The Missing Middle Podcast

Many people assume Canada’s suburbs are destined to decline as Baby Boomers age and younger generations embrace urban living. But does the data actually support that?

In this episode of DemograFix, Cara Stern and Mike Moffatt examine new Statistics Canada research on how immigrants’ housing choices evolve over time. While most newcomers begin as renters in urban centres, the data shows many transition into homeownership, including family-sized homes in the suburbs, as they build their lives in Canada.

They also test this prediction against several scenarios that could prove it wrong, including lower immigration, more...

Canada has spent decades trying to curb urban sprawl through policies like greenbelts, urban growth boundaries, and higher development charges, but what if those policies are having the opposite effect?

In this episode, Mike Moffatt and Sabrina Maddeaux examine the rise of "leapfrog development," where families priced out of cities move beyond growth boundaries into neighbouring communities, leading to longer commutes, higher infrastructure costs, and even more sprawl. They explore real-world examples from Ottawa, London, and the Greater Toronto Area, discuss the research behind these trends, and ask whether it's time to rethink how Canadian cities grow.<...

Has having three kids become a status symbol in Canada?

In this episode of DemograFix, Cara Stern and Mike Moffatt explore why having three children has become a luxury for many middle-class Canadian families. From the cost of family-sized housing to childcare, career sacrifices, transportation, and the changing expectations placed on parents, they break down why so many families stop at two, even when they wanted more.

The conversation also looks at Canadian and international research on fertility, Quebec's childcare experiment, why family-sized homes have almost disappeared from our cities, and what governments would actually...

Is 500,000 new homes a year really what Canada needs to solve the housing crisis?

In this episode of the Missing Middle’s Classonomics Podcast, Mike Moffatt and Sabrina Maddeaux examine whether Canada's headline housing targets still make sense now that immigration has slowed and population growth has changed. They discuss why housing starts can be a misleading metric, why the type of housing being built matters just as much as the number of homes, and what governments should actually measure if the goal is restoring affordability.

Topics covered:

When a business faces a labour shortage, the free market says they should raise wages. So why is Canada’s government stepping in to make labour cheaper instead?

In this episode of The Missing Middle, Cara Stern and Mike Moffatt dive into how Canada's low-wage Temporary Foreign Worker (TFW) program and the explosion of international student work caps have completely disrupted the laws of supply and demand. As Canadian youth face historic unemployment rates, we break down how corporate lobbying and government policy created a cheat code that insulates businesses from capitalism, while pushing young workers off th...

Why are so many young Canadian families leaving Toronto, Vancouver, and Montreal? Even after return-to-office mandates, the exodus from Canada's largest cities continues.

In this episode of Classonomics, Mike Moffatt and Sabrina Maddeaux explore the data behind Canada's urban migration trends and debate why affordability isn't the only factor driving people away. They discuss housing costs, crime and public safety, mental health, community, urban planning, and whether government policies are making sprawl even worse.

Topics covered:

Thinking about taking parental leave in Canada?

In this episode of DemograFix Cara Stern talks with Jasmine Steffler (from Walkable Parenthood and Oh The Urbanity!) about her experience navigating parental leave. From understanding benefits and income replacement to finding childcare, building community, and adjusting to life with a new baby, Cara and Jasmine know what it takes to grow a family in Canada.

If you're expecting a child or planning a family, this conversation covers many of the practical questions parents have before taking leave:

Happy Canada Day!

In this special Canada Day episode of The Missing Middle Podcast, the team takes a break from focusing on Canada's challenges to share what makes them optimistic about the country's future. From housing reforms and immigration to education, community, nature, and Canadian values, each member reflects on what they love most about Canada and why they remain hopeful.

Topics covered:

For years, Canada's housing strategy focused on increasing the number of housing units built. But even during periods of record apartment construction, family-sized homes became increasingly scarce.

In this episode of the Demografix, Mike Moffatt and Cara Stern unpack a major problem hidden inside Canada's housing statistics: the country is building fewer family-sized homes than it did 20 years ago.

Why are three-bedroom homes becoming so difficult to find? Why are developers building more small condos instead of homes for families? And how do zoning rules, development charges, land shortages, and housing policies shape what gets...

The 2026 FIFA World Cup is finally here and Canada is on a roll! But as the excitement builds on the pitch, we're asking the tough questions: will this massive event actually deliver the economic win that was promised?

In this episode, Mike Moffatt and Sabrina Maddeaux dive into the real costs of hosting the world's biggest party. They break down the billion-dollar price tags, FIFA's business model, and whether taxpayers are getting stuck with the bill while others reap the rewards. (Producer note: This episode was recorded on June 5th, 2026.)

Topics covered:

Canada's Federal Housing Advocate says it could take until 2060 for all Canadians to have access to an affordable home. Is that just a realistic target? And is it reasonable to ask an entire generation to give up on their homeownership dreams for the next 3.5 decades?

This week on DemograFix, Mike and Cara dive into the idea of “housing triage”: should governments focus on ending homelessness first, then tackle affordable housing for low-income Canadians, and only later address the middle-class housing crisis? Or is that a false choice?

They discuss:
-Why some advocates think housing shou...

Canada’s housing market is entering a major shift. In this episode, Mike Moffatt sits down with Vancouver realtor and Loonie Hour host Steve Saretsky to break down the growing cracks in Canada’s real estate market — from falling condo prices and rising vacancy rates to investor selloffs, rent control, and the political fallout surrounding B.C.’s controversial Cowichan land title ruling. They also compare the housing markets in Vancouver, Toronto, and Calgary, and discuss what’s next for affordability, development, immigration-driven demand, and the future of housing policy in Canada.

