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

Funded by the Neptis Foundation https://neptis.org/

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

Funded by the Neptis Foundation https://neptis.org/

Why do some infill housing projects spark outrage while others fly under the radar? In this episode of The Missing Middle, host Sabrina Matto sits down with former London City Councillor and researcher Jesse Helmer to unpack 15 years of planning committee decisions. They explore why certain housing proposals face fierce opposition, what factors reduce pushback, and how cities can actually build more homes with community support. From surprising success stories to lessons learned in local politics, this conversation sheds light on the politics of infill housing—and why it matters for solving Canada’s housing crisis.

If you’re interested in urban planning, housing affordability, or how communities can embrace smarter growth, this episode is for you.

Chapters

00:00 Introduction 

01:00 Infill development research with Jesse Helmer

02:40 Factors influencing opposition to housing proposals

05:30 Research methodology and analysis

08:23 Following up with residents after a project is built

11:15 Jesse’s personal journey as a London city councillor

14:08 Optimism for housing solutions

16:28  Personal reflections about Jesse’s time on London city council

Research:

https://www.missingmiddleinitiative.ca/p/the-politics-of-infill-housing-what

Guest: Jesse Helmer:  https://x.com/jesse_helmer

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

In this discussion, Smart Prosperity Institute economist Mike Moffatt and journalist Cara Stern discuss the recent revelation by Ontario Premier Doug Ford that he will be caving to NIMBY objections, and won’t be forcing municipalities to legalize fourplexes across the province.

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

In this discussion, Smart Prosperity Institute economist Mike Moffatt and journalist Cara Stern talk to the Minister of Immigration, Refugees and Citizenship of Canada, Marc Miller. Included in this wide ranging conversation is the recent announcement of new targets for temporary immigration, the need for a decrease in temporary residents, the reasons behind the delay in taking action and the impact of temporary residents on housing affordability. 

The discussion also covers the financial insecurity faced by universities and colleges due to the two-year cap on international student visas. 

The Minister addresses the increase in use of the temporary foreign workers program under his government and admits there is a problem with some fraud in the labor market impact assessment system. 

The conversation concludes with a discussion about the Canadian consensus on immigration and the Minister is asked if his government is responsible for breaking that consensus.

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

In this discussion, Smart Prosperity Institute economist Mike Moffatt and journalist Cara Stern talk to Pollster David Coletto about  the shifting priorities of millennials and the generational divides in financial stability and housing. He explains that younger Canadians are less likely to prioritize climate change compared to older Canadians. The conversation explores the factors influencing these priorities, including the cost of living crisis, housing affordability, the impact of financial insecurity and the appeal of the Conservative Party to younger Canadians. The conversation highlights the challenges faced by political parties in attracting millennial voters and the relationship between political behaviour and life stage. The discussion concludes with an examination of the blame and responsibility for the housing crisis and the consequences of perceived institutional failure.

If you stick around to the end you’ll get to witness Mike and Cara’s first recorded disagreement and the personal story of how David ended up becoming a pollster. Spoiler alert: it involves baseball.

Links:

https://thehub.ca/2024-03-19/mike-moffatt-and-cara-stern-the-dream-of-homeownership-is-dying/

https://davidcoletto.substack.com/p/the-millennial-makeover-of-canadian

https://abacusdata.ca/

https://abacusdata.ca/building-a-better-future-for-canadians-policy-imperatives/

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

In this discussion, Smart Prosperity Institute economist Mike Moffatt and journalist Cara Stern discuss why parking minimums often require developers to allocate a fixed amount of land for parking, regardless of the actual demand for parking in a particular area. This can result in inefficient land use, with valuable urban space being underutilized for parking purposes rather than for housing, commercial, or recreational activities.

Cara and Mike explore the origins of parking minimums and the concerns that led to their regulation. They also delve into the use of parking minimums as a negotiating tool for cities and the potential for scaling back these regulations. The conversation highlights the arguments for and against parking minimums, including their impact on housing affordability. They also discuss the role of the federal government in potentially banning parking minimums nationwide and the challenges associated with public perception and political dynamics.

