The Missing Middle with Mike Moffatt and Sabrina Maddeaux

Cara Stern, Mike Moffatt, and Meredith Martin
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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. 5D AGO

    Why Rent Control Might Be Hurting the People It’s Meant to Help

    Host Cara Stern is back from parental leave, and she and Mike are jumping right into one of the most debated topics in housing policy — rent control. Inspired by Zohran Mamdani's campaign rent freeze proposal, they dig into how these rules shape the housing market, not just for landlords and tenants, but for entire cities. While rent control offers stability and predictability for those lucky enough to have it, it can also quietly freeze people in place — making it harder to move for a new job, grow a family, or even downsize later in life. In this episode, they explore how rent control affects mobility, opportunity, and fairness between long-term renters and newcomers. From young families trying to upsize to seniors staying put in oversized apartments, Cara and Mike unpack the tradeoffs behind this well-intentioned policy. Is rent control helping affordability, or holding cities back from building the housing we actually need? Chapters: 01:00 Introduction 01:19  Zahran Mamdani's rent control policy overview 01:44 Rent control explained 02:19 Mike gives an example of how rent control locks people into place 05:20 How being locked into place effects family planning 07:28 How being locked into place effects seniors downsizing 09:34 Rent control hurts people who need to move 10:03 The distributional consequences of rent control  10:45 How newer tenants subsidize newer tenants 12:39 Cara proposes an NIMBYism theory 13:21 Mike counters with “unintended consequences” 15:18 If rent control disappears mobility increases 17:36 Should rent control be abolished in Ontario? Research/links Housing Market Spillovers: Evidence From The End Of Rent Control In Cambridge Massachusetts https://www.nber.org/system/files/working_papers/w18125/w18125.pdf Stats Can data: Housing suitability of private household Rent controls do far more harm than good, comprehensive review finds Rent controls do far more harm than good, comprehensive review finds — Institute of Economic Affairs Renters’ shelter costs by duration of tenancy Renters’ shelter costs by duration of tenancy Mamdani Seeks to Freeze Rents on Stabilized Units. What About the Rest? Mamdani Seeks to Freeze Rents on Stabilized Units. What About the Rest? - The New York Times The Misallocation of Housing Under Rent Control The Misallocation of Housing Under Rent Control - American Economic Association rentcontrol.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.

    19 min

  2. NOV 5

    How Canada Fell Behind the World on Housing Affordability

    This week on The Missing Middle Podcast, Mike Moffatt and Sabrina Maddeaux bust some myths and take a hard look at Canada’s place in the global housing landscape. Drawing on new OECD data, they reveal why Canada’s housing affordability crisis is among the worst in the developed world—with home prices having risen more than twice as fast as incomes since 1999. They compare Canada’s record to other OECD countries (spoiler: it’s not flattering) and highlight where affordability has been successfully maintained (hint: not here). Sabrina offers a theory on why both Canada and Australia are failing so badly at keeping homes affordable, and together, she and Mike make the case for dropping the excuse that this is just a “global trend.” Chapters: 00:00 Introduction  01:30 Game:React to the Boomer Comment 02:40 Young people don’t want responsibility? 03:59 Global trend or Canadian crisis? 05:12 Missing Middle study on the global housing landscape 07:35 Home prices vs incomes 09:33 It’s worse in Canada, it’s us, we’re the problem 12:30 Which countries are better at affordability? 15:00  Possible reasons Canada and Australia are struggling with affordability? Housing report card: https://jhelmer.quarto.pub/rescon-state-of-the-sector-quarterly-reports/12-report-card-brantford.html Derek Thompson Sunstack  - Chart 10 https://www.derekthompson.org/p/the-25-most-interesting-ideas-ive?utm_source=www.profgmarkets.com&utm_medium=newsletter&utm_campaign=nvidia-to-invest-5-billion-in-intel Canada vs. the World: The Worst Record on Housing Affordability Since 2004 https://www.missingmiddleinitiative.ca/p/canada-vs-the-world-the-worst-record OECD Affordable Housing Database: https://www.oecd.org/en/data/datasets/oecd-affordable-housing-database.html 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.