Topics covered:
• The Cowichan land title r...

Many Canadians believe that when Baby Boomers leave their homes, a flood of houses will hit the market and solve the housing crisis. In this episode, Mike Moffatt and Cara Stern explore why that outcome is far from certain, examining the roles of immigration, population growth, housing supply, and changing housing preferences in shaping Canada's future.

Topics Covered:
• Baby Boomers and the housing market
• Immigration and housing demand
• Canada’s aging population
• Family-sized housing shortages
• Suburban vs. urban living
• Housing affordability
• Population growth and the economy
• The future of Canadian housing p...

Toronto’s housing crisis is no longer just about buying a home, it’s reshaping who can afford to build a future in the city at all. In this special live taping of The Missing Middle Podcast, Sabrina Maddeaux, Mike Moffatt, Cara Stern, and special guest Ron Butler unpack why young families are leaving Toronto, how policy failures created a city of “dog crate” condos and unaffordable homes, and what needs to change before affordability gets even worse.

Topics covered include:
• Why young families are leaving Toronto and the GTA
• The rise of tiny “dog crate” condos<...

Why does modern life feel so disconnected? In this episode, Cara Stern sits down with journalist and Scout leader Harrison Lowman to talk about the decline of community in Canada, and what it takes to rebuild it.

From scouting and volunteering to neighbourhood pubs, churches, and “third spaces,” they explore why strong communities don’t happen automatically, how urban design shapes social connection, and why so many people feel isolated despite living closer together than ever before. They also discuss parenting, trust, loneliness, suburban life, condo living, and the importance of showing up for your neighbours.

Topi...

Why are young Canadians leaving cities? Why are seniors staying in homes that are too big for them? And can Canada lower housing costs without cutting quality of life even further?

In this listener Q&A episode of The Missing Middle, Sabrina Maddeaux and Cara Stern answer audience questions on housing affordability, immigration, downsizing, social isolation, wage stagnation, the Greenbelt, and why building more “missing middle” housing has become so difficult in Canada.

Topics covered:

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.

Topic...

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 wh...

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...

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 Canadi...

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. Ma...

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 th...

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...

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:

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...

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...

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 sustaina...

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 c...

Young Canadians are now less happy than seniors, and the gap is getting worse.

The latest World Happiness Report shows Canadians under 30 have fallen to 71st in the world for life satisfaction, while Canada’s overall ranking has dropped from 5th to 25th. In this episode, Mike Moffatt and Cara Stern break down what’s driving the decline — from housing affordability and falling “option freedom” to expectations, social media, and why the drop is concentrated in countries like Canada, the U.S., the U.K., and Australia.

We also explain how the World Happiness Report actually w...

Canada has a massive problem: our national productivity is near the bottom of the G7. Decades of government policies, from free trade to tax cuts, haven't worked.

Why? Because policymakers are focused on greed (incentives) and not enough on fear (competition and risk).

We dive into the core failure of Canadian economic policy, exposing how corporate welfare and easy access to foreign workers kill innovation. Plus, hear the shocking truth about why Canadian retailers won't stock products from homegrown businesses until they succeed in the U.S. first.

If birth rates are falling, is it really because people want fewer kids—or because they feel like they can’t afford them?

In this episode, Cara Stern and Mike Moffatt unpack the growing gap between “preference” and “choice” when it comes to starting a family. From the rising financial and social costs of raising children to the pressure of modern parenting norms, they explore why having kids today feels harder, even for people who say they want them. The conversation dives into everything from delayed careers and housing affordability to the hidden impact of social media, the “arms ra...

Are provincial governments raising your taxes in secret? 

Economist Mike Moffatt and columnist Sabrina Maddeaux expose the hidden mechanism of bracket creep, a stealth tax increase impacting millions of Canadians.

Because fixed-tax brackets in provinces like B.C., Manitoba, and Ontario fail to adjust for inflation, middle-class workers are automatically pushed into higher tax tiers, forcing them to pay taxes as though they are wealthy even though their purchasing power remains flat.

We dive into why this particularly clobbers income-dependent younger Canadians (Millennials and G...

For years, the Missing Middle team has advocated for reducing the tax burden on new construction. With pre-construction sales down 95% in some GTA markets, the industry has hit a wall where it simply makes no financial sense to build.

In this week’s episode, we answer some of the questions and misconceptions we’ve read online about the new HST rebate on new homes. 

Beyond the rebate, they explore bigger structural challenges like land costs, zoning, and competition in development. The key question remains whether this policy can meaningfully incre...

If inflation is only around 2–3%, why does everything feel so much more expensive?

In this episode, we break down how inflation is actually measured, and why your personal experience can feel completely disconnected from the official numbers. From grocery bills and gas prices to rent and mortgages, not all price increases hit the same way—and some matter a lot more than others.

We also dig into the hidden forces shaping your cost of living: shrinkflation, quality drops (“chocolatey” vs. chocolate), and the limits of how agencies like Statistics Canada t...

In this episode of The Missing Middle, Cara Stern sits down with YouTuber Paige Saunders to discuss the one structural glitch that is sabotaging Canada’s economy, healthcare, and housing market: our electoral system.

While most democracies have moved on to Proportional Representation, Canada remains stuck with a model that empowers swing ridings and ignores millions of voters. Paige explains why this monopoly on power prevents real innovation and how a simple change in how we vote could lead to a 20% performance increase across the board.

In this video:

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; househ...

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...

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 se...

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 unin...

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 thi...