they're playing by a different set of rules.Chapters00:00 Intro: The U-Shape of Happiness and Midlife Crisis00:51 Canada's New Phenomenon: Young Adults Are Less Happy01:48 From 5th to 25th: Canada's Global Happiness Ranking03:00 How Happiness is Measured: The Gallup Poll Ladder Question04:43 The Fundamental Equation of Happiness: Expectations vs. Reality06:11 Canada's Mixed Ratings: Inequality and "Option Freedom"07:18 Social Media's Impact: Passive vs. Communication Platforms08:50 The Real Solution: Fixing Middle Class Housing and Policy ChoicesResearch/links:World Happiness Report 2026 | The World Happiness Reporthttps://www.worldhappiness.report/ed/2026/Hosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinThis podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

Canada has a massive problem: our national productivity is near the bottom of the G7. Decades of government policies, from free trade to tax cuts, haven't worked.Why? Because policymakers are focused on greed (incentives) and not enough on fear (competition and risk).We dive into the core failure of Canadian economic policy, exposing how corporate welfare and easy access to foreign workers kill innovation. Plus, hear the shocking truth about why Canadian retailers won't stock products from homegrown businesses until they succeed in the U.S. first.We discuss Charles Lamman's critique and Don Drummond's "confessions" to find out how to fix Canada's risk-aversion crisis and finally push our economy forward.Chapters:00:00:00 | Defining Productivity: Real GDP per Hour Worked00:01:42 | Canada's Long Decline: The Charles Lamman Critique00:03:15 | Don Drummond's Confessions: The Failure of Decades of Policies00:04:14 | Red Tape: The Omission That Stops Building00:04:51 | The Core Flaw: Too Much Greed, Not Enough Fear00:06:46 | Corporate Welfare and the Temporary Foreign Worker Trap00:08:01 | Canada's National Risk Aversion: Why Retailers Look SouthResearch:Labour productivity and related measures, by business sector industry, seasonally adjusted, fourth quarter 2025Productivity is an urgent problem for Canada. The response? A 15-year studyConfessions of a Serial Productivity ResearcherCanada: Q4 Productivity Slips Under the Weight of Tariffs and UncertaintyFrom Bad to Worse: Canada's Productivity Slowdown is Everyone's ProblemEighteen ideas on how to kickstart the Canadian economyWhat Is Canada's Productivity Performance and How Does It Compare to Other Countries?*Towards An Inclusive Innovative Canadahttps://canada2020.ca/wp-content/uploads/2017/02/020317-EN-FULL-FINAL.pdfhttps://www.ft.com/content/b7e6996b-f896-4a45-aad3-d1068e88341a?syn-25a6b1a6=1Out of Nowhere: How Canada Fell Behind AlabamaHosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinThis podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

If birth rates are falling, is it really because people want fewer kids—or because they feel like they can't afford them?In this episode, Cara Stern and Mike Moffatt unpack the growing gap between “preference” and “choice” when it comes to starting a family. From the rising financial and social costs of raising children to the pressure of modern parenting norms, they explore why having kids today feels harder, even for people who say they want them. The conversation dives into everything from delayed careers and housing affordability to the hidden impact of social media, the “arms race” of parenting, and what we can learn from Quebec's subsidized childcare experiment.The big takeaway: there's no single cause and no single fix. But if we want a society where people can truly choose the family size they want, we may need to rethink everything from childcare and housing to culture itself.Research/links:Fertility Postponement, Economic Uncertainty, and the Rising Income Prerequisites of Parenthood – van Wijk and Billari (2024)https://onlinelibrary.wiley.com/doi/full/10.1111/padr.12624Fertility Incentives in Canada: A Cohort Analysis – Lee and Liu (2024)https://clef.uwaterloo.ca/wp-content/uploads/2024/09/CLEF-075-2024.pdfThe Role of Social Comparisons and Intensive Parenting – Mahler, Tertilt, and Yum, Brookings Papers on Economic Activity (2025)https://www.brookings.edu/wp-content/uploads/2025/09/5_Mahler_Tertilt_Yum_unembargoed.pdfNot Just Later, but Fewer: Novel Trends in Cohort Fertility in the Nordic Countries – Demography (2021)https://read.dukeupress.edu/demography/article/58/4/1373/174063/Not-Just-Later-but-Fewer-Novel-Trends-in-CohortWorkism and Fertility: The Case of the Nordics (2024)https://www.aei.org/articles/workism-and-fertility-the-case-of-the-nordics/The Effect of Family Fertility Support Policies on Fertility – Zhang et al. (2023)https://pmc.ncbi.nlm.nih.gov/articles/PMC10049131/Fertility trends across the OECD: Underlying drivers and the role for policy: Society at a Glance 2024 | OECDhttps://www.oecd.org/en/publications/society-at-a-glance-2024_918d8db3-en/full-report/fertility-trends-across-the-oecd-underlying-drivers-and-the-role-for-policy_770679b8.htmlWhy Americans Are Delaying Parenthoodhttps://www.prb.org/news/why-americans-are-delaying-parenthood/Canada is among countries with an ‘ultra-low fertility' rate. What is behind the drop?https://www.ctvnews.ca/canada/article/canada-is-among-countries-with-an-ultra-low-fertility-rate-what-is-behind-the-drop/World Happiness Report 2026 | The World Happiness Reporthttps://www.worldhappiness.report/ed/2026/She's (Not) Having a Babyhttps://www.cardus.ca/wp-content/uploads/2023/01/Shes-Not-Having-a-Baby.pdfHosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinThis podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

Are provincial governments raising your taxes in secret? Economist Mike Moffatt and columnist Sabrina Maddeaux expose the hidden mechanism of bracket creep, a stealth tax increase impacting millions of Canadians.Because fixed-tax brackets in provinces like B.C., Manitoba, and Ontario fail to adjust for inflation, middle-class workers are automatically pushed into higher tax tiers, forcing them to pay taxes as though they are wealthy even though their purchasing power remains flat.We dive into why this particularly clobbers income-dependent younger Canadians (Millennials and Gen Z) and how Ontario's outdated surtax thresholds, which can be triggered by an income of less than $110,000, are punishing effort and driving out-migration. More than just money, this quiet revenue tool lacks democratic accountability, eroding trust in institutions and revealing a tax code desperately in need of a full rethink.Key Topics: Bracket Creep, Stealth Taxes, Tax Policy, Inflation, Middle Class, Ontario Surtax, Mike Moffatt, Sabrina Maddeaux, Canadian Politics, Economic Inequality, Tax Reform.Chapters:00:00 Bracket Creep and its Impact on Purchasing Power02:32 The Accountability Issue: Why Stealth Tax Increases Matter04:06 How Bracket Creep Hits Income Earners and the Generational Divide06:17 The Problem with Ontario's Outdated Surtax Thresholds08:36 Political Ramifications and the Erosion of Trust in Institutions10:10 The Need for a Tax Code RethinkResearch/links:Sabrina's National Post column (source document): Sabrina Maddeaux: Provinces are profiting from your inflationary pain | National PostCanadian Taxpayers Federation report on Manitoba bracket freeze: NewsroomKelowna Capital News on BC bracket freeze revenue projections: Detailing B.C.'s tax changes in Budget 2026, including income tax increases | Kelowna Capital NewsHosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinThis podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

