The Missing Middle Podcast

Cara Stern, Mike Moffatt, and Meredith Martin
  • 4.7 (54)
  • News Commentary
  • Updated Weekly

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

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

    2 hrs ago

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

    Toronto’s housing crisis is no longer just about buying a home, it’s reshaping who can afford to build a future in the city at all. In this special live taping of The Missing Middle Podcast, Sabrina Maddeaux, Mike Moffatt, Cara Stern, and special guest Ron Butler unpack why young families are leaving Toronto, how policy failures created a city of “dog crate” condos and unaffordable homes, and what needs to change before affordability gets even worse. Topics covered include: • Why young families are leaving Toronto and the GTA • The rise of tiny “dog crate” condos • Why missing middle housing is so difficult to build • Zoning delays, development charges, and housing red tape • The future of rentals, condos, and home prices • The Greenbelt debate and urban sprawl • Whether Toronto can still work for middle-class families • Why more young Canadians are leaving Ontario and Canada • Non-market housing, affordability, and the politics shaping the city’s future Subscribe for more conversations on housing, affordability, and the future of Canada’s middle class. Chapters: 0:00 – Live From Toronto: The Housing Crisis Debate Begins 1:42 – Why Young Families Are Leaving Toronto 5:08 – The Reality of Buying a Home in the GTA 8:11 – Why Toronto Only Builds Mansions or Tiny Condos 11:24 – Are “Dog Crate” Condos Doomed? 14:37 – Missing Middle Housing & Zoning Failures 18:02 – The Greenbelt, Sprawl, and Housing Politics 21:10 – Renting for Life in Toronto 24:02 – Should Young Buyers Wait to Purchase? 26:12 – Non-Market Housing vs Market Housing 29:04 – Predictions for Toronto’s Housing Future Research: ‘It’s not like we’re sitting on our hands.’ Toronto’s biggest landlord sees 7 more complexes fall into critical disrepair https://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.html Drug deals in doorways and a stranger in the living room: Why Toronto Community Housing residents say its $38M security force is failing them https://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.html Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    56 min
  2. Why Strong Communities Don’t Happen by Accident

    5d ago

    Why Strong Communities Don’t Happen by Accident

    Why does modern life feel so disconnected? In this episode, Cara Stern sits down with journalist and Scout leader Harrison Lowman to talk about the decline of community in Canada, and what it takes to rebuild it. From scouting and volunteering to neighbourhood pubs, churches, and “third spaces,” they explore why strong communities don’t happen automatically, how urban design shapes social connection, and why so many people feel isolated despite living closer together than ever before. They also discuss parenting, trust, loneliness, suburban life, condo living, and the importance of showing up for your neighbours. Topics covered: Why people feel more isolated todayThe decline of volunteering in CanadaHow urban design affects communityWhy “third spaces” matterParenting, support systems, and “the village”High-trust vs low-trust societiesHow scouting builds community and leadershipWhat it takes to know your neighbours againSubscribe for more conversations on housing, cities, policy, and the future of Canada. Chapters: 00:00 Why Community Is More Than Good Urban Design 02:22 Scouts, Service, and Teaching Kids to Contribute 04:04 Why Modern Life Makes Community Harder to Build 07:47 Third Places, Neighbours, and High-Trust Communities 11:55 A Surprise Pie and the Power of Trust 14:55 Finding Community Through Volunteering and Shared Purpose 17:17 You Have to Be a Villager to Have a Village 19:34 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 Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    22 min
  3. Answering Your Biggest Questions About Canada’s Housing Crisis

