The Missing Middle Podcast

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. Second-Time Buyers Are Screwed (And Ignored)

    1 DAY AGO

    Second-Time Buyers Are Screwed (And Ignored)

    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 Crisis 00:58 Trapped in the Starter Home:The Condo Squeeze 03:01 The Over-Focus on Shoebox Condos vs. Family Homes 04:13 How the Housing Dream Changed 05:44 Is the “Condo-to-Detached” Model a Ponzi Scheme? 06:39 The “Goldilocks” Scenario for Sustainable Housing Gains 08:16 Polling Data: What Ontarians Actually Care About 10:17 The Case for Extending HST Rebates Beyond First-Time Buyers 11:11 Policy Dorks vs. The Public: Finding Common Ground 14:00 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 Helping 18:43 Renters’ Rights & The Future of Canadian Housing Research Links: New OREA survey finds Ontarians support change and transparency in housing costs and policies Housing in Ontario: Perceptions, Impacts, And Solutions Unlocking Homeownership: What Canadians Want from Housing Policy A Blueprint to Restore Homeownership for Young Canadians Is Ontario Ready to Spend $895M to Jumpstart Homebuilding? 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
  2. The Meritocracy Myth: Is Canada Still the Land of Opportunity?

    6 DAYS AGO

    The Meritocracy Myth: Is Canada Still the Land of Opportunity?

    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 Introduction 00:46 Defining Meritocracy 1:12 Is Canada a Meritocracy?  02:41 Measuring Meritocracy Income and Polls 04:23 Generational Divide in Ipsos Poll 05:54 Fairness Equal Opportunity vs Outcomes 07:15 Economists on Eroding Social Mobility 09:07 Increasing Distrust in Institutions & Distrust of Politicians 09:47 Changing Minds Understanding New Realities 11:13 Housing Crisis and Social Mobility 12:45 The Role of Effort combined with Environment Research/links: Generational Disconnect In Canada Ipsos Equalities Index 2025 - A 31-country Global Advisor Study https://www.ipsos.com/sites/default/files/ct/publication/documents/2025-08/generational-disconnect-in-Canada.pdf Trends in Intergenerational Income Mobility and Income Inequality in Canada Trends in Intergenerational Income Mobility and Income Inequality in Canada International Fairness Day 2024: Canada’s commitment to fairness for every generation is more than an empty slogan – but it’s not yet a reality https://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 studies https://www150.statcan.gc.ca/n1/pub/36-28-0001/2023012/article/00001-eng.htm 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
  3. The Statistical Illusion Inside Canada’s Housing Data

    18 MAR

    The Statistical Illusion Inside Canada’s Housing Data

    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 future Chapters: 00:00:00 Intro: The Housing Data Disconnect 00:01:06 The Problem With CMHC Housing Starts Data 00:04:06 How to Fix Misleading Housing Metrics 00:05:14 The One-Size-Fits-All Data Problem 00:05:49 Generational Shifts in Home Size 00:07:05 Reality vs Data: Smaller Homes and Composition Effects 00:08:14 The Collapse of Pre-Construction Sales 00:09:12 Future Housing Market Outlook  Research Links CMHC 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 Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

    10 min
  4. Why You Can’t Find a Rental for Your Family (It’s Not Just the Price)

    13 MAR

    Why You Can’t Find a Rental for Your Family (It’s Not Just the Price)

    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 Introduction 00:42 Challenges Finding Family-Sized Rental Apartments 01:54 How European Families Live in City Apartments 02:46 Why European-Style Apartment Units Are Illegal Here 03:40 North American Apartment Layouts Create Space Issues 04:15 Unintended Consequences of Prescriptive Building Codes 04:57 pop up https://youtu.be/TF63Xj_QtjM?si=YKMdLHIs8b_Nchgx 05:03 pop up https://youtu.be/WpT0YDY8ejM?si=OIIEQm-y76TZlPEB 06:05 Structural Problems in Housing Regulations 08:07 Zoning Makes Low-Rise Family Apartments Difficult 09:48 Optimism and Next Steps for Policy Change Research/links: Why we can’t build family-sized apartments in North America https://www.centerforbuilding.org/article/why-we-cant-build Why Single Stairways are Heaven for Homebuilding https://youtu.be/WpT0YDY8ejM?si=OIIEQm-y76TZlPEB How Elevator Rules Cost Us Homes https://youtu.be/TF63Xj_QtjM?si=YKMdLHIs8b_Nchgx North America's Elevator Problem https://www.youtube.com/watch?v=Or1_qVdekYM&t=1s Addressing the concerns around single-staircase apartments https://www.youtube.com/watch?v=ozwkP9Zsi0Y Why We Don't Build More Apartments for Families | Odd Lots https://www.youtube.com/watch?v=76IHpt6q9ME Broken Zoning: Why We Can’t Fix the Housing Crisis Without a Map https://youtu.be/yuAsjJsiuyQ?si=1DDXn4pIGUvSjmgC Single Stair Buildings for San Francisco: The Key to Building Small Scale Infill Housing https://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.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.

    11 min
  5. Out of Nowhere: How Canada Fell Behind Alabama

    11 MAR

    Out of Nowhere: How Canada Fell Behind Alabama

    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 Stung 01:03 - Defining GDP per Capita 02:54  Canada's Decline in Global Well-Being Rankings 04:11 The Happiness Gap: Seniors vs. Gen Z & Millennials 04:57 The “Household Wealth Irony: Why High Home Prices Are Deceptive 05:34 A Tale of Two Countries: The Generational Wealth Split 07:21 The "Floor" Argument: Why Alabama is More Stable for Youth 09:47 The Stark Reality: Seniors are 9x Richer Than Their Grandchildren 10:47 The Resource Curse: Complacency Without the Riches 12:23 Canada’s Biggest Problem: The “At Least We’re Not American” Mindset 15:24 Patriotism Through Criticism: Why We Must Admit There’s a Problem Research: Sabrina Maddeaux: Canada didn't become poorer than Alabama 'out of nowhere https://nationalpost.com/opinion/canada-didnt-become-poorer-than-alabama-out-of-nowhere Canada’s global performance rankings are in freefall https://thehub.ca/2026/02/26/canadas-global-performance-rankings-are-in-freefall/ How Canada became poorer than Alabama https://www.theglobeandmail.com/business/article-out-of-nowhere-canada-became-poorer-than-alabama-how-is-that-possible/ World Happiness Report 2025 https://www.worldhappiness.report/ed/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.

    17 min
  6. The Giant Planning Error That Destroyed Housing Supply

    6 MAR

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

    4 MAR

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

    27 FEB

    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
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Hosts & Guests

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
    163
  • Rating
    Clean
  • Copyright
    © 2026 The Missing Middle Podcast
  • Show Website
    The Missing Middle Podcast

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