For years, the Missing Middle team has advocated for reducing the tax burden on new construction. With pre-construction sales down 95% in some GTA markets, the industry has hit a wall where it simply makes no financial sense to build.In this week's episode, we answer some of the questions and misconceptions we've read online about the new HST rebate on new homes. Beyond the rebate, they explore bigger structural challenges like land costs, zoning, and competition in development. The key question remains whether this policy can meaningfully increase supply in a market that is still not functioning normally.If the goal is to improve affordability, the HST rebate may help, but it is only one part of a much larger housing problem.Chapters:00:00 - Gov Announces HST Rebate and Reduced Development Charges01:22 - Overview of HST Changes01:52 -  History of Previous Rental and Ownership Rebates02:58 - Expanding Eligibility Beyond First-Time Buyers05:32 - Addressing the "Demand Subsidy" Misconception07:25 - Will Developers Pass Savings to the Buyer?09:04 - The Impact on Land Values and the Need for Reform10:05 - Historical Comparison of Government Taxes and Fees11:26 - How Accurate are the Government Numbers?12:42 - Projected Impact and the One-Year Program Limit14:09 - Retroactive Eligibility and Final ThoughtsResearch/links:Doug Ford and Mark Carney to expand HST rebate to all new home buyershttps://www.thestar.com/news/canada/exclusive-ford-and-carney-to-expand-hst-rebate-to-all-new-home-buyers/article_55543d47-86b9-466d-bd17-6155c4d62097.htmlDoug Ford and Mark Carney to expand HST rebate to all new home buyers : r/canadahousinghttps://www.reddit.com/r/canadahousing/comments/1s3a8cs/doug_ford_and_mark_carney_to_expand_hst_rebate_to/Hosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinThis podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

If inflation is only around 2–3%, why does everything feel so much more expensive?In this episode, we break down how inflation is actually measured, and why your personal experience can feel completely disconnected from the official numbers. From grocery bills and gas prices to rent and mortgages, not all price increases hit the same way—and some matter a lot more than others.We also dig into the hidden forces shaping your cost of living: shrinkflation, quality drops (“chocolatey” vs. chocolate), and the limits of how agencies like Statistics Canada track price changes. The result? A single inflation number that masks wildly different realities depending on how you live, spend, and earn.In other words: there isn't one inflation rate. There are millions.Chapters 00:00 Intro: Why We Underestimate Inflation00:28 Official Stats vs. Public Perception01:20 Breaking Down the "Spending Basket"02:07 Why Every Family Experiences Inflation Differently03:33 Why Reading & Media Prices are Dropping04:04 Biggest Price Jumps & Surprises05:56 The Reality of Shrinkflation at the Grocery Store06:46 The Kraft Dinner Test: Smaller Sizes, Same Price07:43 Cutting Ingredients: Chocolate vs. "Chocolaty"09:03 Housing & Shelter Inflation11:46 Boomers vs. Gen Z: Who Wins in High Interest Rates?12:55 Final Thoughts: One Economy, Multiple RealitiesResearch Links:Consumer Price Index and Inflation Perceptions in Canada: Can measurement approaches or behavioural factors explain the gap?https://www150.statcan.gc.ca/n1/pub/62f0014m/62f0014m2021017-eng.htmShrinking products, rising prices: Food-specific quantity adjustments in the Consumer Price Indexhttps://www150.statcan.gc.ca/n1/pub/11-627-m/11-627-m2025016-eng.htm Greedy bastards. This just happened in the past few weeks.https://www.reddit.com/r/loblawsisoutofcontrol/comments/1s116uj/greedy_bastards_this_just_happened_in_the_past/ Hosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinThis podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

In this episode of The Missing Middle, Cara Stern sits down with YouTuber Paige Saunders to discuss the one structural glitch that is sabotaging Canada's economy, healthcare, and housing market: our electoral system.While most democracies have moved on to Proportional Representation, Canada remains stuck with a model that empowers swing ridings and ignores millions of voters. Paige explains why this monopoly on power prevents real innovation and how a simple change in how we vote could lead to a 20% performance increase across the board.In this video:How our voting system benefits wealthy peopleWhich voting system would a villain choose?Why Ranked Choice is a trap for multi-party democracies.The path forward: Why we need a binding Citizens' Assembly.Check out Paige Saunders' channel: https://www.youtube.com/@PaigeMTLChapters:00:37 Intro: The hidden force behind Canada's biggest problems01:12 What's broken about Canada's voting system01:48 How swing ridings control the country04:03 Why politicians ignore entire groups of voters05:26 Does proportional representation hurt suburbs?06:59 Populism, power, and lack of accountability08:59 Why this won't magically fix housing10:17 Why politicians refuse to change the system11:11 Why most Canadians don't even notice the problem12:58 Is Canada heading down the US/UK path?15:13 Why electoral reform keeps failing19:40 The real barrier to change24:24 The AI test: which system is worst?29:12 “I was shocked Canada still uses this”32:28 Is Canada falling behind on democracy?36:03 Can anything actually force reform?40:00 What a better system could look like42:45 Final thoughts: a more Canadian democracyHosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinThis podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

You built equity, planned ahead, and did everything right, so why is the next step on the housing ladder completely out of reach?Canada's housing crisis is usually framed around first-time buyers struggling to get into the market. But a growing number of Canadians already made that leap and are now stuck. Couples who bought small condos with the expectation of eventually upgrading are discovering that the path forward has quietly disappeared.In this episode, Mike Moffatt and Sabrina Maddeaux unpack the rise of the “trapped” second-time homebuyer; households in their late 20s to early 40s who did everything right, built equity, and planned ahead, only to find that larger, family-sized homes are further out of reach than ever. With prices outpacing incomes, policy focused on first-time buyers, and a shortage of suitable homes, the traditional housing ladder no longer works.What happens when an entire generation can't move up, even after getting in? And what does it mean for family formation, economic mobility, and the future of Canada's housing system?Chapters:00:00 The "Broken Ladder": Canada's Second-Time Homebuyer Crisis00:58 Trapped in the Starter Home:The Condo Squeeze03:01 The Over-Focus on Shoebox Condos vs. Family Homes04:13 How the Housing Dream Changed05:44 Is the “Condo-to-Detached” Model a Ponzi Scheme?06:39 The “Goldilocks” Scenario for Sustainable Housing Gains08:16 Polling Data: What Ontarians Actually Care About10:17 The Case for Extending HST Rebates Beyond First-Time Buyers11:11 Policy Dorks vs. The Public: Finding Common Ground14:00 Property Taxes: The "Political Third Rail"15:45 Should Housing Rules Be Handled by the Province?16:35 Why Down Payment Support Might Be Hurting More Than Helping18:43 Renters' Rights & The Future of Canadian HousingResearch Links:New OREA survey finds Ontarians support change and transparency in housing costs and policiesHousing in Ontario: Perceptions, Impacts, And SolutionsUnlocking Homeownership: What Canadians Want from Housing PolicyA Blueprint to Restore Homeownership for Young CanadiansIs Ontario Ready to Spend $895M to Jumpstart Homebuilding?Hosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinThis podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