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

In this discussion, Smart Prosperity Institute economist Mike Moffatt and journalist Cara Stern talk to Cherise Burda, Director of City Building Research and Innovation at Toronto Metropolitan University and a co-author with Mike of the Blueprint for More and Better Housing: How Federal, Provincial and Municipal Governments can Ensure We Build 5.8 Million Homes that are Affordable, Low-Carbon and Resilient. 

In this conversation, Cara, Mike, and Cherise discuss the blueprint and they highlight the importance of a full systems approach to address climate, resiliency, and housing. They also discuss the need for density and the elimination of unit maximums on residential buildings. The conversation emphasizes the importance of data collection and the adoption of the highest tiers of the national model building codes. The guests express hope that the recommendations will be implemented by governments across the country.

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

In this 22-minute discussion, Smart Prosperity Institute economist Mike Moffatt and journalist Cara Stern talk to Scott Cameron, an economist formerly with the Parliamentary Budget Officer in Ottawa and now working in government in the Channel Islands.

This conversation explores economic forecasting models and the Bank of Canada's transition to a new model. The chapters cover the purpose of economic forecasting, the current method of capturing and measuring the Canadian economy, criticism of existing models, the importance of theory and data in economic modeling, the Bank of Canada's motivation for change and addressing model gaps, a comparison of the Canadian model with other countries, the influence of the Federal Reserve on Canadian monetary policy, accountability and decision-making in monetary policy, and the alignment of Canadian and US monetary policy.

Takeaways:
Economic forecasting models are essential for conducting monetary policy and determining the appropriate policy interest rate.
The Bank of Canada currently uses two models, one focused on empirical performance and the other on theoretical rigor.
There has been criticism of the existing models, particularly regarding their ability to accurately predict real-world economic behavior.
The Bank of Canada is transitioning to a new model that aims to blend theory and empirical performance.
The new model will address gaps in the previous models, such as the representation of the financial sector and the housing market.
The Bank of Canada's monetary policy is influenced by the Federal Reserve, and the two countries tend to move in the same direction.
The ultimate decision-making in monetary policy lies with the governing council, who consider a range of factors beyond the models.

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

In this conversation, Mike Moffatt and Cara Stern discuss inflation and the Bank of Canada's approach to managing it. They explore the factors that contribute to inflation, such as supply-side disruptions and demand-side spending. They also discuss the challenges of predicting and controlling inflation, as well as the potential impact of inflation on different sectors of the economy. The conversation concludes with a discussion on the Bank of Canada's upcoming decision on interest rates and its influence on the markets.

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

Smart Prosperity Institute economist Mike Moffatt and journalist Cara Stern talk to transit expert Reece Martin about the challenges and issues surrounding transit development in Canada. He highlights the decline in the ability to deliver transit projects effectively, the high costs of building subways in Toronto and the impact of NIMBYism on transit development are also discussed. Reece emphasizes the need for transparency, accountability, and integration between transit and land use. He expresses optimism for the future of transit in Canada and the potential for building high-speed rail. Overall, the conversation sheds light on the importance of improving transit project delivery and creating a more efficient and affordable transit system in Canada.

Smart Prosperity Institute: https://institute.smartprosperity.ca/

Reece Martin: https://www.youtube.com/channel/UCf4iKXL_SJQ5d0qsKkboRRQ

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

Smart Prosperity Institute economist Mike Moffatt and journalist Cara Stern talk to Armine Yalnizyan, economist and Atkinson Fellow On The Future Of Workers, about what role the Bank of Canada has played in the housing crisis. In this wide-ranging discussion, they discuss how wages have lagged significantly behind housing prices and how the Canadian Central Bank’s decision to quickly raise interest rates has affected mortgage holders. 

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

Because it’s a short week, instead of a full episode, we've got a short extra segment from our conversation with economist Armine Yalnizyan on whether GDP per capita is a good indicator of individual well-being.