    Jun 3

    Answering Your Biggest Questions About Canada’s Housing Crisis

    Why are young Canadians leaving cities? Why are seniors staying in homes that are too big for them? And can Canada lower housing costs without cutting quality of life even further? In this listener Q&A episode of The Missing Middle, Sabrina Maddeaux and Cara Stern answer audience questions on housing affordability, immigration, downsizing, social isolation, wage stagnation, the Greenbelt, and why building more “missing middle” housing has become so difficult in Canada. Topics covered: Why seniors aren’t downsizingThe shortage of family-sized homesHousing prices vs stagnant wagesSocial isolation and unaffordable citiesImmigration and housing demandThe Greenbelt debateWhat young Canadians can do politicallyIf you enjoy the episode, subscribe and leave a comment with your own question for a future mailbag episode. Eamon  Seniors are lonely, rich, and live in houses that are too big, often in desirable neighbourhoods. Young people are desperate for housing, poor, and looking for roommates. Why not create a tax incentive for seniors to free up rooms in their houses for young people? I think a vacancy tax is punitive, but a tax incentive could unlock housing in a win-win (rather than zero sum) way for willing participants. Thoughts?  Kate In 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 Answered 00:23Should Seniors Rent Out Empty Bedrooms? 02:57Will Cheaper New Homes Help Seniors Downsize? 05:07Why Millennials Are Falling Behind 06:00Social Isolation, Third Places & Housing Costs 08:05How Housing Affordability Breaks Friendships and Communities 10:54Can the Greenbelt Deliver Affordable Housing? 12:43Is Lower Immigration the Fastest Path to Affordability? 14:16What Canadians Can Do to Push for Change Research/links: The Disappearing "Third Place": Why Making Friends Is Getting Harder https://youtu.be/WYFTsrvwr0o?si=IIGS4jllTN2dKT5h Grow Together Edmonton https://www.growtogetheryeg.com/ Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    17 min
  4. The Story Behind Canada’s Collapsing Fertility Rate

    May 29

    The Story Behind Canada’s Collapsing Fertility Rate

    Canada’s fertility rate has fallen to just 1.25 children per woman, one of the lowest in the developed world. But what’s actually driving the decline? Are fewer Canadians having children, or are the ones having kids simply choosing to have fewer of them? In this episode of DemograFix, ⁠Mike Moffatt and ⁠Cara Stern break down the data behind Canada’s collapsing birth rate. They explore why more women are remaining childless, why one-child families have become the norm, and how housing costs, delayed parenthood, childcare, culture, and changing lifestyles are reshaping family formation across the country. Topics discussed: Why Vancouver and Victoria have some of the world’s lowest fertility ratesThe surprising link between housing affordability and birth ratesWhy millennials and Gen Z still say they want kidsHow family sizes changed from the 1980s to todayWhether education actually reduces fertilityWhy cities are losing young familiesThe growing gap between the number of children Canadians want and the number they actually haveIf Canada wants higher birth rates, what would it actually take to make raising children affordable again? #Canada #HousingCrisis #FertilityRate #BirthRate #Millennials #GenZ #Economy #Housing #Population #Parenting #Childcare #CanadianPolitics #Demographics #TheMissingMiddle Chapters: 00:00 Introduction: Canada’s Ultra-Low Fertility Rate 01:08 What Fertility Rates Measure — And Why Canada Is Different 01:59 Housing Costs, Cities, and Why Young Families Are Leaving 03:49 Are Fewer Women Having Children? 04:32 Delayed Parenthood and The Rise In Childlessness 06:01 Marriage, Religion, Immigration, and Fertility Trends 08:03 Does Higher Education Actually Reduce Birth Rates? 10:24 From Three-Child Families To One-Child Households 12:26 Housing Costs, Bedrooms, and Raising Kids In Canada 14:22 Canadians Still Want More Children 17:28 From Overpopulation Fears To Population Collapse 19:44 The Growing Gap Between Family Goals and Reality 20:05 What Governments Could Do To Make Raising Kids Easier Research/links: Proportion of women aged 20 to 49 without children, by age group and selected sociodemographic characteristics, 2024 https://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 trend https://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 change https://publications.gc.ca/collections/collection_2014/statcan/75-006-x/75-006-2014001-4-eng.pdf Fertility in Canada, 1921 to 2022 https://www150.statcan.gc.ca/n1/pub/91f0015m/91f0015m2024001-eng.htm  Credits: Mike Moffatt https://twitter.com/MikePMoffatt https://bsky.app/profile/mikepmoffatt.bsky.social Cara Stern https://x.com/carastern https://bsky.app/profile/carastern.bsky.social Meredith Martin  https://twitter.com/meredithmartin https://bsky.app/profile/meredithmartin.bsky.social Sean Foreman @seanegertonforeman https://bsky.app/profile/seanforeman.bsky.social University of Ottawa Co-op Student,  Kelly Hoban Brought to you by the Missing Middle Initiative https://www.missingmiddleinitiative.ca/ Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    22 min
  5. Why Canada Will NEVER Tax Your Home Profits