Is Canada still a “land of opportunity,” or has your success become a function of who your parents are?In this segment, Cara Stern and Mike Moffatt dive into the uncomfortable reality of meritocracy in Canada. While Boomers largely believe hard work still pays off, Millennials and Gen Z are seeing a different story. We break down the latest Ipsos polling data and Statistics Canada research that shows social mobility is eroding.From the "Housing Theory of Everything" to the widening gap between equal opportunity and equal outcomes, we explore why the rules of the game have changed, and what we need to fix to make Canada fair again.Chapters:00:00 Introduction00:46 Defining Meritocracy1:12 Is Canada a Meritocracy? 02:41 Measuring Meritocracy Income and Polls04:23 Generational Divide in Ipsos Poll05:54 Fairness Equal Opportunity vs Outcomes07:15 Economists on Eroding Social Mobility09:07 Increasing Distrust in Institutions & Distrust of Politicians09:47 Changing Minds Understanding New Realities11:13 Housing Crisis and Social Mobility12:45 The Role of Effort combined with EnvironmentResearch/links:Generational Disconnect In Canada Ipsos Equalities Index 2025 - A 31-country Global Advisor Studyhttps://www.ipsos.com/sites/default/files/ct/publication/documents/2025-08/generational-disconnect-in-Canada.pdfTrends in Intergenerational Income Mobility and Income Inequality in CanadaTrends in Intergenerational Income Mobility and Income Inequality in CanadaInternational Fairness Day 2024: Canada's commitment to fairness for every generation is more than an empty slogan – but it's not yet a realityhttps://www.if.org.uk/2024/11/18/international-fairness-day-2024-canadas-commitment-to-fairness-for-every-generation-is-more-than-an-empty-slogan-but-its-not-yet-a-reality/A retreat from opportunity: Is the Canadian dream still alive?https://thehub.ca/2025/11/10/deepdive-a-retreat-from-opportunity-is-the-canadian-dream-still-alive/Intergenerational income mobility in Canada: Research highlights from two recent studieshttps://www150.statcan.gc.ca/n1/pub/36-28-0001/2023012/article/00001-eng.htmHosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinThis podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

In 2025, Canada Mortgage and Housing Corporation (CMHC) reported nearly 260,000 housing starts, a figure that suggests real progress on the housing crisis. But a deeper look reveals a much more complicated and concerning reality.Most of the new supply is made up of small condos and apartments, not the family-sized homes people are looking for. Because housing starts are recorded late in the construction process, today's data often reflects decisions made years ago, not current market conditions.Even more concerning, pre-construction sales are falling across multiple cities. This raises serious questions about what housing supply will look like in the years ahead.In this episode, we discuss:Why CMHC's housing starts data can be misleadingThe difference between housing starts and real time market conditionsWhy Canada is building smaller homesThe composition effect changing housing trendsWhat falling pre construction sales signal for the futureChapters:00:00:00 Intro: The Housing Data Disconnect00:01:06 The Problem With CMHC Housing Starts Data00:04:06 How to Fix Misleading Housing Metrics00:05:14 The One-Size-Fits-All Data Problem00:05:49 Generational Shifts in Home Size00:07:05 Reality vs Data: Smaller Homes and Composition Effects00:08:14 The Collapse of Pre-Construction Sales00:09:12 Future Housing Market Outlook Research LinksCMHC Housing Report: https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/market-reports/housing-market/housing-market-outlook Hosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinThis podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

Looking for a family-sized apartment in Canada feels almost impossible. In this episode, Cara Stern and Mike Moffatt explore why they're so rare in Canadian cities and why building regulations, zoning, and outdated fire safety rules make larger units nearly impossible to construct. Restrictive codes, high costs, and policy gaps mean that families often end up squeezed into spaces that don't meet their needs or leave cities entirely.This shortage has shaped urban life, contributed to declining family formation in cities, and limited opportunities for young families. Are regulations really protecting people, or are they unintentionally blocking the housing Canadians need?In this episode, we discuss:Regulatory Barriers: How building codes and zoning prevent the creation of family-sized apartments.Comparisons with Europe: Why families in cities like Paris and Berlin live comfortably in apartments.Unintended Consequences: How rules meant to improve safety or quality actually reduce housing options.Policy and Change: What it would take to create a housing system that truly supports families.Chapters:00:00 Introduction00:42 Challenges Finding Family-Sized Rental Apartments01:54 How European Families Live in City Apartments02:46 Why European-Style Apartment Units Are Illegal Here03:40 North American Apartment Layouts Create Space Issues04:15 Unintended Consequences of Prescriptive Building Codes04:57 pop up https://youtu.be/TF63Xj_QtjM?si=YKMdLHIs8b_Nchgx05:03 pop up https://youtu.be/WpT0YDY8ejM?si=OIIEQm-y76TZlPEB06:05 Structural Problems in Housing Regulations08:07 Zoning Makes Low-Rise Family Apartments Difficult09:48 Optimism and Next Steps for Policy ChangeResearch/links:Why we can't build family-sized apartments in North Americahttps://www.centerforbuilding.org/article/why-we-cant-buildWhy Single Stairways are Heaven for Homebuildinghttps://youtu.be/WpT0YDY8ejM?si=OIIEQm-y76TZlPEBHow Elevator Rules Cost Us Homeshttps://youtu.be/TF63Xj_QtjM?si=YKMdLHIs8b_NchgxNorth America's Elevator Problemhttps://www.youtube.com/watch?v=Or1_qVdekYM&t=1sAddressing the concerns around single-staircase apartmentshttps://www.youtube.com/watch?v=ozwkP9Zsi0YWhy We Don't Build More Apartments for Families | Odd Lotshttps://www.youtube.com/watch?v=76IHpt6q9MEBroken Zoning: Why We Can't Fix the Housing Crisis Without a Maphttps://youtu.be/yuAsjJsiuyQ?si=1DDXn4pIGUvSjmgCSingle Stair Buildings for San Francisco: The Key to Building Small Scale Infill Housinghttps://openscopestudio.com/single-stair-buildings-for-san-francisco-the-key-to-building-small-scale-infill-housing/Why Are Housing Costs So High? The Elevator Can Explain Why.https://www.nytimes.com/2024/07/08/opinion/elevator-construction-regulation-labor-immigration.htmlHosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinThis podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

Is the Canadian dream officially broken? A recent headline claiming Canada is now poorer than Alabama sparked outrage and pearl-clutching from coast to coast. But beyond the headlines, what does the data actually say about our quality of life?In this episode of Classonomics, hosts Mike Moffatt and Sabrina Maddeaux strip away the “economic hubris” and look at the cold, hard numbers. They explore why Canadians are so obsessed with “dunking on Americans” that we've ignored a decade of stagnation, a plummeting Human Development Index, and a housing crisis that has created two different Canadas.In this episode, we discuss:The Alabama Comparison: Is GDP per capita the right metric, or just a wake-up call?The Happiness Gap: Why Canadian seniors are some of the happiest in the world while young people (under 30) have plummeted to 58th globally.The Generational Wealth Divide: How the “floor” is falling out for Millennials and Gen Z while older homeowners remain insulated.The Resource Curse: Why Canada has the complacency of a resource-rich nation without actually reaping the wealth.The “Not-American” Trap: Why comparing ourselves only to the U.S. is holding our policy-makers back from real solutions found in countries like Denmark and New Zealand.“The inequality here isn't rich versus poor. It's old versus young.”Chapters:00:00 Is Canada Poorer Than Alabama? The Headline That Stung01:03 - Defining GDP per Capita02:54  Canada's Decline in Global Well-Being Rankings04:11 The Happiness Gap: Seniors vs. Gen Z & Millennials04:57 The “Household Wealth Irony: Why High Home Prices Are Deceptive05:34 A Tale of Two Countries: The Generational Wealth Split07:21 The "Floor" Argument: Why Alabama is More Stable for Youth09:47 The Stark Reality: Seniors are 9x Richer Than Their Grandchildren10:47 The Resource Curse: Complacency Without the Riches12:23 Canada's Biggest Problem: The “At Least We're Not American” Mindset15:24 Patriotism Through Criticism: Why We Must Admit There's a ProblemResearch:Sabrina Maddeaux: Canada didn't become poorer than Alabama 'out of nowherehttps://nationalpost.com/opinion/canada-didnt-become-poorer-than-alabama-out-of-nowhereCanada's global performance rankings are in freefallhttps://thehub.ca/2026/02/26/canadas-global-performance-rankings-are-in-freefall/How Canada became poorer than Alabamahttps://www.theglobeandmail.com/business/article-out-of-nowhere-canada-became-poorer-than-alabama-how-is-that-possible/World Happiness Report 2025https://www.worldhappiness.report/ed/2025/Hosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinThis podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

