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. Development Charges Are Finally Being Cut. What Happens Next?

    4D AGO

    Development Charges Are Finally Being Cut. What Happens Next?

    Ontario has started cutting development charges. But is this the breakthrough Ontario’s housing market needs, or just the first step? In this episode of The Missing Middle Podcast, Mike Moffatt sits down with Kim Fairley, President of Ontario Real Estate Association (OREA), to unpack what Ontario’s new development charge reforms mean for homebuyers, builders, and municipalities – and what still needs to happen next. They discuss:  • Why development charges can add up to $200,000 to the cost of a new home in Ontario  • How some Ontario cities have raised DCs by 1,000%–5,000% since 2000  • Why Sault Ste. Marie has no development charges—and what other cities can learn from it  • Whether recent provincial and federal reforms will actually improve affordability  • What Ontario’s housing market could look like over the next 6–18 months Chapters: 00:00 Intro: Ontario’s new development charge deal: what changes? 03:55 Is housing finally getting more affordable?  05:14 Northern Ontario’s housing market: a different reality 07:09 Sault Ste. Marie has no development charges 08:07 Do buyers know how much development charges cost? 10:25 Why transparency on development charges matters 12:08 Lower housing costs without raising taxes?  13:35 Do Ontarians support cutting development charges?  16:07 Can politicians actually work together on housing?  17:08 What happens next for Ontario housing?  18:18 Progress made, but the hard part starts now  Research/links: How to Lower Development Charges Without Raising Property Taxes  https://www.missingmiddleinitiative.ca/p/how-to-lower-development-charges A Pathway to Development Charge Reform  https://www.orea.com/advocacy/Development-Charge-Reform Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    19 min
  2. Canada vs. U.S.: Why Young Workers Are Choosing to Leave

    6D AGO

    Canada vs. U.S.: Why Young Workers Are Choosing to Leave

    Why are so many young Canadians leaving and why are some people suggesting they should be punished for it? In this episode of The Missing Middle, Mike Moffatt and Sabrina Maddeaux break down the growing “brain drain” from Canada to the United States and the shocking proposal that young people who leave should pay a $500,000 exit fee. They dig into what’s really driving this trend: unaffordable housing, stagnant wages, limited career opportunities, and policy decisions that increasingly favour older, wealthier generations. This isn’t about loyalty. It’s about survival and a country that may no longer offer young people a path to the life their parents had. 📊 Topics covered: The truth about Canada’s brain drainWhy young workers are choosing the U.S.The economics behind the productivity gapImmigration policy and labour market impactsHousing, wages, and generational inequalityWhat Canada would need to do to win young people back Chapters: 00:00 Introduction 01:00 Why Young Canadians Are Leaving 02:25 Cost Of Living And The U.S. Pull Factor 03:16 The Real Cost Of Brain Drain 04:05 Canada’s Productivity Problem 05:12 Punishing Young People Instead Of Fixing Problems 05:58 How Politics Shifted Against Younger Generations 07:14 Is Brain Drain Being Overblown? 08:02 Why The Viral Brain Drain Chart Misleads 08:50 Canada’s Record Emigration Problem 09:29 Losing The Best And Brightest 10:30 Immigration, Talent, And Retention Failures 11:14 Is Canada Becoming America’s Farm Team? 12:38 How Temporary Workers Changed The Labour Market 13:55 What Policies Could Win Young Canadians Back? 14:12 Housing As The Core Issue 15:17 Taxes, Transfers, And Generational Inequality 15:46 Canada’s Value Proposition Problem 16:16 Closing Thoughts And Listener Questions Research: Sabrina's National Post column: Fix the brain drain by fixing Canada, not with a $500K exit tax | National Post  Statistics Canada — Recent trends in migration flows from Canada to the United States: https://www150.statcan.gc.ca/n1/pub/36-28-0001/2025007/article/00006-eng.htm The Hub — “Can anyone solve Canada’s brain drain problem?”: https://thehub.ca/2026/04/03/can-anyone-solve-canadas-brain-drain-problem/ HRD: Canada's talent exodus: What senior HR leaders can't afford to ignore | Human Resources Director  Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    17 min
  3. The Hidden Wealth Transfer from Young to Old - Explained