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

Canadian cities are facing a creative crisis. Rising housing costs are driving artists, musicians, designers, and other innovators out — and it’s not just culture that’s at risk. In this episode, Sabrina Maddeaux and Mike Moffatt break down how losing the “creative class” hurts local economies, tourism, and even a city’s ability to attract tech and finance talent. From the ripple effects on nightlife and small businesses to the loss of vital cultural spaces, we explore why cities can’t afford to price out their creative heartbeat — and what policies could help keep them.

Chapters

00:00 Introduction

01:13 Defining the creative class exodus

02:57 How housing costs impacts creative workers

05:54 The economic consequences of pricing out creatives

08:45 The ripple effect of losing creative spaces to the housing crisis

11:16 You can’t simply trade artists for tech workers 

12:50 How this impacts the tourism economy

14:50 Policy solutions for retaining creatives

Research/Links:

Richard Florida

Toronto Arts Council economic impact study

CBC Arts article on artist couples leaving Toronto

Richard Florida's work on creative cities and economic development

Business Parks Suck (but they don't have to)

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

In this episode of The Missing Middle Podcast journalist Cara Stern welcomes Shaista, a long-time Toronto and 905 real estate observer who provides wonderful insights on everything from the state of Ontario’s tribunal system to the plight of international students.

In this wide ranging conversation, Cara Stern and Shaishta - better known by her twitter handle, Justice Queen  - discuss various topics related to Toronto real estate, including the changing market, the impact on landlords & tenants, and the challenges faced by international students. Shaishta shares her personal journey into real estate and highlights the importance of understanding both the landlord and tenant perspectives. She emphasizes the need for education and better enforcement of rules to improve the landlord-tenant relationship. The conversation sheds light on the ethical issues in the recruitment of international students and the mental health challenges they face.

Overall, the discussion provides valuable insights into the complexities of the Toronto housing market. The conversation explores the challenges faced by international students in Canada, particularly regarding housing. It highlights the labour market assessments that employers should be conducting and the high costs associated with it. The discussion emphasizes the need for the international students' experiences to change with a specific focus on addressing the housing crisis in Canada. The role of schools and bad actors in providing adequate housing is also discussed. The conversation concludes with a focus on the government's failure to implement housing policies and the importance of zoning and addressing the shortage of construction workers.

Guest: Shaista, AKA Justice Queen

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

A lot of people have been challenging the notion that GDP is a good measure of the economy. Instead, they suggest, we should look at GDP per capita to determine whether life is getting better for individuals, rather than the country as a whole.

But is GDP per capita an economic triumph or a "garbage metric"? 

In this 23-minute discussion, Smart Prosperity Institute https://institute.smartprosperity.ca/ economist Mike Moffatt and journalist Cara Stern talk to Armine Yalnizyan, Economist and Atkinson Fellow On The Future Of Workers, explore the limitations of GDP per capita as a measure of economic health and well-being. 

The conversation highlights the issues of income distribution, the influence of tax havens and oil-producing countries on GDP per capita rankings, and the need to consider factors such as productivity and demographic changes. The discussion also touches on the challenges of measuring the digital revolution's impact on GDP and the importance of collecting real-time data.

Guest: Armine Yalnizyan https://twitter.com/ArmineYalnizyan
This podcast is funded by the Neptis Foundation https://neptis.org/

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

Last week the federal government introduced a cap on international student visas. Going forward they will be distributed to the provinces on a per-capita basis. That got us thinking about Canada’s immigration policies in general. Canada’s openness to immigrants has always been one of Canada's great strengths. Our temporary immigration programs have some unique problems that are really tough to solve, but what about Canada’s permanent immigration system? How does it work? And do we have the right targets for Canada’s success?

In this 15-minute episode of the Missing Middle Podcast, Smart Prosperity Institute economist Mike Moffatt and journalist Cara Stern about the permanent and temporary streams of Canadian immigration, providing a lens through which to view the broader impact of the Trudeau government's targets on Canada's future growth and diversity.

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

The Canada Mortgage and Housing Corporation (CMHC) released its annual Rental Market Report last week. With the national vacancy rate hitting a historic low and rent prices on a relentless climb, renters across the nation are feeling the squeeze. In bustling urban centers like Toronto and Vancouver, the role of condominiums as makeshift rental units reveals a housing landscape in flux, with implications that touch everyone from anxious first-time homebuyers to investors looking to capitalize on the market.