    20 min

  3. OCT 29

    Do You Have a CRA Horror Story?

    The Canada Revenue Agency is facing a public crisis: long delays, wrong assessments, and frustrated taxpayers. Hosts Sabrina Maddeaux and Mike Moffatt unpack the CRA’s 100-day “fix,” why it’s only a Band-Aid solution, and the deeper structural issues inside Canada’s tax system. From call-centre chaos to a tax code even accountants struggle to understand, this episode explores how CRA policies are eroding public trust and what real reform would look like. Mike also shares his personal experience battling denied medical expense claims and the endless back-and-forth with CRA agents. Together, they discuss the Taxpayer’s Bill of Rights, the agency’s growing enforcement powers, and why ordinary Canadians are being left behind by a broken system. Chapters 00:00 Introduction  00:42 CRA's challenges 02:35 An incredibly complicated tax code  03:42 Understanding taxpayer complaints 04:50 Guilty until proven innocent 06:16 The numbers behind objecting to assessments 08:52 The taxpayer bill of rights 10:05 Personal experiences with CRA 13:42 BOOM! Research/links: There are much bigger problems with the CRA than just long hold times This is the real problem with the Canada Revenue Agency Taxpayer Bill of Rights https://www.canada.ca/en/revenue-agency/corporate/about-canada-revenue-agency-cra/taxpayer-bill-rights.html 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. OCT 22

    The Rental Paradox: Why Lower Prices Aren't Enough

    Rents are finally dropping in many Canadian cities, yet finding an affordable, decent apartment still feels impossible. What’s going on with the rental market? In this episode, Sabrina Maddeaux sits down with Max Steinman, CEO of RentSync and Rentals.ca, to unpack what’s driving the recent rent declines, how rent control policies backfired, and why “financialization” isn’t the villain it’s made out to be. We dive into how younger Canadians are coping with record-high housing costs, what renters should know about purpose-built rentals vs. condos, and how government policies might actually be making things worse. Tell us your rental horror stories or questions at missingmiddlepodcast@gmail.com Check out current rent data at Rentals.ca Subscribe for more honest conversations about the housing crisis, policy failures, and creative solutions for the Missing Middle of Canada’s cities. Chapters 00:00 Intro: Why Economists Hate Rent Control 00:15 Why rents are falling even as it feels harder than ever to find a place 01:00 The “perfect storm” behind today’s rental slowdown 03:45 How low churn rates and stagnant mobility worsen the crunch 05:10 Why Canada’s rental experience feels broken 07:00 How rent control backfired (and why landlords aren’t upgrading units) 09:45 Purpose-built rentals vs. condos: What renters need to know 13:00 Why vacancy control sounds good but hurts renters long-term 16:00 The myth of “financialization” in housing 19:00 Why REITs get so much hate, and what people get wrong 21:40 How Rentals.ca and RentSync are trying to modernize the rental experience 23:10 Closing thoughts and where to find Canada’s latest rent data Links/Research: The Missing Middle: REITs, Rent & Rage: Canada’s Housing Tug-of-War https://www.youtube.com/watch?v=N7_vF7vodws Rentals.ca National Rent Report – The data behind Canada’s rent trends, published monthly by Max’s team. https://www.rentals.ca/national-rent-report Can Homes Become Affordable Without Prices Going Down? – Missing Middle Initiative (April 2025)  https://www.missingmiddleinitiative.ca/p/can-homes-become-affordable-again Solving the Housing Supply Crunch: A 10-Step Plan for Federal Action – Missing Middle Initiative (August 2025)  https://www.missingmiddleinitiative.ca/p/solving-the-housing-supply-crunch From 40 to 100 Million: How Will Immigration Impact Canadian Housing? – Missing Middle Initiative  https://substack.com/home/post/p-165627719 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