    MAY 8

    The Hidden Wealth Transfer from Young to Old - Explained

    Why does it feel like young Canadians can’t get ahead anymore? In this episode, Cara Stern and Mike Moffatt break down the growing generational divide in Canada, and why Millennials and Gen Z are being squeezed from both sides. From skyrocketing housing costs to rising taxes and massive government spending on programs like Old Age Security (OAS), the financial pressure on younger Canadians has never been higher. We explore how Canada’s aging population is reshaping the economy, why healthcare and retirement spending now dominate government budgets, and how policy decisions around housing have made affordability worse. With fewer workers supporting more retirees, and homeownership increasingly out of reach, this episode uncovers the systemic forces driving a massive wealth transfer from young to old. Is this sustainable? Why hasn’t policy changed? And what can younger generations actually do about it? Chapters: 00:00 Introduction: The Hidden Wealth Transfer From Young to Old 00:18 Canada’s Aging Population and the Fiscal Squeeze 01:32 Why Fewer Workers Are Supporting More Retirees 01:54 How OAS Became Canada’s Biggest Federal Expense 03:04 The Truth About Who Paid for Old Age Security 04:14 Young Canadians Are Being Squeezed From Both Sides 04:59 How Housing Policy Made Homes More Expensive 06:29 Did Boomers Intentionally Build This System? 08:23 The Unintended Consequences of Housing Restrictions 09:13 Why Millennials and Gen Z Feel Locked Out 10:20 How Government Spending Shifted Toward Seniors 11:42 Why Younger Generations Struggle to Organize Politically 12:49 Would Lower Home Prices Crash Canada’s Economy? 13:34 Why Cheaper Housing Would Make Canada Wealthier 13:52 Why Young Canadians Need Political Power 15:00 Final Thoughts and Outro Research/links: An Oligarchy of Old People https://www.theatlantic.com/magazine/2026/05/gerontocracy-wealth-power/686585/ Are Boomers Bankrupting the Future? https://www.youtube.com/watch?v=lbM3_BPDJ5Y 2026 Ontario Budget https://budget.ontario.ca/2026/pdf/2026-ontario-budget-en.pdf Page 196 Annual Financial Report of the Government of Canada 2024-25 https://www.canada.ca/content/dam/fin/publications/afr-rfa/2025/afr-rfa-2024-25-eng.pdf Pg 15 Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    15 min
  4. Did Canada Ignore Immigration Fraud on Purpose?

    MAY 6

    Did Canada Ignore Immigration Fraud on Purpose?

    Canada’s international student program is under fire and the numbers are hard to ignore. In this episode, Sabrina Maddeaux and Mike Moffatt break down a shocking Auditor General report that uncovered major enforcement failures inside Canada’s immigration system. With over 153,000 potentially non-compliant students flagged and little follow-up from authorities, this isn’t just a bureaucratic slip-up. It raises serious questions about oversight, accountability, and trust. Is this really about growing too fast, or did the government fail to enforce its own rules? We dive into: The difference between a capacity problem vs. an enforcement problemWhy thousands of fraud cases were never investigatedHow approval rates hit 98% in high-risk streamsThe impact on housing affordability and job marketsWhat this means for public trust in Canada’s institutionsAnd whether cutting immigration targets actually solves anythingThis conversation unpacks how policy decisions ripple across the economy, and why fixing the system may require more than just lowering the numbers. Chapters: 00:00 – Intro: Auditor General Report: The Big Findings 00:45 – Enforcement Failure 01:47 – “Deliberate and Scandalous” Fraud Handling 03:42 – What the Program Was Supposed to Do 04:34 – What It Became: Wage Suppression & Exploitation 05:24 – Housing Crisis Impact 07:45 – Only 40% Confirmed They Leave Canada 09:32 – The Case for Retroactive Enforcement 11:02 – Why Cutting Immigration Isn’t Enough RESEARCH LINKS: Auditor General Report on International Student Program (March 2025): https://www.canada.ca/en/auditor-general/our-work/audit-reports/auditor-general-report-2026-international-student-program-reforms.html Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    13 min
  5. The War Over Upzoning Just Escalated

    MAY 1

    The War Over Upzoning Just Escalated

    Cities across Canada are backing away from upzoning. After agreeing to allow fourplexes and other missing middle housing, municipalities like Calgary, Toronto, Markham, and Windsor are scaling back — or reversing — reforms altogether. What’s behind the pushback, and are YIMBYs losing the as-of-right fight? In this segment, we break down: Why cities are rejecting upzoning after agreeing to it What Calgary’s reversal means for housing reform Why Edmonton is succeeding where others aren’t The politics behind fourplex opposition Whether provinces — not cities — should lead upzoning What advocates should do next Is this just a temporary backlash, or the beginning of a broader retreat from upzoning? (Quick note from Cara: This was recorded before the first round ended. If the Oilers are already out at this release, I would like the record to show that I believed in them right up until the end, and that next year is our year!) Chapters: 00:15 | The Housing Accelerator Fund and Refusal to Implement Changes 01:03 | GTA Holdouts: Oakville, Markham, and Toronto 02:04 | Calgary's Policy Reversal After Election 03:06 | Edmonton: Getting Infill Housing Right (8 Units As-of-Right) 04:11 | Debunking the Myths  06:08 | The Policy Lesson: Working to Make Changes Stick 07:18 | The Path Forward: Debating Future Approaches  15:29 | Winning Hearts and Minds: Focusing on Benefits  Research/links: Majority of Windsor council stands firm in fourplex decision, limits them to certain areas of the city https://www.ctvnews.ca/windsor/article/majority-of-windsor-council-stands-firm-in-fourplex-decision-limits-them-to-certain-areas-of-the-city/ Fourplexes: A tale of two neighbouring communities https://canada.constructconnect.com/dcn/news/projects/2024/04/fourplexes-a-tale-of-two-neighbouring-communities 2025: The year Edmonton built the missing middle  https://www.jacobdawang.com/blog/2026/zbr-two-year-review/ Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

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

    APR 29

    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
  7. 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
  8. 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
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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
    178
  • Rating
    Clean
  • Copyright
    © 2026 The Missing Middle Podcast
  • Show Website
    The Missing Middle Podcast

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