The Missing Middle Podcast

Cara Stern, Mike Moffatt, and Meredith Martin
  • 4.0 (4)
  • 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. AI is Killing Entry-Level Jobs: The 13% Drop Nobody is Talking About

    17H AGO

    AI is Killing Entry-Level Jobs: The 13% Drop Nobody is Talking About

    Yesterday, Bank of Canada governor Tiff Mackem warned that early evidence shows AI is reducing the number of entry-level jobs available.  Are we heading toward a future of mass unemployment, or is AI just the latest "calculator" to change how we work? Cara Stern and Mike Moffatt dive deep into the data behind AI's impact on demographics and the workforce. While Mike leans into historical optimism, Cara brings the receipts: a recent Stanford study showing a 13% drop in employment for young workers in AI-exposed fields since the release of ChatGPT. We explore which jobs are "AI-proof," why Gen X seems to be winning (again), and what policy changes could help young people get a foot in the door. Chapters: 00:00 Introduction 00:29 Why Mike is unconcerned about AI taking his job 01:30 Why Cara is worried about AI 02:21 Young works AI exposed jobs see 13% drop 03:52 Examining AI exposed occupations 04:30 How AI impacts different cohorts of workers 06:12 Understanding the impact of AI on wages 06:54  Being well rounded is the best protection 08:16 Trades, healthcare and education will continue to be in demand 09:20 Mike shares a story from the olden times 10:00 Mike’s take on going into the trades 11:20 Mike on wages 12:18 Focus on developing skills 13:17 The role of policymakers and solutions Research/links: Canaries in the Coal Mine? Six Facts about the Recent Employment Effects of Artificial Intelligence Youth in Canada will need help gaining experience in the AI era No to being young again; The struggles of Canadian youth employment - CIBC Capital Markets Canada must pioneer AI adoption that creates job opportunities: Ryan Khurana in Canadian Affairs | Macdonald-Laurier Institute Canaries in the Coal Mine? Six Facts about the Recent Employment Effects of Artificial Intelligence Youth in Canada will need help gaining experience in the AI era No to being young again; The struggles of Canadian youth employment - CIBC Capital Markets Canada must pioneer AI adoption that creates job opportunities: Ryan Khurana in Canadian Affairs | Macdonald-Laurier Institute 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
  2. Canada’s Starter Home Is Dead

    2D AGO

    Canada’s Starter Home Is Dead

    Canada’s housing ladder is broken. In this episode of Missing Middle, Sabrina Maddeaux and Mike Moffatt explain why the starter home no longer works and how an entire generation has been locked out of moving up. They compare buying a detached home in 2004 for $168,000 with today’s reality, where condos fail as a first step and buyers are trapped with no clear path forward. The conversation explores how this breakdown affects family formation, careers, ambition, and Canada’s economic future.= If homeownership feels impossible, this episode explains why and why it matters. Do you still believe the starter home works, or has the housing ladder completely collapsed where you live? Chapters: 00:00 — What “Buying Your First Home” Used to Look Like 00:40 — Mike’s First House: A Brand-New Detached Home… as a “Starter” 01:47 — Why That Dream Is Gone for Today’s Buyers 02:29 — What “Starter Home” Means Now vs. Then 05:23 — “Aging Out” of the Starter Home 07:03 — Trapped in a Condo 09:58 — The “Second-Time Buyer Problem” Explained 11:09 — Housing, Birth Rates, and Canada’s Demographic Crisis 13:37 — Careers Limited by Real Estate, Not Talent 18:45 — Why Politicians Are Getting This Wrong Research links: Teranet Market Insights Q1 2025 National Bank Housing Affordability Monitor CMHC Housing Market Outlook 2025 CMHC Housing Supply Report 2025 Royal LePage House Price Survey and Market Forecast Statistics Canada - Homeownership and Mortgage Debt of Tax Filers CIBC Economics - Housing Affordability Reports 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.