  5. OCT 15

    Nightmare on Craven Road: When Local Politics Derail Citywide Housing Goals

    What happens when one city councillor gets Toronto council to vote in favour of “studying” garden suites on a single block, potentially undoing years of zoning reform? In this episode of The Missing Middle, Mike Moffatt and Meredith Martin dig into the Craven Road and Parkmount Avenue dispute to reveal how neighbourhood politics, NIMBYism, and endless “consultation” are slowing Toronto’s housing progress. From the satirical truth of McSweeney’s “Every NIMBY Speech at a Public Hearing” to the real frustrations of current and future home owners, Meredith and Mike explore why the city’s gentle density goals keep stalling, and how one councillor’s compromise could set a dangerous precedent for zoning across the city. Chapters 00:00 Introduction  01:47 The NIMBY phenomenon 03:32 Outlining the Craven and Parkmount garden suite dispute 05:45 Proposed compromises and their implications 07:30 Mike’s take on the compromise plan 09:29 Good zoning reforms make good neighbours 10:14 Future residents are excluded from the process 11:49 The Role of city councillors, residents and planners 14:15 Call to action Research/links: Every NIMBY’s Speech At a Public Hearing https://www.mcsweeneys.net/articles/every-nimbys-speech-at-a-public-hearing NIMBYs will Fight Even the Gentlest of Density https://youtu.be/6WavljFV7fM?si=O3jyplV1JRwiIxtd Paula Fletcher https://www.toronto.ca/city-government/council/members-of-council/councillor-ward-14/ Notice of Public Meeting - City-Initiated Amendment to Zoning By-law 569-2013 for performance standards for garden suites on through lots (Parkmount Road / Craven Road) - 91-209 Parkmount Road (Odd Addresses Only) and 160 Mountjoy Avenue https://secure.toronto.ca/nm/api/individual/notice/6660.do How Cities Keep Screwing up Multiplex Housing https://youtu.be/MeojzNbB6Io?si=fbZ8hl3b6vnN-DrL Broken Zoning: Why We Can’t Fix the Housing Crisis Without a Map https://youtu.be/yuAsjJsiuyQ?si=iWyBl1j_LfNJ4S3y Simpson reference: https://youtu.be/lOTyUfOHgas?si=mbIwSskm6Jdll8yU Journal of a New COBRA Recruit https://www.mcsweeneys.net/articles/journal-of-a-new-cobra-recruit 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

  6. OCT 8

    Eastbound and Outpriced: The Great GTA Family Migration

    Ontario’s family housing crisis is spreading fast, and it’s not just a GTA problem anymore. In this episode of The Missing Middle podcast, Sabrina Maddeaux and Mike Moffatt delve into a new report that reveals how the shortage of family-friendly homes in the GTA is driving young families east and south, reshaping entire regions from Peterborough to Ottawa.  Chapters 00:00 Introduction  01:55 Understanding ground-oriented ownership homes 04:00 The ripple effect of GTA's housing shortage 06:40 Population growth and its impact on housing 09:00 Drive-until-you-qualify: migration patterns 13:29 Future projections for housing needs 16:08 How eastern Ontario should prepare for population growth 18:30 You can’t expect families to change their preferences 19:58 Would Sabrina ever move east? Research/links: Read our report here https://www.missingmiddleinitiative.ca/p/families-on-the-move-670000-more Who Really Wins with Return-to-Office Mandates? https://youtu.be/208zVYQWfh4?si=Gg3hdhPRr_iJItjY Hosts:  Sabrina Maddeaux https://x.com/SabrinaMaddeaux  Mike Moffatt https://twitter.com/MikePMoffatt https://bsky.app/profile/mikepmoffatt.bsky.social Producer: Meredith Martin  https://twitter.com/meredithmartin  @meredithmartin.bsky.social Editor: Sean Foreman @seanegertonforeman @seanforeman.bsky.social Coop Student: Djeima Alicia Ramos This podcast is funded by the Neptis Foundation https://neptis.org/ Brought to you by the Missing Middle Initiative https://www.missingmiddleinitiative.ca/ 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.

