The Missing Middle with Mike Moffatt and Sabrina Maddeaux

Cara Stern, Mike Moffatt, and Meredith Martin
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  • 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. 3D AGO

    Grading Provinces on Housing: Who Earned an A and Who Deserves Detention?

    In this episode of the Missing Middle, hosts Cara Stern and Mike Moffatt break down his latest “home score” report, grading every Canadian province on housing. Atlantic provinces like New Brunswick and P.E.I. lead the way, while Ontario struggles, with high costs forcing young people to stay home longer and many residents moving away. The grades are based on 36 indicators covering supply, affordability, suitability, and societal outcomes. Mike also explores housing policies that help, harm, or have little impact, from inclusionary zoning to development charges. The episode highlights how some reforms succeed, others fail, and why provinces can learn from each other. Tune in to see which policies actually work and what it will take to improve housing across Canada. Chapters: 00:00 Introduction to the Provincial HOMES Report Card 00:45 The best and worst provinces at housing performance 02:20 36 assessment points 03:39 The report methodology 05:17 Avoiding harmful and irrelevant policies 06:24 Provinces that have irrelevant policies perform worse 09:40 Inclusionary zoning 12:30 Examining the number of adult children living at home 13:56 Ways in which Ontario sucks at housing 15:20 Political will(not to build housing in Ontario) 17:58 The levels of government can learn from each other 19:03 We were hoping BC would have better results 19:28 Atlantic Canada doesn’t get in it’s own way 21:51 How can the provinces improve? Research/links: 2025 Provincial HOMES Report Card https://open.substack.com/pub/missingmiddleinitiative/p/2025-provincial-homes-report-card?utm_campaign=post-expanded-share&utm_medium=post%20viewer Modeling Inclusionary Zoning’s Impact on Housing Production in Los Angeles: Tradeoffs and Policy Implications Inclusionary-Zoning-Paper-April-2024-Final.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.

    23 min

  2. 5D AGO

    Are We Ignoring a Generation of Struggling Young Men?

    In this episode of the Missing Middle Podcast, Sabrina Maddeaux and Mike Moffatt break down a major shift in Canada’s income trends: men over retirement age are now earning more than men aged 25–34. They explain how seniors’ incomes have increased through pensions, investments, and government supports, while younger workers face slow wage growth, higher living costs, and inflation. The discussion explores key issues affecting younger generations in Canada, including housing affordability, childcare costs, wage stagnation, and intergenerational inequality. Sabrina and Mike talk about why young men are struggling in today’s economy, what this means for Canada’s workforce, and how policy changes could help. Chapters: 00:00 Introduction 00:42 New report shows young men earn less than senior men 02:00 Senior men incomes have doubled since 1970s 02:24 Young men’s incomes are down since the 1970s 03:21 Where is the extra senior income coming from? 05:53 The role of government transfers and entitlements 07:30 Breaking down younger men’s incomes 09:44 Housing have increased far faster than inflation since 1977 11:11 Why have wages gone down for young men? 13:31 social taboos around talking about young men 17:09 Concluding thoughts Research Links: What Happened to the Young Middle-Class Man? https://substack.com/home/post/p-181132084?source=queue How Do Young Men See the World? We Asked Them. https://www.esquire.com/news-politics/a63613007/young-men-america-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.

    18 min

  3. DEC 3

    How Housing Prices Shape Families

    This episode of the Missing Middle podcast explores a new University of Toronto study that highlights housing affordability as a key factor in declining fertility rates in the United States. Hosts Mike Moffatt and Cara Stern analyze the findings, including the study’s estimate that over half of the fertility decline since 1990 is linked to the shortage of affordable, family-sized homes—resulting in 13 million fewer births. They discuss how delayed household formation, smaller living spaces, and rising costs for family-appropriate housing all contribute, and why similar trends are probably occurring in Canada, especially in high-cost provinces like Ontario and B.C.  The conversation also addresses misconceptions about fertility, critiques the “all supply is good supply” argument, and examines the structural barriers preventing cities from building enough three- and four-bedroom homes. Mike and Cara explore how unsuitable housing impacts families, newcomers, and children, how municipal regulations add to the shortage, and why resolving this issue requires major zoning, planning, and building-code reforms—rather than simply telling young people to “lower their standards.” Chapters: 00:00 Introduction  00:40 Examining a U of T study on fertility and housing affordability 01:40 51% of the decline in fertility rate is attributed to lack of housing 03:52 Unpacking housing affordability and Canada’s fertility rate 05:02 Cara highlights a viewer comment about the cause of fertility decline 08:50 Society needs younger generations to grow not shrink 09:20 Mike outlines the human right to housing 12:45 Who is more likely to be living in unsuitable housing? 14:18 Children are more likely to be underhoused 16:12 All supply is good supply - but is it? 18:50 Consequences of not providing enough housing in cities 22:50 Or/and we could build our cities up Research Links: Build, Baby, Build: How Housing Shapes Fertility BKC_JMP.pdf She's (Not) Having a Baby | Cardus Families Are Outgrowing Our Cities, and the Law Says They Shouldn’t Have To National Occupancy Standard | CMHC 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. NOV 26