For decades, housing planners have assumed that seniors would eventually downsize, freeing up family homes for the next generation. But that hasn't happened.In this episode, Cara Stern and Mike Moffatt explore why most seniors choose to stay in their homes and why that decision is often perfectly rational. High moving costs, limited housing options, strong community ties, and government policies that encourage aging in place all make downsizing far less appealing than planners expected.This mistaken assumption has shaped housing forecasts, contributed to today's housing shortage, and fueled tensions between generations. Are seniors really the problem, or did policymakers simply plan the housing system around the wrong idea?And if seniors aren't moving, what does that mean for families trying to find space in cities where family-sized homes remain scarce?In this episode, we discuss:The Over-Housing Myth: Why the term does more harm than good.The Cost of Moving: Taxes, fees, and the "financial loser" trade-off of downsizing.Involuntary Over-Housing: What happens when seniors want to move but have nowhere to go.Policy Failure: How municipal assumptions about generational turnover are decades out of date.Chapters:00:00 Introduction01:00 The Irony of Planners Assuming Seniors Will Downsize2:32 Flawed Assumptions About Generational Turnover and Life Expectancy03:47 The Problematic Term "Overhoused"07:11 Defining "Involuntarily Overhoused"08:25 Underhousing Statistics in Toronto09:04 Zero Sum Mentality Created By Housing Shortage10:40 Density as a Solution for Seniors and Reducing Resentment12:33 The Financial Calculation: Why Moving Makes No Sense for Seniors14:00  Policies Actively Paying Seniors to Stay in Place16:09 Places where they have Implemented Better Policy Research/links:Right-Sizing Housing and Generational Turnoverhttps://www.toronto.ca/city-government/planning-development/planning-studies-initiatives/housing-to-2051/Perspectives on Growing Older in Canada: The 2025 NIA Ageing in Canada Survey – National Institute on Ageing, Toronto Metropolitan Universityhttps://niageing.ca/reports/perspectives-on-growing-older-in-canada-the-2025-nia-ageing-in-canada-survey/Canada's Demographic Time Bomb: What Boom, Bust & Echo Got Right - https://www.youtube.com/watch?v=j3VT7x1lrBsCity of Toronto – Garden Suites and Laneway Suiteshttps://www.toronto.ca/city-government/planning-development/planning-studies-initiatives/garden-suites/Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

If Canada isn't in a recession, why does it feel like one for so many Canadians?In this episode of Classonomics from The Missing Middle, hosts Sabrina Maddeaux and Mike Moffatt dig into one of the biggest contradictions in today's economy. On paper, everything looks great. GDP is growing. Corporate profits are strong. Stock markets are hitting record highs. Yet, for millions of Canadians, life feels harder than ever. Food bank usage has doubled since 2019. Young people can't afford homes in cities where their parents once bought starter houses. And even full-time workers are struggling to make ends meet.Sabrina and Mike break down what's really happening beneath those rosy headlines through the lens of the K-shaped economy, where wealthier Canadians continue to thrive while everyone else falls further behind. The top 20 percent are seeing record financial gains from stocks and investments, while the bottom 40 percent are sinking under housing costs, stagnant wages, and shrinking purchasing power.They explore how this divide is reshaping not only people's bank accounts but also their trust in institutions, politics, and the very idea of upward mobility. When the data says the economy is strong but your grocery bill says otherwise, frustration and hopelessness grow, and faith in the system fades fast.Does Canada's economy feel strong to you, or are you feeling left behind? Join the discussion in the comments.Chapters:00:00 – Intro01:32 – What is a “K-Shaped Economy”? (The Two-Way Split)02:54 – Why Younger Canadians Feel Locked Out of Growth04:10 – The Record-Breaking Income Gap in Canada05:18 – How the Richest Stay Ahead06:48 – The Parental Wealth trap08:24 – Hard Work vs. Inheritance09:56 – Shocking Stats on Food Bank Users11:47 – Why Canadians Feel Gaslit by GDP data15:21 – Restoring the Link Between Work and RewardRESEARCH LINKS:Statistics Canada - Distributions of household economic accounts, third quarter 2025The Hub - Canada's growing wealth gap in 7 chartsFood Banks Canada - HungerCount 2025Statistics Canada - Income and wealth gaps increased in 3rd quarter of 2025TD Economics - The Days Of Our Lives (K-shaped economy analysis)Parliamentary Budget Officer - Estimating the top tail of the family wealth distribution in CanadaHosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

Is boycotting American products a patriotic duty, or a luxury belief most Canadians can't afford?In this episode of The Missing Middle, Cara Stern and Mike Moffatt unpack the growing generational divide in Canada, and why older Canadians are far more likely to boycott U.S. products, while younger Canadians are stuck navigating a brutal affordability crisis.After a winter storm destroyed his car, Mike shares why he chose a Canadian-assembled vehicle, and how that decision sparked a bigger question: have certain political stances become “luxury beliefs” that only financially secure Canadians can realistically uphold?The conversation digs into the tension between symbolic nationalism and economic reality, especially for Millennials and Gen Z who feel locked out of housing, squeezed by grocery prices, and shut out of opportunity.From grocery store boycotts to the future of Canada's auto sector, this episode explores what it actually means to be a “good Canadian” in a time of rising costs, political strain, and shifting global alliances.Chapters:00:00 Introduction00:43 The Generational Divide on Canada-U.S. Relations02:03 Why Older Canadians View America Differently Than Gen Z03:04 Why Ethical Shopping is a Luxury04:02 Mike's New Car: A Case Study in Buying Canadian06:21  Defining “Luxury Beliefs” in Economics09:23  Social Judgment and the Ethics of Travel10:21 Should Politicians Fight Trump?11:04 On Carney's Speech in Davos12:47 Searching for Transformative Change in the Canadian EconomyResearch/links:Nanos Poll https://nanos.co/wp-content/uploads/2025/03/2025-2950-Bloomberg-Nov-Populated-Report-Tariffs-on-US-goods.pdfResearch Co Pollhttps://researchco.ca/wp-content/uploads/2025/06/Tables_Tariffs_CAN_05Jun2025.pdfLuxury Beliefshttps://en.wikipedia.org/wiki/Luxury_beliefSpecial Address by Mark Carney, Prime Minister of Canada | World Economic Forum Annual Meeting 2026https://youtu.be/flsgJe8mN-A?si=xJs3huF52ABU-SEZHosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