    May 27

    Why Canada Will NEVER Tax Your Home Profits

    Why are Canadians allowed to sell their homes tax-free while profits from stocks and investments get taxed? And is that policy making Canada’s housing crisis even worse? In this episode of Classonomics Sabrina Maddeaux and Mike Moffatt break down Canada’s capital gains exemption on primary residences, why it exists, why politicians are terrified to touch it, and whether it’s contributing to skyrocketing home prices and inequality between homeowners and renters. They explore the history of the tax exemption, why attempts to change it spark political outrage, how other countries handle housing taxes, and whether taxing home profits would actually make housing more affordable. Plus, they discuss property taxes, downsizing, investor advantages, generational inequality, and why even “common sense” housing reforms have become politically impossible in Canada. Topics covered: Canada’s capital gains exemption on homesHousing affordability and inequalityWhy homeowners are politically powerfulHow other countries tax housing wealthProperty taxes and downsizingInvestors vs families in the housing marketThe politics of housing reform in CanadaWhy fixing housing has become so difficult#Canada #HousingCrisis #RealEstate #Taxes #HousingMarket #CanadianPolitics #Economics #TheMissingMiddle Chapters: 00:00 Why Canada Doesn’t Tax Gains on Your Primary Home 01:17 Why Politicians Won’t Touch the Primary Residence Exemption 04:06 The History of Canada’s Capital Gains Exemption 05:28 How Other Countries Handle Housing Capital Gains 07:25 Does the Exemption Actually Worsen the Housing Crisis? 10:39 The Case Against Taxing Primary Residences 13:26 Better Alternatives: Tax Fairness Without Capital Gains Reform 16:06 Why Even Good Housing Policy Can Be Politically Impossible Research: Canada should look to Australia on eliminating barriers to downsizing for seniors https://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.aspx Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    19 min
  6. The Hidden Algorithm Deciding What You Pay

    May 22

    The Hidden Algorithm Deciding What You Pay

    What if companies could figure out the exact maximum you’re willing to pay, and charge you exactly that? That’s the promise of surveillance pricing: using your personal data, purchase history, location, online behavior, and even financial information to tailor prices specifically to you. In this episode, Cara Stern talks with Vass Bednar, managing director of the Canadian Shield Institute and author of The Big Fix, about why this issue is suddenly on the political agenda in Canada, and what it means for consumers. They discuss: What surveillance pricing is, and how it differs from ordinary dynamic pricing How companies use your data to predict your “willingness to pay” Why two people could see different prices for the exact same product The real-world examples already happening with apps, airlines, and delivery platforms Why 83% of Canadians say this practice should be banned or regulated What governments can actually do to stop it Chapters: Research/links: Everything Costs More Because the Algorithm Says So | The Walrus https://thewalrus.ca/everything-costs-more-because-the-algorithm-says-so/ How Corporate Consolidation is Ruining Everything: Discussion with Denise Hearn and Vass Bednar https://youtu.be/Uz5DkpZPH2k?si=M_c-2GX4dS7wKF9l Canadians Are Skeptical of Algorithmic Pricing - Abacus Data https://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 Shoppers https://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 Mail https://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 News https://www.nationalobserver.com/2026/04/24/news/avi-lewis-ndp-surveillance-pricing Algorithmic pricing: Poll finds half of Canadians against https://www.cp24.com/news/canada/2026/03/18/most-canadians-want-to-ban-or-regulate-algorithmic-pricing-poll-shows/?lid=8z3lanxo654a Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    25 min
  7. Why Mark Carney Wants Canada’s Own “Norway Fund”

