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. Carney’s Canada After 1 Year: What’s Working (and What’s Not)

    1D AGO

    Carney’s Canada After 1 Year: What’s Working (and What’s Not)

    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 inflation The worsening housing affordability crisis A fragile job market, especially for young Canadians Canada’s high-stakes relationship with Donald Trump and the United States Ongoing challenges in immigration policy and planning Along 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 Ever 00:00:30 Looking Back: How the Conservatives Lost a “Guaranteed” Win 00:02:13 The Senior Vote That Reshaped Canadian Politics 00:03:25 Grading the Government 00:04:36 Issue #1: Cost of Living 00:09:04 Issue #2: Economy & Jobs — Youth Employment Concerns 00:13:44 Issue #3: Trump, Trade & Canada–U.S. Relations 00:16:20 Issue #4: Immigration — Lack of Long-Term Plan 00:20:22 Issue #5: Housing Affordability — Mixed Progress 00:22:19 Ontario Housing Deals Change the Grade Research: https://x.com/DavidColetto/status/2043400016639983755/photo/1 https://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 About https://youtu.be/UcTsszcmVbo?si=1o3ECKoYBZk5uDTn Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    24 min
  2. Did Housing Affordability Kill Climate Action?

    APR 23

    Did Housing Affordability Kill Climate Action?

    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 emissions Chapters: 00:00 Introduction: Climate Action vs. Affordability Trade-off 00:22 The Worrying Drop in Climate Change as a Top Priority 01:20 Climate Engagement Remains Strong Despite Affordability Issues 02:23 Who Are the Conscious Consumers? Income, Age, and the Moral Obligation 03:25 Generational Views on Climate Hope and Hopelessness 04:45 Why Bother? The Feeling of Tiny Individual Efforts 05:57 Government Action: Massive Mandate vs. Lack of Clear Plan 07:38 Blending Environment and Finance: Smart Housing Policy Solutions Research/links: https://moreandbetterhousing.ca/2024/11/19/fourpathways/ https://angusreid.org/election-2019-climate-change/ Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    11 min
  3. Rents Are Dropping… So Why Expand Rent Control?

    APR 22

    Rents Are Dropping… So Why Expand Rent Control?

    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 Supply 01:38–02:58: CMHC Report Findings and the Impact of Supply on Decreased Rents 02:58–03:46: The Link Between Immigration Policy and Housing Scarcity 03:46–04:27: Future Rental Market Forecast: Supply-Demand Mismatch 04:27–05:38: Developers' Investment Decisions Based on Future Immigration Targets 05:38–09:24: The Core Debate: Personal Experience, Stability, and Rent Control's Impact on Supply 09:24–10:26: Detailed Breakdown of Manitoba's Bill 13 Rent Control Expansion 10:26–12:36: Controversy Over Above Guideline Increases (AGI) and Renters' Need for Stability 12:36–15:14: Concerns Over Sustainability, Discouraging Investment, and Who Should Cover Landlord Costs 15:14–16:17: Final Thoughts on Bill 13 and Conversation Conclusion Research/Links: NDP plan to expand Manitoba rent control protections https://www.cbc.ca/news/canada/manitoba/manitoba-residential-tenancies-changes-renters-9.7125916 Big rent hikes — a made-in-Manitoba problem https://www.policyalternatives.ca/news-research/big-rent-hikes-a-made-in-manitoba-problem/ Rent control killing jobs: landlords https://www.winnipegfreepress.com/breakingnews/2026/04/07/rent-control-killing-jobs-landlords Bill 13 - THE RESIDENTIAL TENANCIES AMENDMENT ACT https://web2.gov.mb.ca/bills/43-3/b013e.php Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    16 min
  4. What’s Making Young Canadians So Unhappy? The Data Is Brutal

    APR 17

    What’s Making Young Canadians So Unhappy? The Data Is Brutal

    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. Chapters 00:00 Intro: The U-Shape of Happiness and Midlife Crisis 00:51 Canada's New Phenomenon: Young Adults Are Less Happy 01:48 From 5th to 25th: Canada's Global Happiness Ranking 03:00 How Happiness is Measured: The Gallup Poll Ladder Question 04:43 The Fundamental Equation of Happiness: Expectations vs. Reality 06:11 Canada's Mixed Ratings: Inequality and "Option Freedom" 07:18 Social Media's Impact: Passive vs. Communication Platforms 08:50 The Real Solution: Fixing Middle Class Housing and Policy Choices Research/links: World Happiness Report 2026 | The World Happiness Report https://www.worldhappiness.report/ed/2026/ Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    11 min
  5. Greed Vs. Fear: The Economic Policy Killing Canadian Innovation

