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. The Story Behind Canada’s Collapsing Fertility Rate

    10h ago

    The Story Behind Canada’s Collapsing Fertility Rate

    Canada’s fertility rate has fallen to just 1.25 children per woman, one of the lowest in the developed world. But what’s actually driving the decline? Are fewer Canadians having children, or are the ones having kids simply choosing to have fewer of them? In this episode of DemograFix, ⁠Mike Moffatt and ⁠Cara Stern break down the data behind Canada’s collapsing birth rate. They explore why more women are remaining childless, why one-child families have become the norm, and how housing costs, delayed parenthood, childcare, culture, and changing lifestyles are reshaping family formation across the country. Topics discussed: Why Vancouver and Victoria have some of the world’s lowest fertility ratesThe surprising link between housing affordability and birth ratesWhy millennials and Gen Z still say they want kidsHow family sizes changed from the 1980s to todayWhether education actually reduces fertilityWhy cities are losing young familiesThe growing gap between the number of children Canadians want and the number they actually haveIf Canada wants higher birth rates, what would it actually take to make raising children affordable again? #Canada #HousingCrisis #FertilityRate #BirthRate #Millennials #GenZ #Economy #Housing #Population #Parenting #Childcare #CanadianPolitics #Demographics #TheMissingMiddle Chapters: 00:00 Introduction: Canada’s Ultra-Low Fertility Rate 01:08 What Fertility Rates Measure — And Why Canada Is Different 01:59 Housing Costs, Cities, and Why Young Families Are Leaving 03:49 Are Fewer Women Having Children? 04:32 Delayed Parenthood and The Rise In Childlessness 06:01 Marriage, Religion, Immigration, and Fertility Trends 08:03 Does Higher Education Actually Reduce Birth Rates? 10:24 From Three-Child Families To One-Child Households 12:26 Housing Costs, Bedrooms, and Raising Kids In Canada 14:22 Canadians Still Want More Children 17:28 From Overpopulation Fears To Population Collapse 19:44 The Growing Gap Between Family Goals and Reality 20:05 What Governments Could Do To Make Raising Kids Easier Research/links: Proportion of women aged 20 to 49 without children, by age group and selected sociodemographic characteristics, 2024 https://www150.statcan.gc.ca/n1/daily-quotidien/260126/t001a-eng.htm ‘One and Done’ is the new norm: inside Canada’s growing one-child family trend https://www.babycenter.ca/a25053886/one-and-done-is-the-new-norm-inside-Canadas-growing-one-child-family-trend  Living arrangements of children in Canada: A century of change https://publications.gc.ca/collections/collection_2014/statcan/75-006-x/75-006-2014001-4-eng.pdf Fertility in Canada, 1921 to 2022 https://www150.statcan.gc.ca/n1/pub/91f0015m/91f0015m2024001-eng.htm  Credits: Mike Moffatt https://twitter.com/MikePMoffatt https://bsky.app/profile/mikepmoffatt.bsky.social Cara Stern https://x.com/carastern https://bsky.app/profile/carastern.bsky.social Meredith Martin  https://twitter.com/meredithmartin https://bsky.app/profile/meredithmartin.bsky.social Sean Foreman @seanegertonforeman https://bsky.app/profile/seanforeman.bsky.social University of Ottawa Co-op Student,  Kelly Hoban Brought to you by the Missing Middle Initiative https://www.missingmiddleinitiative.ca/ Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    22 min
  2. Why Canada Will NEVER Tax Your Home Profits

    2d ago

    Why Canada Will NEVER Tax Your Home Profits

    Why are Canadians allowed to sell their homes tax-free while profits from stocks and investments get taxed? And is that policy making Canada’s housing crisis even worse? In this episode of Classonomics Sabrina Maddeaux and Mike Moffatt break down Canada’s capital gains exemption on primary residences, why it exists, why politicians are terrified to touch it, and whether it’s contributing to skyrocketing home prices and inequality between homeowners and renters. They explore the history of the tax exemption, why attempts to change it spark political outrage, how other countries handle housing taxes, and whether taxing home profits would actually make housing more affordable. Plus, they discuss property taxes, downsizing, investor advantages, generational inequality, and why even “common sense” housing reforms have become politically impossible in Canada. Topics covered: Canada’s capital gains exemption on homesHousing affordability and inequalityWhy homeowners are politically powerfulHow other countries tax housing wealthProperty taxes and downsizingInvestors vs families in the housing marketThe politics of housing reform in CanadaWhy fixing housing has become so difficult#Canada #HousingCrisis #RealEstate #Taxes #HousingMarket #CanadianPolitics #Economics #TheMissingMiddle Chapters: 00:00 Why Canada Doesn’t Tax Gains on Your Primary Home 01:17 Why Politicians Won’t Touch the Primary Residence Exemption 04:06 The History of Canada’s Capital Gains Exemption 05:28 How Other Countries Handle Housing Capital Gains 07:25 Does the Exemption Actually Worsen the Housing Crisis? 10:39 The Case Against Taxing Primary Residences 13:26 Better Alternatives: Tax Fairness Without Capital Gains Reform 16:06 Why Even Good Housing Policy Can Be Politically Impossible Research: Canada should look to Australia on eliminating barriers to downsizing for seniors https://www.theglobeandmail.com/investing/personal-finance/article-housing-baby-boomers-suburban-homes-young-families/ CBC article from a few years ago: https://www.cbc.ca/news/politics/the-conservatives-misleading-claims-about-a-secret-liberal-housing-tax-1.5312873  26 of 40: https://view.asiae.co.kr/en/article/2022032109551988175  History of cap gains taxes: https://www.ctf.ca/EN/EN/Newsletters/Perspectives/2021/3/210304.aspx Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    19 min
  3. The Hidden Algorithm Deciding What You Pay