In this 23-minute discussion, Smart Prosperity Institute economist Mike Moffatt and journalist Cara Stern discuss vacancy rates, rent averages and what the numbers really tell us.


Other reading:
Rental Market Report - January 2024 (cmhc-schl.gc.ca)
https://www.bankofcanada.ca/wp-content/uploads/2024/01/mpr-2024-01-24.pdf
https://rentals.ca/
https://www.homelesshub.ca/sites/default/files/attachments/Whitzman-Human_Rights_Based_Supply_Report-EN_1.pdf

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

The Canadian federal government announced a 2-year cap on international student permits making for some big headlines last week. This will severely limit the number of international students attending campuses in Ontario and British Columbia where the number of international students have been climbing in recent years. The existence of Public Private Partnerships (or PPPs) between public and private colleges is something not many citizens of ever consider, but it’s been a significant factor in the Canadian housing crisis. 

In this 33-minute discussion, Smart Prosperity Institute economist Mike Moffatt and journalist Cara Stern talk to Alex Usher, President of the consulting firm Higher Education Strategy Associates, about Public Private Partnerships or PPPs and International students. 

Other reading:

https://higheredstrategy.com/a-short-explainer-of-public-private-partnerships-in-ontario-colleges/

https://www.theglobeandmail.com/politics/article-international-student-visa-cap-miller-immigration/

https://www.cbc.ca/news/politics/miller-cap-international-students-1.7090779

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

Sabrina Maddeaux is a journalist and political commentator who announced that she’s seeking the Conservative nomination for Aurora—Oak Ridges—Richmond Hill. 

In this 22-minute discussion, Smart Prosperity Institute economist Mike Moffatt and journalist Cara Stern talk to Maddeaux about the housing and affordability crisis and what role that played in her decision to run for political office.

Hosted by Mike Moffatt & Cara Stern 

Produced by Meredith Martin 

This podcast is funded by the Neptis Foundation 

Other reading:

https://nationalpost.com/opinion/sabrina-maddeaux-im-running-for-the-conservatives-because-trudeau-abandoned-my-generation

https://www.thestar.com/politics/federal/pierre-poilievre-is-putting-a-new-face-on-the-conservative-party-here-are-some-of/article_e8fc60cc-b48e-11ee-9981-f3967deccee2.html

https://www.instagram.com/sabrinamaddeaux/?hl=en

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

Politicians, policy makers, and journalists all talk about the middle class and how well they are doing economically speaking. Middle-class voters make up the bulk of the voting population so it makes political sense to court them. But what exactly does middle class mean today? Who is considered middle class and what makes them middle class?

In this 23-minute discussion, Smart Prosperity Institute economist Mike Moffatt and journalist Cara Stern discuss three buckets of economic citizens: renters, homeowners with no mortgage, and homeowners with large mortgages - and how different their economic lives really are.

Hosted by Mike Moffatt  & Cara Stern
Produced by Meredith Martin
This podcast is funded by the Neptis Foundation 

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

The city of Toronto is currently contemplating a significant property tax hike as part of its proposed budget for the upcoming fiscal year. The move is generating widespread discussion and debate among residents, businesses, and policymakers. 

In this 23-minute discussion, Smart Prosperity Institute  economist Mike Moffatt and journalist Cara Stern discuss the proposed tax increase and the possible implications for the highest property tax increase since Toronto was amalgamated more than 25 years ago.

Hosted by Mike Moffatt  & Cara Stern

Produced by Meredith Martin

This podcast is funded by the Neptis Foundation 

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

Canada’s place in the global world order is shifting and according to the Organization for Economic Development and Cooperation (OECD) Canada will be the worst-performing advanced economy over the next decade

John Rapley is a political economist specializing in global development, the world economy, and economic history. He was born and raised in Ottawa and is a political economist at the University of Cambridge. He has written five books, the latest of which is titled Why Empires Fall: Rome, America, And The Future Of The West 

In this 35-minute interview, Smart Prosperity Institute economist Mike Moffatt and journalist Cara Stern talk to him about his latest book, why he thinks Western countries are in economic decline compared to developing economies, pensions, the housing crisis, and what Canada's economic advantages are. 