If $130,000 is the new poverty line… what does that make you?In this episode of Classonomics, we tackle the viral argument that the middle class isn't struggling — it's being mismeasured. On paper, incomes are up and unemployment is low. So why does it feel harder than ever to afford a home, raise kids, or even stand still? We break down the hidden costs of economic participation, from housing and childcare to smartphones and “technological coercion”. We also examine the rise of the two-income trap that quietly reset the price of middle-class life. Are millennials truly worse off than their parents? Is inflation data masking reality? And was the 80s and 90s middle class partly a sitcom illusion? If you've ever felt “middle class” in theory but squeezed in practice, this episode explains why.Chapters:0:00 – Introduction: Welcome to Classonomics0:39 –  Why 90s “Struggling” TV Families Look Wealthy Today02:03 – Is $130k the New Poverty Line?04:52 – Technological Coercion: From Luxury to Necessity09:08 – Why Inflation Stats are Misleading: Better vs. Cheaper11:03 – The Two-Income Trap: From Option to Obligation14:54 – The Nostalgia Gap: Are We Remembering the 80s Correctly?17:20 – The Reality of Generational Downward MobilityResearch links:Part 1: My Life Is a LieHow a Broken Benchmark Quietly Broke Americahttps://www.yesigiveafig.com/p/part-1-my-life-is-a-lieCory Doctorow https://en.wikipedia.org/wiki/Enshittificationhttps://en.wikipedia.org/wiki/Cory_DoctorowHedonic adjustmentshttps://www.npr.org/2022/11/10/1135849519/hedonic-adjustment-how-to-measure-pleasureCredits:Mike Moffatt https://twitter.com/MikePMoffatthttps://bsky.app/profile/mikepmoffatt.bsky.socialHosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

Why is it so hard to make friends once you leave school? In this episode of The Missing Middle, Cara Stern and Mike Moffatt dive into the "Loneliness Epidemic" and the disappearing concept of the Third Place – those vital social hubs that aren't home (the first place) or work (the second place).From the 1980s mall culture and bowling alleys to the modern era of "convenience-first" coffee shops and endless doomscrolling, we explore why 60% of Canadians feel disconnected from their communities. We also break down the surprising 2025 StatCan data showing that young people (15–24) are significantly lonelier than seniors.In this episode, we discuss:The Zoning Crisis: Why it's literally illegal to build a walkable pub or café in most North American suburbs.The Death of the Comfy Chair: How rising land costs forced businesses to prioritize drive-thrus over community "hangouts."Weak Social Ties: Why interacting with people outside your "bubble" is essential for democracy, your mental health, and your career.Practical Advice: Cara shares her (slightly terrifying) tips for meeting neighbours, and Mike discusses how rec sports saved his social life. Chapters:00:00 The Connectivity Paradox: Why we're lonelier than ever01:40 Youth are lonelier than seniors03:10 The "Doom Scrolling" effect on community connection04:10 What is a "Third Place"? (And why you need one)05:20 The power of "Weak Social Ties"07:34 How Zoning & NIMBYism killed our local hangouts12:18 Can Digital Communities Replace Physical Ones?14:58 High Land Costs Make Everything Worse17:08 Practical Advice: How to Build Community Today20:41 The Senior Discount Problem: Why cities are ignoring youth isolation22:10 How to Push Past Rejection & Find Your PeopleResearch/links:Six in Ten Canadians Surveyed Have Little or No Sense of Community, New YMCA Research Revealshttps://www.ymcagta.org/news/Six-in-Ten-Canadians-Surveyed-Have-Little-or-No-Sense-of-CommunityChurch Closures and the Loss of Community Social Capitalhttps://carleton.ca/panl/wp-content/uploads/Church-Closures-and-the-Loss-of-Community-Social-Capital-By-Don-McRae-March-2023.pdfWhere Have All the Great, Good Places Gone?: The Decline of the “Third Place”https://www.mironline.ca/where-have-all-the-great-good-places-gone-the-decline-of-the-third-place/Third places, true citizen spaceshttps://courier.unesco.org/en/articles/third-places-true-citizen-spacesBrands should provide “third places” to help Canadians feel connected: https://strategyonline.ca/2024/11/11/citizen-relations-report-third-places/The Hidden Health Crisis: Understanding Loneliness in Canadahttps://blog.theralist.ca/the-hidden-health-crisis-understanding-loneliness-in-canada/Why your ‘weak-tie' friendships may mean more than you thinkhttps://www.bbc.com/worklife/article/20200701-why-your-weak-tie-friendships-may-mean-more-than-you-thinkHosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

The unemployment rate says everything is fine. So why does finding a job feel impossible?Canada has added nearly 200,000 jobs and unemployment sits around 6.5%. On paper, that's a “normal” economy. But talk to young workers, or anyone trying to switch jobs, and you'll hear a very different story: hundreds of applications, zero callbacks, and months of silence.In this episode of Classonomics, Sabrina Maddeaux and Mike Moffatt break down the hidden story behind the headlines. They explain why low unemployment can mask a frozen job market — one with fewer layoffs, fewer hires, and far fewer opportunities for people trying to get in.If you're a recent grad, stuck in your career, or wondering why the economy feels worse than the data suggests, this episode is for you.Tell us in the comments: How long has your job search taken? Has it been harder than expected?Chapters:00:00 – Why Finding a Job in Canada Feels Impossible Right Now01:57 – Beyond Unemployment: The Hidden Labour Market Indicators05:28 – Why Employers Have the Upper Hand Right Now06:12 – Global Uncertainty, Trade Tensions & Hiring Freezes07:26 – The "Low-Hire, Low-Fire" Equilibrium Explained10:21 – How Over-Regulation Stifles Economic Growth13:06 – The Systemic Impact of Locking Out a Generation14:20 – The Housing Theory of EverythingResearch:Consulting the Magic 8 Ball of Canada's Job MarketThe Job Market Is Frozen:Unemployment is low, but workers aren't quitting and businesses aren't hiring. What's going on?Canada's shifting labour market: Recalibrating ‘breakeven employment'Glassdoor Worklife Trends 2025Employment by industry, monthly, seasonally adjusted and unadjusted, and trend-cycle, last 5 months (x 1,000) 1, 2, 3, 4Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

Does having a baby mean you're officially "car-dependent"? In this episode of DemograFix, Cara Stern and Reece Martin, of @RMTrasit, tackle the reality of navigating Canadian cities with kids. While many parents are told that a private vehicle is the only safe or convenient way to get around, Cara and Reece explore why our transit systems often fail families – and how we can fix them.From the "elevator roulette" at subway stations to the hidden costs of car ownership, we're breaking down the barriers to urban parenting.Have you ever been "trapped" at a subway station with a stroller or in a wheelchair? Let us know in the comments.Chapters:0:00 Introduction00:44  The "Car Trap": Why parents feel forced to drive01:38  Canadian Transit vs. the US: How do we actually rank?03:22 The Stroller Struggle: Accessibility "on paper" vs. reality08:47 A Tale of Two Cities: Toronto, Montreal, and the elevator gap13:11 Reece on the GoTrain accessibility car15:50 The Hidden Cost: Is owning a car costing you a second child?19:45 Policy solutions for family friendly transit25:02 Why free transit for kids is a game changer28:15 The problem with busses29:48 Teens and Transit: How free fares encourages a healthier lifestyle33:15  Making cities livable for the next generationResearch/links:Studies on impact on free fares on active transportation for teenshttps://www.getonthebus.ca/resourcesTransit Use by Children and Adolescents: An Overlooked Source of and Opportunity for Physical Activity? - PMChttps://pmc.ncbi.nlm.nih.gov/articles/PMC5502534/Engaging students to increase public transit ridership A guide for using city–school partnership to inspire youth to choose sustainable transportation.https://greenmunicipalfund.ca/sites/default/files/documents/resources/guide/guidebook-engaging-students-to-increase-public-transit-ridership-gmf.pdfHosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

Your 20s: risky bets, crypto hype, and meme stocks.