    Are Boomers Bankrupting the Future?

    The conversation highlights the pressing issue of intergenerational tensions in Canada, particularly focusing on the financial burdens faced by younger Canadians. Sabrina discusses the potential consequences of failing to address these issues, including the risk to public healthcare and the erosion of political support for senior programs. The need for a modernized fiscal system that is equitable for all generations is emphasized as a critical solution to prevent further societal breakdown. Chapters 00:00 Introduction  01:07 Are seniors struggling economically? 02:34 Shout out to Generation Squeeze 02:52 Breaking down who benefits from government spending 04:00 How Gen z and Millennials are fairing 05:18 Intergenerational wealth transfer from old to young 06:00 Shout out to Boom, Bust and Echo 07:00 Senior citizen tax advantages 08:40 Redesigning our fiscal system for generational fairness 11:44 Good policy doesn’t always make good politics 13:00 What happens if we don’t fix this? 15:00 Less intergenerational fight club more intergenerational cooperation Research/links: After years of decline, child poverty in Canada is rising swiftly: report Generation Squeeze: https://www.gensqueeze.ca Paul Kershaw's "Hard Truths" podcast: https://www.gensqueeze.ca/video Who is being asked to sacrifice in Budget 2025? Recent health care deal is a win for retirees. The finances of younger Canadians are collateral damage How younger Canadians end up paying more for boomers' medical care Seniors and the generation spending gap A trillion-dollar tsunami: Canadians grapple with unprecedented wealth transfer Canadian Institute of Health Information - National Health Expenditure Trends: https://www.cihi.ca/en/national-health-expenditure-trends 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

  5. NOV 19

    Canada Is Finally Regulating Stablecoins – Here’s Why It Matters

    Canada is moving toward regulating dollar-backed stablecoins, and in this episode, Sabrina Maddeaux and Mike Moffatt break down what that means. They explain how stablecoins work, why Canada has been behind other G7 countries, and the potential benefits for payments and innovation. Mike and Sabrina also discuss the balance between protecting Canadians and encouraging competition, and why clear rules could help Canadian fintechs thrive. A small step with big implications for the future of digital payments in Canada. Chapters:  00:00 Introduction 00:49 Federal budget: Stablecoin announcement  02:44 What is a stablecoin? 04:40 Advantages of stablecoins over traditional payment methods 07:08 Canada’s missing stablecoin regulatory framework 10:11 Canada should set its own stablecoin rules 11:42 Was skepticism about stablecoin regulation warranted? 12:47 Promoting healthy competition, innovation, and productivity 13:34 Conclusion Research/links: Regulatory Delays, Dollar-Backed Stablecoins, and Affordability for Canadians https://www.missingmiddleinitiative.ca/p/dollar-backed-stablecoins-and-affordability Federal budget 2025: Plan for stablecoin rules to usher in Canada’s ‘digital dollar era,’ advocates say https://www.theglobeandmail.com/business/article-federal-budget-2025-stablecoin-legislation/ 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.