    25 min
  3. Canada’s Demographic Time Bomb: What Boom, Bust & Echo Got Right

    JAN 30

    Canada’s Demographic Time Bomb: What Boom, Bust & Echo Got Right

    Canada’s housing crisis. Youth unemployment. Immigration debates. A broken healthcare system. What if we told you a book published in 1996 predicted almost all of it? In this episode of The Missing Middle, Cara Stern and Mike Moffatt revisit the Canadian classic Boom, Bust & Echo to explore how demographics, especially the aging of the baby boomers, reshaped Canada’s economy, housing market, job prospects, and public policy. We break down: • Why youth unemployment was a policy choice • How demographics quietly drive housing prices • What governments got right — and very wrong • Why immigration policy, real estate, and healthcare are deeply connected • And how Canada ended up with a generational economic imbalance This isn’t just history. It explains why life is harder for young Canadians today and what choices led us here. If you care about housing affordability, jobs, immigration, public policy, and Canada’s economic future, this episode is for you. Chapters: 00:00 Introduction 00:49 Why Boom, Bust, and Echo (BBE) still matters 03:00 What the book got right and wrong 04:25 Prediction about the rise of home health care 06: 06 Policy dilemma: high demand for PSWs & balancing budgets 08:12 Immigration policy advice from Boom, Bust and Echo 09:03 Governments didn’t take the advice  10:55 BBE real estate prediction 11:45 Housing market predictions: what went wrong 15:10 Boomers, Millennials & real estate 16:40 BBE prediction on future changes to taxation policy 17:13 The politics of moving taxation from income to capital 19:50 Real estate prediction for aging boomers 20:34 Naturally occurring retirement communities 23:40 Following where people actually live 24:47 Demographics are facts that help us understand the future    Research/links: Boom, Bust & Echo: How to Profit from the Coming Demographic Shift https://www.amazon.ca/Boom-bust-echo-profit-demographic/dp/0921912978 David Foot on Aging Society & Youth https://www.youtube.com/watch?v=Gy7y2w9i_aA What David Foot didn't tell us https://www.theglobeandmail.com/life/what-david-foot-didnt-tell-us/article784233/ Finding Naturally Occurring Retirement Communities - Agenda segment https://www.youtube.com/watch?v=Ynlwpsye2c0 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
  4. These Changes Can Help Make Homes Affordable for Young People

    JAN 28

    These Changes Can Help Make Homes Affordable for Young People

    In this episode of The Missing Middle, Mike Moffatt and Sabrina Maddeaux dig into why homeownership for Canadians under 40 has fallen off a cliff. Spoiler: it’s not just zoning, NIMBYs, or avocado toast. The federal government plays a much bigger role in today’s housing mess than it likes to admit. They break down how rapid population growth collided with a massive slowdown in building family-sized homes, why “dog-crate condos” became the default housing plan, and how taxes, development charges, and investors quietly push prices even higher. They also ask the uncomfortable question: do first-time buyer programs actually help young people — or just lock in high prices? From down payments that feel impossible, to policies that accidentally reward investors over families, this episode gets into what’s broken, who benefits, and what Ottawa could actually do if it wanted to bring the dream of homeownership back to life. If you’ve ever wondered how Canada managed to make buying a home feel impossible — this one’s for you. 00:00 – Intro: Is the dream of homeownership dead? 01:08 – The Federal Role: Debunking the "Provincial Responsibility" trope 01:58 – How Federal immigration and monetary policy impact housing 04:12 – A Blueprint to Restore Homeownership: The 4 big hurdles 06:30 – Not All Units are Equal 10:22 – How Population Growth Affects Supply and Demand 12:06 – Time to Reduce Taxes on Homes 14:05 – Making It Easier for First-Time Buyers 16:14 – Will these Policies just Drive Prices Up? 17:59 – The "Second-Time Buyer" crisis and downsizing seniors 21:09 – Incentivizing Seniors to Downsize 22:00 - Getting investors out of single-family homes: The MURB plan Research/Links A Blueprint to Restore Homeownership for Young Canadians https://www.missingmiddleinitiative.ca/p/a-blueprint-to-restore-homeownership The Quiet Death of the Investor Condo? MURBs May Change the Game https://www.missingmiddleinitiative.ca/p/the-quiet-death-of-the-investor-condo How to get single family homes out of the hands of investors https://www.thestar.com/opinion/contributors/this-is-how-the-government-can-get-single-family-homes-out-of-the-hands-of/article_0f92b0f4-e67e-4a84-aa62-2c9316492363.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.