Hosted by Mike Moffatt & Cara Stern

Produced by Meredith Martin

Thank you to the PLACE Centre. This podcast is funded by the Neptis Foundation.


Extra Reading:

The Globe and Mail: Canada benefits from a world order that empires built. As the latest one declines, so does our economy John Rapley, Aug 25, 2023

Foreign Affairs: The New Middle Ages by John Rapley, May 1, 2006

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

Yesterday was the first time Mike or Cara ever heard Prime Minister Justin Trudeau signalling that his government would work to cap the number of international students allowed in the country, tying the numbers to available housing. Mike and Cara discuss what this development means and how it could even work.

Hosted by Mike Moffatt and Cara Stern.

Thank you to the PLACE Centre. This podcast is funded by the Neptis Foundation.

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

Are young Canadians being taxed like millionaires while living like broke students? Sabrina Maddeaux and Mike Moffatt dive into the jaw-dropping disconnect between salaries, taxes, and the insane cost of housing. From bold tax reform ideas to creative fixes for rent, down payments, and wealth inequality, they tackle the policies (and politics) holding the next generation back. Expect sharp insights, a few laughs, and fresh solutions that could actually make life affordable again.

Chapters

00:00 The Tax Burden on Young Canadians

11:24 Proposed Tax Reforms and Their Implications

23:17 Wealth Inequality and Asset Inflation

34:55 Finding Solutions for Young Canadians

Research/Links:

To fix housing, we must rethink what wealth means in Canada

CIBC chief calls for tax changes to help young Canadians struggling to save money

Canada housing affordability and market trends

Wealthsimple

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

In a throwback to the post-war era, Trudeau's federal government is looking into creating a catalogue of pre-approved home designs that they hope will speed up housing development. But why do they even matter, and where can they go wrong?

Hosted by Mike Moffatt and Cara Stern, and produced by Meredith Martin.

Thank you to the PLACE Centre. This podcast is funded by the Neptis Foundation.

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

Canadian bond yields have been fairly volatile in recent weeks...but what does that even mean, and why does it matter to anyone outside of the finance world?

Mike gives a primer on what bond yields are, and why the middle class should understand and care about them.

Hosted by Mike Moffatt and Cara Stern, and produced by Meredith Martin.

Thank you to the PLACE Centre. This podcast is funded by the Neptis Foundation.

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

British Columbia's Housing Minister Ravi Kahlon joins Mike and Cara to talk about the big plans his government has to make it easier for developers to build homes. 

We cover everything from zoning, to immigration, and building with timber.

Hosted by Mike Moffatt and Cara Stern, and produced by Meredith Martin.

Thank you to the PLACE Centre. This podcast is funded by the Neptis Foundation.

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

Justin Trudeau's government released its Fall Economic Statement this week, introducing what Finance Minister Chrystia Freeland called meaty measures...and what Mike Moffatt grades at a C-. He explains why, and what they could have offered instead.

Hosted by Mike Moffatt and Cara Stern, and produced by Meredith Martin.

Thank you to the PLACE Centre. This podcast is funded by the Neptis Foundation.

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

Ontario Green Party Leader Mike Schreiner joined Mike and Cara to talk about his two private member's bills that aim to increase housing supply, as well as how he hopes to represent young people who have been priced out of the market.

Hosted by Mike Moffatt and Cara Stern, and produced by Meredith Martin.

Thank you to the PLACE Centre. This podcast is funded by the Neptis Foundation.

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

The provincial government has set the target of 1.5 million homes in the province over a 10-year period. That involves major increases in the rate of construction, beyond anything we've seen in decades. To incentivize municipalities, the federal and provincial governments are tying infrastructure funding to  these targets. But are these goals realistic? And what does a "new housing unit" mean?

Hosted by Mike Moffatt and Cara Stern, and produced by Meredith Martin.

Thank you to the PLACE Centre. This podcast is funded by the Neptis Foundation.