    14 min

  6. NOV 12

    Why Rent Control Might Be Hurting the People It’s Meant to Help

    Host Cara Stern is back from parental leave, and she and Mike are jumping right into one of the most debated topics in housing policy — rent control. Inspired by Zohran Mamdani's campaign rent freeze proposal, they dig into how these rules shape the housing market, not just for landlords and tenants, but for entire cities. While rent control offers stability and predictability for those lucky enough to have it, it can also quietly freeze people in place — making it harder to move for a new job, grow a family, or even downsize later in life. In this episode, they explore how rent control affects mobility, opportunity, and fairness between long-term renters and newcomers. From young families trying to upsize to seniors staying put in oversized apartments, Cara and Mike unpack the tradeoffs behind this well-intentioned policy. Is rent control helping affordability, or holding cities back from building the housing we actually need? Chapters: 01:00 Introduction 01:19  Zahran Mamdani's rent control policy overview 01:44 Rent control explained 02:19 Mike gives an example of how rent control locks people into place 05:20 How being locked into place effects family planning 07:28 How being locked into place effects seniors downsizing 09:34 Rent control hurts people who need to move 10:03 The distributional consequences of rent control  10:45 How newer tenants subsidize newer tenants 12:39 Cara proposes an NIMBYism theory 13:21 Mike counters with “unintended consequences” 15:18 If rent control disappears mobility increases 17:36 Should rent control be abolished in Ontario? Research/links Housing Market Spillovers: Evidence From The End Of Rent Control In Cambridge Massachusetts https://www.nber.org/system/files/working_papers/w18125/w18125.pdf Stats Can data: Housing suitability of private household Rent controls do far more harm than good, comprehensive review finds Rent controls do far more harm than good, comprehensive review finds — Institute of Economic Affairs Renters’ shelter costs by duration of tenancy Renters’ shelter costs by duration of tenancy Mamdani Seeks to Freeze Rents on Stabilized Units. What About the Rest? Mamdani Seeks to Freeze Rents on Stabilized Units. What About the Rest? - The New York Times The Misallocation of Housing Under Rent Control The Misallocation of Housing Under Rent Control - American Economic Association rentcontrol.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.

    19 min

  7. NOV 5

    How Canada Fell Behind the World on Housing Affordability

    This week on The Missing Middle Podcast, Mike Moffatt and Sabrina Maddeaux bust some myths and take a hard look at Canada’s place in the global housing landscape. Drawing on new OECD data, they reveal why Canada’s housing affordability crisis is among the worst in the developed world—with home prices having risen more than twice as fast as incomes since 1999. They compare Canada’s record to other OECD countries (spoiler: it’s not flattering) and highlight where affordability has been successfully maintained (hint: not here). Sabrina offers a theory on why both Canada and Australia are failing so badly at keeping homes affordable, and together, she and Mike make the case for dropping the excuse that this is just a “global trend.” Chapters: 00:00 Introduction  01:30 Game:React to the Boomer Comment 02:40 Young people don’t want responsibility? 03:59 Global trend or Canadian crisis? 05:12 Missing Middle study on the global housing landscape 07:35 Home prices vs incomes 09:33 It’s worse in Canada, it’s us, we’re the problem 12:30 Which countries are better at affordability? 15:00  Possible reasons Canada and Australia are struggling with affordability? Housing report card: https://jhelmer.quarto.pub/rescon-state-of-the-sector-quarterly-reports/12-report-card-brantford.html Derek Thompson Sunstack  - Chart 10 https://www.derekthompson.org/p/the-25-most-interesting-ideas-ive?utm_source=www.profgmarkets.com&utm_medium=newsletter&utm_campaign=nvidia-to-invest-5-billion-in-intel Canada vs. the World: The Worst Record on Housing Affordability Since 2004 https://www.missingmiddleinitiative.ca/p/canada-vs-the-world-the-worst-record OECD Affordable Housing Database: https://www.oecd.org/en/data/datasets/oecd-affordable-housing-database.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.

    20 min

  8. OCT 29

    Do You Have a CRA Horror Story?

    The Canada Revenue Agency is facing a public crisis: long delays, wrong assessments, and frustrated taxpayers. Hosts Sabrina Maddeaux and Mike Moffatt unpack the CRA’s 100-day “fix,” why it’s only a Band-Aid solution, and the deeper structural issues inside Canada’s tax system. From call-centre chaos to a tax code even accountants struggle to understand, this episode explores how CRA policies are eroding public trust and what real reform would look like. Mike also shares his personal experience battling denied medical expense claims and the endless back-and-forth with CRA agents. Together, they discuss the Taxpayer’s Bill of Rights, the agency’s growing enforcement powers, and why ordinary Canadians are being left behind by a broken system. Chapters 00:00 Introduction  00:42 CRA's challenges 02:35 An incredibly complicated tax code  03:42 Understanding taxpayer complaints 04:50 Guilty until proven innocent 06:16 The numbers behind objecting to assessments 08:52 The taxpayer bill of rights 10:05 Personal experiences with CRA 13:42 BOOM! Research/links: There are much bigger problems with the CRA than just long hold times This is the real problem with the Canada Revenue Agency Taxpayer Bill of Rights https://www.canada.ca/en/revenue-agency/corporate/about-canada-revenue-agency-cra/taxpayer-bill-rights.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.

    16 min
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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.

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