    25 min
  5. You’ll Own Nothing and Be Happy: Is That Our Future?

    JAN 23

    You’ll Own Nothing and Be Happy: Is That Our Future?

    Do you actually own the things you pay for anymore? In this episode of the Missing Middle Podcast, economist Mike Moffatt and Cara Stern explore how ownership is quietly disappearing from everyday life—and what that means for consumers, younger generations, and the economy as a whole. From streaming services and digital books to video games, cars, exercise bikes, and even housing, more and more products are shifting from one-time purchases to subscription-based access. While these models offer convenience and regular updates, they also raise serious concerns about control, pricing, and long-term access. Mike and Cara examine the “illusion of ownership” and more about “constrained optimization,” where economic circumstances make traditional ownership nearly impossible for younger generations. Questioning if we are being pushed into a future where the top 0.001% owns all assets while the middle class is permanently transformed into a generation of renters. Mike and Cara break down the policy choices required to reclaim property rights and protect the Canadian dream of actually owning the things you pay for. Is society moving toward a future where access replaces ownership? And what do we give up when that happens? 👇 Share your thoughts in the comments:  Are subscriptions worth the convenience, or are we losing something more important? 📩 Questions or feedback? Email us at missingmiddlepodcast@gmail.com Chapters: 00:00 Introduction 00:56 What was the best year for music ever? 02:13 The loss of physical media 03:30 Millennials and the benefits of digital 05:37 The illusion of digital ownership and revoked access  06:40 Digital subscription models  10:10 Rentier capitalism  12:35 The benefits and downsides of subscription  14:04 Two schools of thought on ownership  15:30 Constrained optimization in housing and cars  18:07 The future of ownership and rentier capitalism 19:26 You'll own nothing and be happy  20:47 A way out: The right to repair Research/links: https://blog.roonlabs.com/44-days-in-91/ Welcome to 2030. I own nothing, have no privacy, and life has never been better Welcome to 2030. I own nothing, have no privacy, and life has never been better | by World Economic Forum | World Economic Forum | Medium https://medium.com/world-economic-forum/welcome-to-2030-i-own-nothing-have-no-privacy-and-life-has-never-been-better-ee2eed62f710 You'll own nothing and be happy https://en.wikipedia.org/wiki/You%27ll_own_nothing_and_be_happy 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
  6. The Hidden Tax on City Living: How Crime and Disorder Undermine Density

    JAN 21

    The Hidden Tax on City Living: How Crime and Disorder Undermine Density

    From breath mints and car break-ins to bouncers at the Rogers store, urban life is starting to feel a lot more “on alert.” In this episode of The Missing Middle, Mike Moffatt and Sabrina Maddeaux examine the rise of crime and disorder in our cities, as well as the disturbing data behind transit violence. However, this isn’t just about safety; it’s about the future of our neighbourhoods. If people don’t feel safe on the streetcar or the sidewalk, can we ever truly build the dense, walkable, “missing middle” communities Canada so desperately needs? This surge in disorder acts as a "hidden tax" on urban living, forcing residents to choose between the convenience of the city and the perceived security of the suburbs. By analyzing these shifts, we uncover how a lack of safety might be the biggest hurdle yet to solving our housing goals. Chapters: 00:00 Introduction: Crime, Disorder, and the Future of Cities 00:50 Car Break-ins and Security Measures 04:23 Personal Experiences on the Streetcar 05:02 By the Numbers: Rising Assaults on Canadian Transit 07:07 Why Density Requires Public Trust 09:00 Why Spouting Stats Doesn't Change Minds 13:58 The Political Disconnect on Urban Safety 16:49 Finding Solutions: Justice Reform and Mental Health 18:10 Why "visible progress" matters more than spreadsheets Research links: Transit violence rising across Canada — in some cities by nearly 300% Chris Arnande tweet The Slow-Motion Exodus: How GTA Outmigration Became Ontario’s Defining Trend The Politics of Safety: Why Bail Reform Is Striking a Chord with Canadians Sabrina Maddeaux: Canada’s suburban crime surge is exposing years of national security neglect It's Time to Talk About America's Disorder Problem Related reading/listening: OFF THE RAILS: Data exposes crime, mental illness at TTC’s track level More than 70 per cent of Ontarians feel less safe on transit than a year ago, survey suggests Homelessness, Social Disorder and Public Transit in Calgary, Canada: Examining perspectives from law enforcement through the lens of critical social theory 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
  7. How Birth Year Shapes Your Economic Future