    May 22

    The Hidden Algorithm Deciding What You Pay

    What if companies could figure out the exact maximum you’re willing to pay, and charge you exactly that? That’s the promise of surveillance pricing: using your personal data, purchase history, location, online behavior, and even financial information to tailor prices specifically to you. In this episode, Cara Stern talks with Vass Bednar, managing director of the Canadian Shield Institute and author of The Big Fix, about why this issue is suddenly on the political agenda in Canada, and what it means for consumers. They discuss: What surveillance pricing is, and how it differs from ordinary dynamic pricing How companies use your data to predict your “willingness to pay” Why two people could see different prices for the exact same product The real-world examples already happening with apps, airlines, and delivery platforms Why 83% of Canadians say this practice should be banned or regulated What governments can actually do to stop it Chapters: Research/links: Everything Costs More Because the Algorithm Says So | The Walrus https://thewalrus.ca/everything-costs-more-because-the-algorithm-says-so/ How Corporate Consolidation is Ruining Everything: Discussion with Denise Hearn and Vass Bednar https://youtu.be/Uz5DkpZPH2k?si=M_c-2GX4dS7wKF9l Canadians Are Skeptical of Algorithmic Pricing - Abacus Data https://abacusdata.ca/canadians-are-deeply-skeptical-of-algorithmic-pricing-and-want-governments-to-intervene/ AI-Driven Pricing May Be the Next Shock to Canadian Grocery Shoppers https://retail-insider.com/retail-insider/2025/12/ai-driven-pricing-may-be-the-next-shock-to-canadian-grocery-shoppers/ Algorithms are raising prices for everything. This must stop - The Globe and Mail https://www.theglobeandmail.com/business/commentary/article-algorithms-are-raising-prices-for-everything-this-must-stop/ Avi Lewis is smart to shed light on surveillance pricing | Canada's National Observer: Climate News https://www.nationalobserver.com/2026/04/24/news/avi-lewis-ndp-surveillance-pricing Algorithmic pricing: Poll finds half of Canadians against https://www.cp24.com/news/canada/2026/03/18/most-canadians-want-to-ban-or-regulate-algorithmic-pricing-poll-shows/?lid=8z3lanxo654a Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    25 min
  4. Why Mark Carney Wants Canada’s Own “Norway Fund”

    May 20

    Why Mark Carney Wants Canada’s Own “Norway Fund”

    Canada is launching a new sovereign wealth fund, but what exactly is it, and why is Prime Minister Mark Carney betting big on it? In this episode of Classonomics, Mike Moffatt and Meredith Martin break down the proposed Canada Strong Fund, how sovereign wealth funds work, and why comparisons to Norway’s famous $2 trillion oil fund may not tell the full story. They explore whether debt-financed infrastructure investing can actually grow the economy, why critics are calling it a “sovereign debt fund,” and what this could mean for housing, ports, transit, energy infrastructure, and future generations of Canadians. Topics covered: • What sovereign wealth funds actually are • How Norway built its trillion-dollar oil fund • Why Canada is creating the Canada Strong Fund • The debate over debt-financed infrastructure • How infrastructure investment affects housing and economic growth • The risks, criticisms, and unanswered questions surrounding the fund Chapters:  00:00 Introduction to Sovereign Wealth Funds 00:41 What is a Sovereign Wealth Fund? 01:29 Norway’s Two Sovereign Wealth Funds Explained 03:19 Why Norway Created a Second Fund 05:13 How Canada’s Fund Differs From Norway’s 06:28 Criticism Over Debt Financing 08:22 Will the Fund Benefit Future Generations? 09:58 Why the Announcement Confused Canadians 12:03 Final Thoughts And Outro Research/links: The Canada Strong Fund: Nation-Building or State Venture Capitalism? https://www.asiapacific.ca/publication/canada-strong-fund-nation-building-or-state-venture-capitalism What Canada can learn from Norway's Sovereign Wealth Fund https://www.mjemcgill.com/articles/what-canada-can-learn-from-norways-sovereign-wealth-fund Our pension funds must be sovereign wealth funds, too – even if pensioners take a hit https://www.theglobeandmail.com/business/commentary/article-our-pension-funds-must-be-sovereign-wealth-funds-too-even-if/ Canada's spring budget projects economy to grow and deficit to fall https://www.bbc.com/news/articles/cz0278zyznjo Neither Norway nor Singapore: Decoding Canada’s new sovereign wealth fund https://globalnews.ca/news/11825911/norway-singapore-canada-sovereign-wealth-fund/ Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin Funded by the Neptis Foundation https://neptis.org/

    13 min
  5. Development Charges Are Finally Being Cut. What Happens Next?

    May 15

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

    May 13

    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
  7. 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
  8. 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
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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
    182
  • Rating
    Clean
  • Copyright
    © 2026 The Missing Middle Podcast
  • Show Website
    The Missing Middle Podcast

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