    May 20

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

    Canada is launching a new sovereign wealth fund, but what exactly is it, and why is Prime Minister Mark Carney betting big on it? In this episode of Classonomics, Mike Moffatt and Meredith Martin break down the proposed Canada Strong Fund, how sovereign wealth funds work, and why comparisons to Norway’s famous $2 trillion oil fund may not tell the full story. They explore whether debt-financed infrastructure investing can actually grow the economy, why critics are calling it a “sovereign debt fund,” and what this could mean for housing, ports, transit, energy infrastructure, and future generations of Canadians. Topics covered: • What sovereign wealth funds actually are • How Norway built its trillion-dollar oil fund • Why Canada is creating the Canada Strong Fund • The debate over debt-financed infrastructure • How infrastructure investment affects housing and economic growth • The risks, criticisms, and unanswered questions surrounding the fund Chapters:  00:00 Introduction to Sovereign Wealth Funds 00:41 What is a Sovereign Wealth Fund? 01:29 Norway’s Two Sovereign Wealth Funds Explained 03:19 Why Norway Created a Second Fund 05:13 How Canada’s Fund Differs From Norway’s 06:28 Criticism Over Debt Financing 08:22 Will the Fund Benefit Future Generations? 09:58 Why the Announcement Confused Canadians 12:03 Final Thoughts And Outro Research/links: The Canada Strong Fund: Nation-Building or State Venture Capitalism? https://www.asiapacific.ca/publication/canada-strong-fund-nation-building-or-state-venture-capitalism What Canada can learn from Norway's Sovereign Wealth Fund https://www.mjemcgill.com/articles/what-canada-can-learn-from-norways-sovereign-wealth-fund Our pension funds must be sovereign wealth funds, too – even if pensioners take a hit https://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 fall https://www.bbc.com/news/articles/cz0278zyznjo Neither Norway nor Singapore: Decoding Canada’s new sovereign wealth fund https://globalnews.ca/news/11825911/norway-singapore-canada-sovereign-wealth-fund/ Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    13 min
  8. Development Charges Are Finally Being Cut. What Happens Next?

    May 15

    Development Charges Are Finally Being Cut. What Happens Next?

    Ontario has started cutting development charges. But is this the breakthrough Ontario’s housing market needs, or just the first step? In this episode of The Missing Middle Podcast, Mike Moffatt sits down with Kim Fairley, President of Ontario Real Estate Association (OREA), to unpack what Ontario’s new development charge reforms mean for homebuyers, builders, and municipalities – and what still needs to happen next. They discuss:  • Why development charges can add up to $200,000 to the cost of a new home in Ontario  • How some Ontario cities have raised DCs by 1,000%–5,000% since 2000  • Why Sault Ste. Marie has no development charges—and what other cities can learn from it  • Whether recent provincial and federal reforms will actually improve affordability  • What Ontario’s housing market could look like over the next 6–18 months Chapters: 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 reality 07:09 Sault Ste. Marie has no development charges 08:07 Do buyers know how much development charges cost? 10:25 Why transparency on development charges matters 12:08 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-charges A Pathway to Development Charge Reform  https://www.orea.com/advocacy/Development-Charge-Reform Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    19 min
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Hosts & Guests

4.7
out of 5
54 Ratings

About

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

Information

  • Creator
    Cara Stern, Mike Moffatt, and Meredith Martin
  • Years Active
    2023 - 2026
  • Episodes
    185
  • Rating
    Clean
  • Copyright
    © 2026 The Missing Middle Podcast
  • Show Website
    The Missing Middle Podcast

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