The Missing Middle Podcast

Cara Stern, Mike Moffatt, and Meredith Martin
  • 4.7 (51)
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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. The Giant Planning Error That Destroyed Housing Supply

    1D AGO

    The Giant Planning Error That Destroyed Housing Supply

    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want to move but have nowhere to go.Policy Failure: How municipal assumptions about generational turnover are decades out of date.Chapters: 00:00 Introduction 01:00 The Irony of Planners Assuming Seniors Will Downsize 2:32 Flawed Assumptions About Generational Turnover and Life Expectancy 03:47 The Problematic Term "Overhoused" 07:11 Defining "Involuntarily Overhoused" 08:25 Underhousing Statistics in Toronto 09:04 Zero Sum Mentality Created By Housing Shortage 10:40 Density as a Solution for Seniors and Reducing Resentment 12:33 The Financial Calculation: Why Moving Makes No Sense for Seniors 14:00  Policies Actively Paying Seniors to Stay in Place 16:09 Places where they have Implemented Better Policy  Research/links: Right-Sizing Housing and Generational Turnover https://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 University https://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=j3VT7x1lrBs City of Toronto – Garden Suites and Laneway Suites https://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.

    18 min
  2. If We’re Not in a Recession… Why Does It Feel Like One?

    3D AGO

    If We’re Not in a Recession… Why Does It Feel Like One?

    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 – Intro 01:32 – What is a “K-Shaped Economy”? (The Two-Way Split) 02:54 – Why Younger Canadians Feel Locked Out of Growth 04:10 – The Record-Breaking Income Gap in Canada 05:18 – How the Richest Stay Ahead 06:48 – The Parental Wealth trap 08:24 – Hard Work vs. Inheritance 09:56 – Shocking Stats on Food Bank Users 11:47 – Why Canadians Feel Gaslit by GDP data 15:21 – Restoring the Link Between Work and Reward RESEARCH LINKS: Statistics Canada - Distributions of household economic accounts, third quarter 2025 The Hub - Canada's growing wealth gap in 7 charts Food Banks Canada - HungerCount 2025 Statistics Canada - Income and wealth gaps increased in 3rd quarter of 2025 TD Economics - The Days Of Our Lives (K-shaped economy analysis) Parliamentary Budget Officer - Estimating the top tail of the family wealth distribution in Canada 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.

    18 min
  3. Is “Buying Canadian” Actually a Luxury for the Rich?

    FEB 27

    Is “Buying Canadian” Actually a Luxury for the Rich?

    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 Introduction 00:43 The Generational Divide on Canada-U.S. Relations 02:03 Why Older Canadians View America Differently Than Gen Z 03:04 Why Ethical Shopping is a Luxury 04:02 Mike’s New Car: A Case Study in Buying Canadian 06:21  Defining “Luxury Beliefs” in Economics 09:23  Social Judgment and the Ethics of Travel 10:21 Should Politicians Fight Trump? 11:04 On Carney’s Speech in Davos 12:47 Searching for Transformative Change in the Canadian Economy Research/links: Nanos Poll https://nanos.co/wp-content/uploads/2025/03/2025-2950-Bloomberg-Nov-Populated-Report-Tariffs-on-US-goods.pdf Research Co Poll https://researchco.ca/wp-content/uploads/2025/06/Tables_Tariffs_CAN_05Jun2025.pdf Luxury Beliefs https://en.wikipedia.org/wiki/Luxury_belief Special Address by Mark Carney, Prime Minister of Canada | World Economic Forum Annual Meeting 2026 https://youtu.be/flsgJe8mN-A?si=xJs3huF52ABU-SEZ 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.

    16 min
  4. You’re “Middle Class” on Paper. So Why Do You Feel Broke?

    FEB 25

    You’re “Middle Class” on Paper. So Why Do You Feel Broke?

    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 Classonomics 0:39 –  Why 90s “Struggling” TV Families Look Wealthy Today 02:03 – Is $130k the New Poverty Line? 04:52 – Technological Coercion: From Luxury to Necessity 09:08 – Why Inflation Stats are Misleading: Better vs. Cheaper 11:03 – The Two-Income Trap: From Option to Obligation 14:54 – The Nostalgia Gap: Are We Remembering the 80s Correctly? 17:20 – The Reality of Generational Downward Mobility Research links: Part 1: My Life Is a Lie How a Broken Benchmark Quietly Broke America https://www.yesigiveafig.com/p/part-1-my-life-is-a-lie Cory Doctorow  https://en.wikipedia.org/wiki/Enshittification https://en.wikipedia.org/wiki/Cory_Doctorow Hedonic adjustments https://www.npr.org/2022/11/10/1135849519/hedonic-adjustment-how-to-measure-pleasure Credits: Mike Moffatt  https://twitter.com/MikePMoffatt https://bsky.app/profile/mikepmoffatt.bsky.social 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.