    JAN 16

    How Birth Year Shapes Your Economic Future

    From avocado toast jokes to accusations of entitlement, every generation seems to get its turn in the stereotype spotlight. In this episode of The Missing Middle, economist Mike Moffatt and journalist Cara Stern dig into where these labels come from — and, more importantly, whether generations really do experience the economy differently. They explore how major historical shocks — from the Great Depression and World War II to 9/11, the Great Recession, and the pandemic — shape our values, anxieties, and opportunities. The conversation moves beyond clichés to examine how birth year, cohort size, housing markets, job markets, technology, and public policy combine to create very different economic realities for Boomers, Gen X, Millennials, and Gen Z. Chapters: 00:00 Introduction 00:37 Avocado toast & generational stereotypes 03:25 Horriscopes for statistical nerds? 04:46 The history of grouping people into generations 06:41 Mike’s genX and Cara’s millennial experiences  13:24 Understanding generational differences 15:55 Generation size, power & public Policy 19:40 Inherited wealth & pulling the ladder up 22:30 The ethos of DemograFix Research/links: https://marcuse.faculty.history.ucsb.edu/classes/201/articles/27MannheimGenerations.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.

    24 min
  8. Did the Greenbelt Break Ontario’s Housing System?

    JAN 14

    Did the Greenbelt Break Ontario’s Housing System?

    Ontario’s Greenbelt is often treated as untouchable — but is it actually making the housing crisis worse?In this episode of The Missing Middle, Mike Moffatt and Sabrina Maddeaux tackle the question viewers keep asking: can Ontario build enough family-friendly homes without touching the Greenbelt — and what happens if it doesn’t? They unpack how the Greenbelt was sold as a social contract, why governments never delivered the missing middle housing they promised, and how policies meant to stop sprawl may have actually pushed families farther away. The conversation breaks down four realistic paths forward: doing nothing, finally legalizing family-sized infill housing, cutting immigration to ease demand, or partially opening the Greenbelt — and why every option is politically fraught. Along the way, they explain leapfrog sprawl, why condos aren’t working for families, and how decades of policy avoidance have left young Canadians priced out and disillusioned. If you care about housing affordability, family-friendly neighborhoods, or the future of Ontario’s cities, this episode lays out the uncomfortable trade-offs politicians keep avoiding. Chapters: 00:00 – Introduction 00:47 – The Most Common Audience Question 01:50 – Is the Greenbelt Politically Untouchable Now? 05:23 – The Greenbelt’s Broken Social Contract 10:05 – What Families Actually Need in a Home 11:35 – How the Greenbelt Makes Sprawl Worse 14:00 – Has Anyone Studied Greenbelt Sprawl? 15:00 – Four Options for Housing vs the Greenbelt 15:53 - Option 1: Do Nothing 18:31 – Option 2: Fix Housing Without Expansion 23:48 – Option 3: Cutting Immigration 27:15 – Option 4: Opening the Greenbelt 29:55 – What’s Most Likely to Happen Next? Research/links: Mike’s tweet https://x.com/MikePMoffatt/status/1991593178085142851?s=20 London’s Garden Belt: https://x.com/JenMTreadwell/status/2001256081188905271?s=20 The Welfare Effects of Greenbelt Policy: Evidence from England https://academic.oup.com/ej/article/134/657/363/7276598 Green Belts: Past; present; future? https://www.routledge.com/Green-Belts-Past-present-future/Sturzaker-Mell/p/book/9781138339392 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.

    33 min
See All (150)

Hosts & Guests

Ratings & Reviews

4
out of 5
4 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
    150
  • Rating
    Clean
  • Copyright
    © 2026 The Missing Middle Podcast
  • Show Website
    The Missing Middle Podcast

You Might Also Like