Yesterday, Bank of Canada governor Tiff Mackem warned that early evidence shows AI is reducing the number of entry-level jobs available. Are we heading toward a future of mass unemployment, or is AI just the latest "calculator" to change how we work? Cara Stern and Mike Moffatt dive deep into the data behind AI's impact on demographics and the workforce.While Mike leans into historical optimism, Cara brings the receipts: a recent Stanford study showing a 13% drop in employment for young workers in AI-exposed fields since the release of ChatGPT. We explore which jobs are "AI-proof," why Gen X seems to be winning (again), and what policy changes could help young people get a foot in the door.Chapters:00:00 Introduction00:29 Why Mike is unconcerned about AI taking his job01:30 Why Cara is worried about AI02:21 Young works AI exposed jobs see 13% drop03:52 Examining AI exposed occupations04:30 How AI impacts different cohorts of workers06:12 Understanding the impact of AI on wages06:54  Being well rounded is the best protection08:16 Trades, healthcare and education will continue to be in demand09:20 Mike shares a story from the olden times10:00 Mike's take on going into the trades11:20 Mike on wages12:18 Focus on developing skills13:17 The role of policymakers and solutionsResearch/links:Canaries in the Coal Mine? Six Facts about the Recent Employment Effects of Artificial IntelligenceYouth in Canada will need help gaining experience in the AI eraNo to being young again; The struggles of Canadian youth employment - CIBC Capital MarketsCanada must pioneer AI adoption that creates job opportunities: Ryan Khurana in Canadian Affairs | Macdonald-Laurier InstituteCanaries in the Coal Mine? Six Facts about the Recent Employment Effects of Artificial IntelligenceYouth in Canada will need help gaining experience in the AI eraNo to being young again; The struggles of Canadian youth employment - CIBC Capital MarketsCanada must pioneer AI adoption that creates job opportunities: Ryan Khurana in Canadian Affairs | Macdonald-Laurier InstituteHosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

Canada's housing ladder is broken. In this episode of Missing Middle, Sabrina Maddeaux and Mike Moffatt explain why the starter home no longer works and how an entire generation has been locked out of moving up.They compare buying a detached home in 2004 for $168,000 with today's reality, where condos fail as a first step and buyers are trapped with no clear path forward. The conversation explores how this breakdown affects family formation, careers, ambition, and Canada's economic future.=If homeownership feels impossible, this episode explains why and why it matters.Do you still believe the starter home works, or has the housing ladder completely collapsed where you live?Chapters:00:00 — What “Buying Your First Home” Used to Look Like00:40 — Mike's First House: A Brand-New Detached Home… as a “Starter”01:47 — Why That Dream Is Gone for Today's Buyers02:29 — What “Starter Home” Means Now vs. Then05:23 — “Aging Out” of the Starter Home07:03 — Trapped in a Condo09:58 — The “Second-Time Buyer Problem” Explained11:09 — Housing, Birth Rates, and Canada's Demographic Crisis13:37 — Careers Limited by Real Estate, Not Talent18:45 — Why Politicians Are Getting This WrongResearch links:Teranet Market Insights Q1 2025National Bank Housing Affordability MonitorCMHC Housing Market Outlook 2025CMHC Housing Supply Report 2025Royal LePage House Price Survey and Market ForecastStatistics Canada - Homeownership and Mortgage Debt of Tax FilersCIBC Economics - Housing Affordability ReportsHosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

Canada's housing crisis. Youth unemployment. Immigration debates. A broken healthcare system.What if we told you a book published in 1996 predicted almost all of it?In this episode of The Missing Middle, Cara Stern and Mike Moffatt revisit the Canadian classic Boom, Bust & Echo to explore how demographics, especially the aging of the baby boomers, reshaped Canada's economy, housing market, job prospects, and public policy.We break down:• Why youth unemployment was a policy choice• How demographics quietly drive housing prices• What governments got right — and very wrong• Why immigration policy, real estate, and healthcare are deeply connected• And how Canada ended up with a generational economic imbalanceThis isn't just history. It explains why life is harder for young Canadians today and what choices led us here.If you care about housing affordability, jobs, immigration, public policy, and Canada's economic future, this episode is for you.Chapters:00:00 Introduction00:49 Why Boom, Bust, and Echo (BBE) still matters03:00 What the book got right and wrong04:25 Prediction about the rise of home health care06: 06 Policy dilemma: high demand for PSWs & balancing budgets08:12 Immigration policy advice from Boom, Bust and Echo09:03 Governments didn't take the advice 10:55 BBE real estate prediction11:45 Housing market predictions: what went wrong15:10 Boomers, Millennials & real estate16:40 BBE prediction on future changes to taxation policy17:13 The politics of moving taxation from income to capital19:50 Real estate prediction for aging boomers20:34 Naturally occurring retirement communities23:40 Following where people actually live24:47 Demographics are facts that help us understand the future  Research/links:Boom, Bust & Echo: How to Profit from the Coming Demographic Shifthttps://www.amazon.ca/Boom-bust-echo-profit-demographic/dp/0921912978David Foot on Aging Society & Youthhttps://www.youtube.com/watch?v=Gy7y2w9i_aAWhat David Foot didn't tell ushttps://www.theglobeandmail.com/life/what-david-foot-didnt-tell-us/article784233/Finding Naturally Occurring Retirement Communities - Agenda segmenthttps://www.youtube.com/watch?v=Ynlwpsye2c0Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

In this episode of The Missing Middle, Mike Moffatt and Sabrina Maddeaux dig into why homeownership for Canadians under 40 has fallen off a cliff. Spoiler: it's not just zoning, NIMBYs, or avocado toast. The federal government plays a much bigger role in today's housing mess than it likes to admit.They break down how rapid population growth collided with a massive slowdown in building family-sized homes, why “dog-crate condos” became the default housing plan, and how taxes, development charges, and investors quietly push prices even higher. They also ask the uncomfortable question: do first-time buyer programs actually help young people — or just lock in high prices?From down payments that feel impossible, to policies that accidentally reward investors over families, this episode gets into what's broken, who benefits, and what Ottawa could actually do if it wanted to bring the dream of homeownership back to life.If you've ever wondered how Canada managed to make buying a home feel impossible — this one's for you.00:00 – Intro: Is the dream of homeownership dead?01:08 – The Federal Role: Debunking the "Provincial Responsibility" trope01:58 – How Federal immigration and monetary policy impact housing04:12 – A Blueprint to Restore Homeownership: The 4 big hurdles06:30 – Not All Units are Equal10:22 – How Population Growth Affects Supply and Demand12:06 – Time to Reduce Taxes on Homes14:05 – Making It Easier for First-Time Buyers16:14 – Will these Policies just Drive Prices Up?17:59 – The "Second-Time Buyer" crisis and downsizing seniors21:09 – Incentivizing Seniors to Downsize22:00 - Getting investors out of single-family homes: The MURB planResearch/LinksA Blueprint to Restore Homeownership for Young Canadianshttps://www.missingmiddleinitiative.ca/p/a-blueprint-to-restore-homeownershipThe Quiet Death of the Investor Condo? MURBs May Change the Gamehttps://www.missingmiddleinitiative.ca/p/the-quiet-death-of-the-investor-condoHow to get single family homes out of the hands of investorshttps://www.thestar.com/opinion/contributors/this-is-how-the-government-can-get-single-family-homes-out-of-the-hands-of/article_0f92b0f4-e67e-4a84-aa62-2c9316492363.htmlHosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

Do you actually own the things you pay for anymore?In this episode of the Missing Middle Podcast, economist Mike Moffatt and Cara Stern explore how ownership is quietly disappearing from everyday life—and what that means for consumers, younger generations, and the economy as a whole.From streaming services and digital books to video games, cars, exercise bikes, and even housing, more and more products are shifting from one-time purchases to subscription-based access. While these models offer convenience and regular updates, they also raise serious concerns about control, pricing, and long-term access.Mike and Cara examine the “illusion of ownership” and more about “constrained optimization,” where economic circumstances make traditional ownership nearly impossible for younger generations. Questioning if we are being pushed into a future where the top 0.001% owns all assets while the middle class is permanently transformed into a generation of renters. Mike and Cara break down the policy choices required to reclaim property rights and protect the Canadian dream of actually owning the things you pay for.Is society moving toward a future where access replaces ownership? And what do we give up when that happens?