    APR 15

    Greed Vs. Fear: The Economic Policy Killing Canadian Innovation

    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 Worked 00:01:42 | Canada's Long Decline: The Charles Lamman Critique 00:03:15 | Don Drummond’s Confessions: The Failure of Decades of Policies 00:04:14 | Red Tape: The Omission That Stops Building 00:04:51 | The Core Flaw: Too Much Greed, Not Enough Fear 00:06:46 | Corporate Welfare and the Temporary Foreign Worker Trap 00:08:01 | Canada’s National Risk Aversion: Why Retailers Look South Research: Labour productivity and related measures, by business sector industry, seasonally adjusted, fourth quarter 2025 Productivity is an urgent problem for Canada. The response? A 15-year study Confessions of a Serial Productivity Researcher Canada: Q4 Productivity Slips Under the Weight of Tariffs and Uncertainty From Bad to Worse: Canada’s Productivity Slowdown is Everyone’s Problem Eighteen ideas on how to kickstart the Canadian economy What Is Canada’s Productivity Performance and How Does It Compare to Other Countries?* Towards An Inclusive Innovative Canada https://canada2020.ca/wp-content/uploads/2017/02/020317-EN-FULL-FINAL.pdf https://www.ft.com/content/b7e6996b-f896-4a45-aad3-d1068e88341a?syn-25a6b1a6=1 Out of Nowhere: How Canada Fell Behind Alabama Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    11 min
  6. The "Zombie Myth" About Why Birth Rates Are Dropping

    APR 10

    The "Zombie Myth" About Why Birth Rates Are Dropping

    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.12624 Fertility Incentives in Canada: A Cohort Analysis – Lee and Liu (2024) https://clef.uwaterloo.ca/wp-content/uploads/2024/09/CLEF-075-2024.pdf The 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.pdf Not 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-Cohort Workism 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 | OECD https://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.html Why Americans Are Delaying Parenthood https://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 Report https://www.worldhappiness.report/ed/2026/ She’s (Not) Having a Baby https://www.cardus.ca/wp-content/uploads/2023/01/Shes-Not-Having-a-Baby.pdf Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    16 min
  7. The Sneaky Tax Hike Nobody Voted For

    APR 8

    The Sneaky Tax Hike Nobody Voted For

    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 Power 02:32 The Accountability Issue: Why Stealth Tax Increases Matter 04:06 How Bracket Creep Hits Income Earners and the Generational Divide 06:17 The Problem with Ontario's Outdated Surtax Thresholds 08:36 Political Ramifications and the Erosion of Trust in Institutions 10:10 The Need for a Tax Code Rethink Research/links:Sabrina's National Post column (source document): Sabrina Maddeaux: Provinces are profiting from your inflationary pain | National Post Canadian Taxpayers Federation report on Manitoba bracket freeze: Newsroom Kelowna Capital News on BC bracket freeze revenue projections: Detailing B.C.’s tax changes in Budget 2026, including income tax increases | Kelowna Capital News Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    13 min
  8. How to Save $130,000 on Your New Home in Ontario

    APR 3

    How to Save $130,000 on Your New Home in Ontario

    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 Charges 01:22 - Overview of HST Changes 01:52 -  History of Previous Rental and Ownership Rebates 02:58 - Expanding Eligibility Beyond First-Time Buyers 05:32 - Addressing the "Demand Subsidy" Misconception 07:25 - Will Developers Pass Savings to the Buyer? 09:04 - The Impact on Land Values and the Need for Reform 10:05 - Historical Comparison of Government Taxes and Fees 11:26 - How Accurate are the Government Numbers? 12:42 - Projected Impact and the One-Year Program Limit 14:09 - Retroactive Eligibility and Final Thoughts Research/links: Doug Ford and Mark Carney to expand HST rebate to all new home buyers https://www.thestar.com/news/canada/exclusive-ford-and-carney-to-expand-hst-rebate-to-all-new-home-buyers/article_55543d47-86b9-466d-bd17-6155c4d62097.html Doug Ford and Mark Carney to expand HST rebate to all new home buyers : r/canadahousing https://www.reddit.com/r/canadahousing/comments/1s3a8cs/doug_ford_and_mark_carney_to_expand_hst_rebate_to/ Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    16 min
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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
    173
  • Rating
    Clean
  • Copyright
    © 2026 The Missing Middle Podcast
  • Show Website
    The Missing Middle Podcast

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