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

The Ontario NDP and Olivia Chow both recently released their housing plans. They're both big budget projects, but with wildly different calculations in how much it costs to build a home. Alex Beheshti is an urban planner and land economist with the Altus Group, and he joins Mike and Cara to evaluate the feasibility of these plans.

Hosted by Mike Moffatt and Cara Stern, and produced by Meredith Martin.

Thank you to the PLACE Centre. This podcast is funded by the Neptis Foundation.

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

A lot of politicians say that development charges are paid for out of the pockets of big developers, and save taxpayers from footing the bill for infrastructure. The question we have is: Is that really true?

Hosted by Mike Moffatt and Cara Stern, and produced by Meredith Martin.

Thank you to the PLACE Centre. This podcast is funded by the Neptis Foundation.

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

When the Ontario government put together a Housing Affordability Task Force to advise them on housing policy, they got the advice to up-zone the whole province to a minimum of four units on any lot.

The government decided against forcing municipalities to do that, but have advised municipalities that they should voluntarily do so.

Recently, Guelph and Kitchener agreed to craft a bylaw, while Mississauga voted it down. 

Mike and Cara discuss these votes and how multiplexes could improve the housing market.

Hosted by Mike Moffatt and Cara Stern, and produced by Meredith Martin.

Thank you to the PLACE Centre. This podcast is funded by the Neptis Foundation.

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

Since Mike Moffatt has advised Justin Trudeau, and Sean Speer has advised Stephen Harper, we thought it would be fun to get them in a (virtual) room together to discuss how both sides of the political spectrum have changed their approaches on economics in recent years.

Hosted by Mike Moffatt and Cara Stern, and produced by Meredith Martin.

Thank you to the PLACE Centre and funded by the Neptis Foundation.

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

What do cheesy Jean-Claude Van Damme movies and Canada’s rental housing crisis have in common? Apparently, more than you’d think! In this episode of The Missing Middle, Sabrina Maddeaux and Mike Moffatt hop in their imaginary time machine to explore how a long-forgotten 1970s tax trick—MURBs—might make a comeback to boost rental housing today. Will this retro loophole help fix our sky-high rents, or just mess with the condo market even more? Grab your popcorn and find out how investors, multiplexes, and a bit of tax magic could change the housing game all over again.

Chapters
00:00 Introduction
01:51 Investing in housing: a time travel scenario
03:46 Why building apartments wasn’t a great investment
04:47 History of creating rental stock
06:07 Understanding the MERB
08:32 MURB tax deferrals
10:24 How MURB impacts condo construction
11:53 MURB now vs 1970s
13:19 The historical context of MERB and its implications

Research/links:

Time Cop trailer

The Quiet Death of the Investor Condo? MURBs May Change the Game     

Hosts: 
Sabrina Maddeaux https://x.com/SabrinaMaddeaux 
Mike Moffatt https://twitter.com/MikePMoffatt https://bsky.app/profile/mikepmoffatt.bsky.social

Producer: Meredith Martin 
https://twitter.com/meredithmartin 
@meredithmartin.bsky.social

Editor: Sean Foreman
@seanegertonforeman
@seanforeman.bsky.social

This podcast is funded by the Neptis Foundation https://neptis.org/
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/

Mike's been talking for years about how Canada isn't considering international students in our immigration numbers. They all need places to live, so this oversight really messes with the housing market.  Finally, politicians are starting to pay attention! He unpacks the story of how we got here and what needs to change.

Hosted by Mike Moffatt and Cara Stern, and produced by Meredith Martin.

Thank you to the PLACE Centre. This podcast is funded by the Neptis Foundation.

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

Sean Speer, editor-at-large for The Hub, joins Cara and Mike to analyze what it means that Doug Ford reversed his land swap, and put the newly rezoned land back into the Greenbelt.

Missing Middle is hosted by Mike Moffatt and Cara Stern, and produced by Meredith Martin.

Thank you to the PLACE Centre. This podcast is funded by the Neptis Foundation.

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

Mike gives an overview of 15 Minute Cities, and why he has some worries about what impact they might have on the middle class.