From breath mints and car break-ins to bouncers at the Rogers store, urban life is starting to feel a lot more “on alert.” In this episode of The Missing Middle, Mike Moffatt and Sabrina Maddeaux examine the rise of crime and disorder in our cities, as well as the disturbing data behind transit violence. However, this isn't just about safety; it's about the future of our neighbourhoods. If people don't feel safe on the streetcar or the sidewalk, can we ever truly build the dense, walkable, “missing middle” communities Canada so desperately needs?This surge in disorder acts as a "hidden tax" on urban living, forcing residents to choose between the convenience of the city and the perceived security of the suburbs. By analyzing these shifts, we uncover how a lack of safety might be the biggest hurdle yet to solving our housing goals.Chapters:00:00 Introduction: Crime, Disorder, and the Future of Cities00:50 Car Break-ins and Security Measures04:23 Personal Experiences on the Streetcar05:02 By the Numbers: Rising Assaults on Canadian Transit07:07 Why Density Requires Public Trust09:00 Why Spouting Stats Doesn't Change Minds13:58 The Political Disconnect on Urban Safety16:49 Finding Solutions: Justice Reform and Mental Health18:10 Why "visible progress" matters more than spreadsheetsResearch links:Transit violence rising across Canada — in some cities by nearly 300%Chris Arnande tweetThe Slow-Motion Exodus: How GTA Outmigration Became Ontario's Defining TrendThe Politics of Safety: Why Bail Reform Is Striking a Chord with CanadiansSabrina Maddeaux: Canada's suburban crime surge is exposing years of national security neglectIt's Time to Talk About America's Disorder ProblemRelated reading/listening:OFF THE RAILS: Data exposes crime, mental illness at TTC's track levelMore than 70 per cent of Ontarians feel less safe on transit than a year ago, survey suggestsHomelessness, Social Disorder and Public Transit in Calgary, Canada: Examining perspectives from law enforcement through the lens of critical social theoryHosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

From avocado toast jokes to accusations of entitlement, every generation seems to get its turn in the stereotype spotlight. In this episode of The Missing Middle, economist Mike Moffatt and journalist Cara Stern dig into where these labels come from — and, more importantly, whether generations really do experience the economy differently.They explore how major historical shocks — from the Great Depression and World War II to 9/11, the Great Recession, and the pandemic — shape our values, anxieties, and opportunities. The conversation moves beyond clichés to examine how birth year, cohort size, housing markets, job markets, technology, and public policy combine to create very different economic realities for Boomers, Gen X, Millennials, and Gen Z.Chapters:00:00 Introduction00:37 Avocado toast & generational stereotypes03:25 Horriscopes for statistical nerds?04:46 The history of grouping people into generations06:41 Mike's genX and Cara's millennial experiences 13:24 Understanding generational differences15:55 Generation size, power & public Policy19:40 Inherited wealth & pulling the ladder up22:30 The ethos of DemograFixResearch/links:https://marcuse.faculty.history.ucsb.edu/classes/201/articles/27MannheimGenerations.pdfHosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

Ontario's Greenbelt is often treated as untouchable — but is it actually making the housing crisis worse?In this episode of The Missing Middle, Mike Moffatt and Sabrina Maddeaux tackle the question viewers keep asking: can Ontario build enough family-friendly homes without touching the Greenbelt — and what happens if it doesn't? They unpack how the Greenbelt was sold as a social contract, why governments never delivered the missing middle housing they promised, and how policies meant to stop sprawl may have actually pushed families farther away.The conversation breaks down four realistic paths forward: doing nothing, finally legalizing family-sized infill housing, cutting immigration to ease demand, or partially opening the Greenbelt — and why every option is politically fraught. Along the way, they explain leapfrog sprawl, why condos aren't working for families, and how decades of policy avoidance have left young Canadians priced out and disillusioned.If you care about housing affordability, family-friendly neighborhoods, or the future of Ontario's cities, this episode lays out the uncomfortable trade-offs politicians keep avoiding.Chapters:00:00 – Introduction00:47 – The Most Common Audience Question01:50 – Is the Greenbelt Politically Untouchable Now?05:23 – The Greenbelt's Broken Social Contract10:05 – What Families Actually Need in a Home11:35 – How the Greenbelt Makes Sprawl Worse14:00 – Has Anyone Studied Greenbelt Sprawl?15:00 – Four Options for Housing vs the Greenbelt15:53 - Option 1: Do Nothing18:31 – Option 2: Fix Housing Without Expansion23:48 – Option 3: Cutting Immigration27:15 – Option 4: Opening the Greenbelt29:55 – What's Most Likely to Happen Next?Research/links:Mike's tweethttps://x.com/MikePMoffatt/status/1991593178085142851?s=20London's Garden Belt:https://x.com/JenMTreadwell/status/2001256081188905271?s=20The Welfare Effects of Greenbelt Policy: Evidence from Englandhttps://academic.oup.com/ej/article/134/657/363/7276598Green Belts: Past; present; future?https://www.routledge.com/Green-Belts-Past-present-future/Sturzaker-Mell/p/book/9781138339392Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

In this special Ask Me Anything episode of The Missing Middle, the full team answers your biggest viewer questions on housing, transit, immigration, and affordability — and we share a major announcement about the future of the podcast. We also introduce our newest team member and talk candidly about why this work hits close to home for so many Canadians.The conversation dives into walkable neighbourhoods and small businesses, why governments struggle to act on housing affordability, the taboo around discussing immigration and housing together, transit as a pressure valve for urban sprawl, and why seniors are stuck in family-sized homes. Plus, we explain what's changing on the show, including two new weekly episodes, DemograFix and Classonomics, and what it means for listeners going forward.Chapters00:00 Ask Me Anything 2025 and look ahead00:45 Meet our editor/technical producer Sean Foreman03:01 Introducing the new podcast DemograFix03:52 Introducing Classonomics04:16 You don't need to do anything, we promise

Is Canada's life sciences and health tech sector heading toward a code red? In this episode, Sabrina Maddeaux and Mike Moffatt unpack how outdated and fragmented privacy laws are slowing innovation, and why aligning too closely with European regulations could make things even worse. They explore the “Brussels effect,” where the EU's regulatory power shapes rules far beyond Europe, and how Canada may already be feeling its impact.The conversation dives into why modern health innovation depends on large-scale data, how Canada's patchwork of federal and provincial rules creates costly barriers, and what lessons we could learn from countries like Japan and Singapore instead.Chapters:00:00 Introduction00:44 The Brussels Effect explained03:17 Outdated health-data and privacy rules04:13 Accessing lifescience data06:00 Safety vs innovation07:40 Europe lacks tech innovation08:55 We're already adopting EU rules09:28 Asia leads the way in healthtech data regulationResearch:Health Innovation Doesn't Have to Be This Hardhttps://www.missingmiddleinitiative.ca/p/health-innovation-doesnt-have-to?utm_campaign=post&utm_medium=webThe Draghi report on EU competitivenesshttps://commission.europa.eu/topics/competitiveness/draghi-report_enHosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