    19 min
  5. The Disappearing "Third Place": Why Making Friends Is Getting Harder

    FEB 20

    The Disappearing "Third Place": Why Making Friends Is Getting Harder

    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 ever 01:40 Youth are lonelier than seniors 03:10 The "Doom Scrolling" effect on community connection 04:10 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 hangouts 12:18 Can Digital Communities Replace Physical Ones? 14:58 High Land Costs Make Everything Worse 17:08 Practical Advice: How to Build Community Today 20:41 The Senior Discount Problem: Why cities are ignoring youth isolation 22:10 How to Push Past Rejection & Find Your People Research/links: Six in Ten Canadians Surveyed Have Little or No Sense of Community, New YMCA Research Reveals https://www.ymcagta.org/news/Six-in-Ten-Canadians-Surveyed-Have-Little-or-No-Sense-of-Community Church Closures and the Loss of Community Social Capital https://carleton.ca/panl/wp-content/uploads/Church-Closures-and-the-Loss-of-Community-Social-Capital-By-Don-McRae-March-2023.pdf Where 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 spaces https://courier.unesco.org/en/articles/third-places-true-citizen-spaces Brands 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 Canada https://blog.theralist.ca/the-hidden-health-crisis-understanding-loneliness-in-canada/ Why your ‘weak-tie’ friendships may mean more than you think https://www.bbc.com/worklife/article/20200701-why-your-weak-tie-friendships-may-mean-more-than-you-think 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.

    24 min
  6. The Hidden Job Market Crisis No One Is Talking About

    FEB 18

    The Hidden Job Market Crisis No One Is Talking About

    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 Now 01:57 – Beyond Unemployment: The Hidden Labour Market Indicators 05:28 – Why Employers Have the Upper Hand Right Now 06:12 – Global Uncertainty, Trade Tensions & Hiring Freezes 07:26 – The "Low-Hire, Low-Fire" Equilibrium Explained 10:21 – How Over-Regulation Stifles Economic Growth 13:06 – The Systemic Impact of Locking Out a Generation 14:20 – The Housing Theory of Everything Research: Consulting the Magic 8 Ball of Canada’s Job Market The 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 2025 Employment by industry, monthly, seasonally adjusted and unadjusted, and trend-cycle, last 5 months (x 1,000) 1, 2, 3, 4 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.

    16 min
  7. Why Canadian Transit is Failing Families (and How to Fix It)

    FEB 13

    Why Canadian Transit is Failing Families (and How to Fix It)

    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 Introduction 00:44  The "Car Trap": Why parents feel forced to drive 01:38  Canadian Transit vs. the US: How do we actually rank? 03:22 The Stroller Struggle: Accessibility "on paper" vs. reality 08:47 A Tale of Two Cities: Toronto, Montreal, and the elevator gap 13:11 Reece on the GoTrain accessibility car 15:50 The Hidden Cost: Is owning a car costing you a second child? 19:45 Policy solutions for family friendly transit 25:02 Why free transit for kids is a game changer 28:15 The problem with busses 29:48 Teens and Transit: How free fares encourages a healthier lifestyle 33:15  Making cities livable for the next generation Research/links: Studies on impact on free fares on active transportation for teens https://www.getonthebus.ca/resources Transit Use by Children and Adolescents: An Overlooked Source of and Opportunity for Physical Activity? - PMC https://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.pdf 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.

    36 min
  8. Why Risky Bets Are Rational in a Housing Crisis

    FEB 11

    Why Risky Bets Are Rational in a Housing Crisis

    Your 20s: risky bets, crypto hype, and meme stocks. 🎲 Sabrina Maddeaux and Mike Moffatt explain why being priced out of a home is turning saving into gambling — and why young men are taking the biggest swings. In this episode of The Missing Middle – Classonomics, we unpack why a generation priced out of housing is turning to meme stocks, crypto, and online sports betting instead of traditional saving. Mike and Sabrina explore how the “gamification” of investing on your phone blurs the line between investing and gambling, why young men dominate high-risk trading, and what research tells us about the link between gambling, crypto, and financial stress.  The conversation introduces the idea of “financial nihilism” — when homeownership feels impossible, big bets can start to seem rational. They also debate solutions, from tighter gambling advertising rules to better financial education and, most importantly, fixing housing affordability. Is this risky behavior a cultural problem, a policy failure, or both? Watch to find out — and tell us in the comments if you’ve ever placed a big bet with your money. Chapters: 00:00 Introduction 01:10 The high-risk landscape 02:15 Personal experience with risk 03:00 Demographics of gamblers and investors 04:35 Gambling vs investing 05:30 The Risks of sports gambling & prediction markets 06:52 The difference between zero-sum and negative-sum behaviour 08:53 The link between gambling & crypto trading 11:01 How the culture of gambling is hurting young men 12:22 How the housing crisis leads to financial nihilism 14:22 How big risks start to become rational choices 15:38 The role of social media  16:24 YOLO spending and the gendered aspect of risky bets 17:50 Mike drops a hockey metaphor 19:23 Solutions: Regulation, education and home ownership Research:  Canada Is Finally Regulating Stablecoins – Here’s Why It Matters Cryptocurrency trading, gambling and problem gambling "Giving Up": The Impact of Decreasing Housing Affordability on Consumption, Work Effort, and Investment Newsletter Sabrina mentions: 1 big thing: Gen Z plays the economy like a casino Are We Ignoring a Generation of Struggling Young Men? All Bets Are On: The Rise of Prediction Markets The Doom Spenders polymarket.com Website Traffic Demographics Gambling Statistics Canada 2026 – Unveiling Canada’s Gambling Landscape 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.

    23 min
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4.7
out of 5
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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
    158
  • Rating
    Clean
  • Copyright
    © 2026 The Missing Middle Podcast
  • Show Website
    The Missing Middle Podcast

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