Then Vass Bednar joins them to talk about why Canada needs more competition, especially in places such as our grocery stores.

Vass Bednar is the founder of Regs to Riches, and a  senior fellow at the Centre for International Governance Innovation. She's also the executive director of the master of public policy in digital society program at  McMaster University. Find her on social media: @VassB

Hosted by Mike Moffatt and Cara Stern, and produced by Meredith Martin.

Thank you to the PLACE Centre. This podcast is funded by the Neptis Foundation.

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

Welcome to the Missing Middle, a new 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.

Hosted by Mike Moffatt and Cara Stern, and produced by Meredith Martin.

Thank you to the PLACE Centre. This podcast was funded by the Neptis Foundation.

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

​​In this episode of The Missing Middle, Mike Moffatt and Sabrina Maddeaux unpack the controversy around REITs (Real Estate Investment Trusts) and their role in Canada’s housing crisis. Are REITs really blocking affordable housing, or is the real issue deeper than greedy landlords? Mike and Sabrina break down how REITs work, why they’ve become political scapegoats, and what actually needs to change to build more truly affordable homes. If you’ve ever wondered who should be our landlords — mom-and-pops, corporations, or governments — this is the conversation you need to hear.

Subscribe for weekly deep dives on housing, urban planning, and Canada’s affordability crisis.

Drop your thoughts below: Who do YOU think should be Canada’s landlords?

Chapters

00:00 Introduction

01:55 Who should our landlords be?

03:44 Real Estate Investment Trusts 

04:45 Mutual fund trust

05:45 Canada has an undeveloped REIT system

06:53 REIT push back on affordable housing

09:12 Who is to blame for affordable housing not getting built?

10:30 All of the other things that make it expensive to build

12:09 Should the government build more affordable housing?

12:37 Someone has to pay so who should it be? 

16:11 What do we mean by affordable units?

Research/links:

Ford government scrapped Toronto affordable housing requirements after pushback from three REITs, documents show

Reddit thread

Everyone Wants Rentals, but No One Wants Landlords

REIT data

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

In this episode of The Missing Middle, Sabrina Maddeaux and Mike Moffatt break down the massive wave of federal public service job cuts and how they’re slamming young Canadians the hardest. From thousands of lost student and contract jobs to long-term impacts on housing, wages, and health, they reveal how a shrinking government workforce could shut an entire generation out of shaping Canada’s future. They also dive into what this means for unions, the economy, and why real public service reform must include young voices. If you care about youth employment and the future of Canada’s workforce, you don’t want to miss this!

Chapters

00:00 Introduction

01:00 Federal public service job cuts explained

02:54 Our Video

03:46 The cohort effect and some historical context

05:12 The lack of young public sector workers in shaping policy

07:15 Mike’s experience in the federal public service

09:26 The talent vacuum

10:30 The effects of graduating in a recession

12:26 Ripple effects in the broader economy

13:45 Graduating in a recession can impact your health

16:30 Job hoarding and the role of unions

20:24 Future perspectives

Research/links:

Federal public service job cuts fall heavily on young workers

Sabrina Maddeaux: Striking union should ditch anti-millennial contract demand

How Colleges Broke Canadian Immigration

The Short- and Long-Term Career Effects of Graduating in a Recession

Life-Cycle Impacts of Graduating in a Recession

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

Toronto’s housing market is in free fall — new condo sales have plunged 97% since 2021, costing governments $6.6 billion in lost tax revenue every year. In this episode, Sabrina Maddeaux and Mike Moffatt break down shocking new data on record-low home sales, how this impacts construction jobs, and why the crisis could get worse before it gets better. They explain how cutting taxes like the GST could revive housing starts without sacrificing affordability, and debate whether foreign buyers and international students should play a role in the market recovery. Don’t miss this deep dive into the numbers and policy ideas that could reshape Canada’s housing future.

Chapters

00:00 Introduction

01:39 Understanding the GTA housing market crash

02:28 Video Link - Where Did All the Jobs Go?