    22 min

  7. OCT 1

    From Kraft Dinner to Condos: The Great Shrinkage

    In this episode of The Missing Middle, Mike Moffatt and Sabrina Maddeaux dig into the rise of shrinkflation, from grocery store products like cereal and Kraft Dinner to Canada’s shrinking condos, and reveal how companies, developers, and government policies are quietly giving Canadians less for more. From deceptive packaging and behavioral economics tricks to the rise of shoebox condos and poor layouts, we explore how rising costs, investor-driven development, and flawed housing policies are reshaping everyday life. If you’ve ever wondered why your groceries don’t stretch as far or why today’s apartments feel more like closets than homes, this is a conversation you won’t want to miss. Chapters 00:00 Introduction 01:08 Understanding shrinkflation 02:54 Sabrina’s a KD fangirl - who knew? 05:12 The economics behind shrinkflation 07:22 Price anchoring explained 08:25 The shrinking size of living spaces 11:52 Why are units getting so much smaller? 15:39 What’s driving bad design? 18:02 Generational perspectives on housing preferences 19:22 Constrained optimization explained 21:26 Is the investor condo market dead? 23:30 Policy changes to combat shrinkflation research/links: Working paper Mike refers to:  Shrinkflation∗ https://drive.google.com/file/d/15tpbhBziggFL-RvjlVgjqBQcNXzcIrWh/view Condo size data https://www.mpac.ca/en/News/PressRelease/spacioushomescompactcondosMPACdatarevealsshiftinghousingtrendsacrossOntario  The condo crash won’t fix our housing problem. In fact, it just might make it worse https://www.thestar.com/opinion/contributors/the-condo-crash-wont-fix-our-housing-problem-in-fact-it-just-might-make-it/article_7c44519f-cdbe-4978-b575-ffc1ef9a76bd.html Hosts:  Sabrina Maddeaux https://x.com/SabrinaMaddeaux  Mike Moffatt https://twitter.com/MikePMoffatt https://bsky.app/profile/mikepmoffatt.bsky.social Producer: Meredith Martin  https://twitter.com/meredithmartin  @meredithmartin.bsky.social Editor: Sean Foreman @seanegertonforeman @seanforeman.bsky.social Coop Student: Djeima Alicia Ramos This podcast is funded by the Neptis Foundation https://neptis.org/ Brought to you by the Missing Middle Initiative https://www.missingmiddleinitiative.ca/ 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.

    26 min

  8. SEP 24

    Ontario’s Housing Sales Collapse: It’s Not Just Toronto Condos

    Ontario’s housing market is in crisis, and it’s not just condos in downtown Toronto. In this episode of The Missing Middle Podcast, Mike Moffatt and Sabrina Maddeaux break down a bleak new report on housing starts and sales across 34 municipalities. From plummeting pre-construction sales and stalled ground-oriented homes, to the looming loss of 21,000 jobs, we explore why affordability is worse than ever, why government housing targets are falling short, and what it all means for buyers, renters, and the economy. Chapters 00:00 Introduction and overview of the housing crisis  01:59 Insights from the residential construction report card 03:19 Falling housing starts and rising unemployment 04:10 Understanding housing starts and sales dynamics 06:01 What is a housing start? 08:00 1.5 million homes by 2032 is unachievable  09:19 Any good news? 10:02  Political accountability and the housing crisis Research/Links: Failing Grades, Falling Starts: Ontario Housing’s Bleak Mid-Year Checkup Condo Crashes, Shrinkflation, & The Death of Homeownership? 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.

    13 min
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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.

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