In this episode of the Missing Middle, hosts Cara Stern and Mike Moffatt break down his latest “home score” report, grading every Canadian province on housing. Atlantic provinces like New Brunswick and P.E.I. lead the way, while Ontario struggles, with high costs forcing young people to stay home longer and many residents moving away. The grades are based on 36 indicators covering supply, affordability, suitability, and societal outcomes.Mike also explores housing policies that help, harm, or have little impact, from inclusionary zoning to development charges. The episode highlights how some reforms succeed, others fail, and why provinces can learn from each other. Tune in to see which policies actually work and what it will take to improve housing across Canada.Chapters:00:00 Introduction to the Provincial HOMES Report Card00:45 The best and worst provinces at housing performance02:20 36 assessment points03:39 The report methodology05:17 Avoiding harmful and irrelevant policies06:24 Provinces that have irrelevant policies perform worse09:40 Inclusionary zoning12:30 Examining the number of adult children living at home13:56 Ways in which Ontario sucks at housing15:20 Political will(not to build housing in Ontario)17:58 The levels of government can learn from each other19:03 We were hoping BC would have better results19:28 Atlantic Canada doesn't get in it's own way21:51 How can the provinces improve?Research/links:2025 Provincial HOMES Report Cardhttps://open.substack.com/pub/missingmiddleinitiative/p/2025-provincial-homes-report-card?utm_campaign=post-expanded-share&utm_medium=post%20viewerModeling Inclusionary Zoning's Impact on Housing Production in Los Angeles: Tradeoffs and Policy ImplicationsInclusionary-Zoning-Paper-April-2024-Final.pdfHosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

In this episode of the Missing Middle Podcast, Sabrina Maddeaux and Mike Moffatt break down a major shift in Canada's income trends: men over retirement age are now earning more than men aged 25–34. They explain how seniors' incomes have increased through pensions, investments, and government supports, while younger workers face slow wage growth, higher living costs, and inflation.The discussion explores key issues affecting younger generations in Canada, including housing affordability, childcare costs, wage stagnation, and intergenerational inequality. Sabrina and Mike talk about why young men are struggling in today's economy, what this means for Canada's workforce, and how policy changes could help.Chapters:00:00 Introduction00:42 New report shows young men earn less than senior men02:00 Senior men incomes have doubled since 1970s02:24 Young men's incomes are down since the 1970s03:21 Where is the extra senior income coming from?05:53 The role of government transfers and entitlements07:30 Breaking down younger men's incomes09:44 Housing have increased far faster than inflation since 197711:11 Why have wages gone down for young men?13:31 social taboos around talking about young men17:09 Concluding thoughtsResearch Links:What Happened to the Young Middle-Class Man?https://substack.com/home/post/p-181132084?source=queueHow Do Young Men See the World? We Asked Them.https://www.esquire.com/news-politics/a63613007/young-men-america-2025/Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

This episode of the Missing Middle podcast explores a new University of Toronto study that highlights housing affordability as a key factor in declining fertility rates in the United States. Hosts Mike Moffatt and Cara Stern analyze the findings, including the study's estimate that over half of the fertility decline since 1990 is linked to the shortage of affordable, family-sized homes—resulting in 13 million fewer births. They discuss how delayed household formation, smaller living spaces, and rising costs for family-appropriate housing all contribute, and why similar trends are probably occurring in Canada, especially in high-cost provinces like Ontario and B.C. The conversation also addresses misconceptions about fertility, critiques the “all supply is good supply” argument, and examines the structural barriers preventing cities from building enough three- and four-bedroom homes. Mike and Cara explore how unsuitable housing impacts families, newcomers, and children, how municipal regulations add to the shortage, and why resolving this issue requires major zoning, planning, and building-code reforms—rather than simply telling young people to “lower their standards.”Chapters:00:00 Introduction 00:40 Examining a U of T study on fertility and housing affordability01:40 51% of the decline in fertility rate is attributed to lack of housing03:52 Unpacking housing affordability and Canada's fertility rate05:02 Cara highlights a viewer comment about the cause of fertility decline08:50 Society needs younger generations to grow not shrink09:20 Mike outlines the human right to housing12:45 Who is more likely to be living in unsuitable housing?14:18 Children are more likely to be underhoused16:12 All supply is good supply - but is it?18:50 Consequences of not providing enough housing in cities22:50 Or/and we could build our cities upResearch Links:Build, Baby, Build: How Housing Shapes FertilityBKC_JMP.pdfShe's (Not) Having a Baby | CardusFamilies Are Outgrowing Our Cities, and the Law Says They Shouldn't Have ToNational Occupancy Standard | CMHCHosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

The conversation highlights the pressing issue of intergenerational tensions in Canada, particularly focusing on the financial burdens faced by younger Canadians. Sabrina discusses the potential consequences of failing to address these issues, including the risk to public healthcare and the erosion of political support for senior programs. The need for a modernized fiscal system that is equitable for all generations is emphasized as a critical solution to prevent further societal breakdown.Chapters00:00 Introduction 01:07 Are seniors struggling economically?02:34 Shout out to Generation Squeeze02:52 Breaking down who benefits from government spending04:00 How Gen z and Millennials are fairing05:18 Intergenerational wealth transfer from old to young06:00 Shout out to Boom, Bust and Echo07:00 Senior citizen tax advantages08:40 Redesigning our fiscal system for generational fairness11:44 Good policy doesn't always make good politics13:00 What happens if we don't fix this?15:00 Less intergenerational fight club more intergenerational cooperationResearch/links:After years of decline, child poverty in Canada is rising swiftly: reportGeneration Squeeze: https://www.gensqueeze.caPaul Kershaw's "Hard Truths" podcast: https://www.gensqueeze.ca/videoWho is being asked to sacrifice in Budget 2025?Recent health care deal is a win for retirees. The finances of younger Canadians are collateral damageHow younger Canadians end up paying more for boomers' medical careSeniors and the generation spending gapA trillion-dollar tsunami: Canadians grapple with unprecedented wealth transferCanadian Institute of Health Information - National Health Expenditure Trends: https://www.cihi.ca/en/national-health-expenditure-trendsHosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

Canada is moving toward regulating dollar-backed stablecoins, and in this episode, Sabrina Maddeaux and Mike Moffatt break down what that means. They explain how stablecoins work, why Canada has been behind other G7 countries, and the potential benefits for payments and innovation.Mike and Sabrina also discuss the balance between protecting Canadians and encouraging competition, and why clear rules could help Canadian fintechs thrive. A small step with big implications for the future of digital payments in Canada.Chapters: 00:00 Introduction00:49 Federal budget: Stablecoin announcement 02:44 What is a stablecoin?04:40 Advantages of stablecoins over traditional payment methods07:08 Canada's missing stablecoin regulatory framework10:11 Canada should set its own stablecoin rules11:42 Was skepticism about stablecoin regulation warranted?12:47 Promoting healthy competition, innovation, and productivity13:34 ConclusionResearch/links:Regulatory Delays, Dollar-Backed Stablecoins, and Affordability for Canadianshttps://www.missingmiddleinitiative.ca/p/dollar-backed-stablecoins-and-affordabilityFederal budget 2025: Plan for stablecoin rules to usher in Canada's ‘digital dollar era,' advocates sayhttps://www.theglobeandmail.com/business/article-federal-budget-2025-stablecoin-legislation/Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.