03:01 Governments could lose $6.6 Billion

06:20 Bad housing starts numbers explained

08:42 Contraction in the construction industry means 41000 jobs lost

10:40 How cutting the GST on new homes makes sense

14:00 We need high home construction and affordability

15:09 Foreign Investment and housing supply

16:40 Conclusion and future considerations

Research:

Toronto’s Housing Collapse Will Cost Governments $6.6 Billion a Year

Where DID All the Jobs Go? The Mystery of Rising Unemployment

Altus group reports: 

https://www.bildgta.ca/wp-content/uploads/2025/06/6.18.25-Job-Risk-Housing-Pipeline-GTA-Altus-Group.pdf

https://www.bildgta.ca/wp-content/uploads/2025/06/Altus-Data-Solutions-media-backgrounder_May-2025.pdf

Toronto New Home Sales Fall To Record Low, Just 42 Condos Sold In The City

The Next Shoe to Drop

How Vaughan is Cutting Housing Costs | The Agenda

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

In this episode of The Missing Middle, Sabrina Maddeaux and Mike Moffatt are joined by urban planner Alex Beheshti for a deep dive into one of the most overlooked barriers to solving Canada’s housing crisis: zoning data. Alex makes the case for a Canadian Zoning Atlas—an ambitious but essential tool to bring clarity, consistency, and transparency to the country’s fragmented planning systems. They explore why zoning laws are so confusing, how the lack of machine-readable data cripples good policy, and what Canada can learn from international best practices. If we can map census data, why not zoning? From obscure codes to wedding vows about development charges (really!) this is a conversation about why better data might just be the key to better housing.

Chapters

00:00 Introduction 

01:00 Canada needs a housing crisis map

01:29 Alex shares his wedding vows

02:48 Previous Alex B episode

02:53 Mike’s philosophy of experimentation and failure

04:05 Understanding zoning: definitions and complexities

07:01 The need for centralized zoning data

09:19 The massive gap in urban planning data

10:30 Envisioning a Canadian zoning atlas

12:16 Canada should emulate the US and Australia

13:49 Future planning tools for Canada

Research/links:

Canada’s Housing Crisis Needs a Map

Guest:  Alex Beheshti https://twitter.com/beheshtialex

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

Why aren’t we seeing more multiplexes in Canadian cities—even after zoning reforms? In this episode of The Missing Middle, Sabrina Maddeaux and Mike Moffatt dig into the surprising roadblocks holding back infill housing. From bizarre bedroom caps to height limits that make 10-plexes impossible, they unpack how cities say "yes" to housing... and then quietly say "no." They call out the red tape, NIMBY politics, and why it might be time for provinces to take the wheel. If you're wondering why the housing crisis isn’t getting better, this one’s for you. (Full disclosure: This episode was recorded on Friday June 18th, before the Toronto city council watered down sixplex legalization, but the conversation remains entirely relevant.)

Chapters

00:00 Introduction

01:51 Push-back to multi-unit buildings

03:46 Bedroom limits

06:07 Ron Butler episode

06:34 The rooming-house factor

08:14 Height restrictions and Ottawa story

10:40 Restrictions make good architecture difficult

12:13 Infil is always harder so restrictions make that even worse

14:02 Solutions

research/links:

Edmonton Zoning Bylaw Renewal

City staff recommend permitting sixplexes in residential areas

City staff recommend allowing sixplexes across all Toronto neighbourhoods

Reddit discussion on the above 👆 

Toronto city council waters down proposed sixplex legalization, limiting changes to certain neighbourhoods

Toronto wrangles with a simple question: What is a multiplex?

We recommend you read the City Hall Watcher Substack by Matt Elliott

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

In this episode, Sabrina Maddeaux and Mike Moffatt tackle how GST rebates are affecting new homebuyers, tracing the history of these incentives and how inflation has quietly eroded their value. With fresh rebate structures now on the table—especially for first-time buyers—they examine what’s working, what’s not, and what’s politically possible. And, of course they have some suggestions on how policy could be shaped to benefit everyone. 

Chapters

00:00 Introduction 

01:52 A new home in the GTHA for under $450k - impossible

02:23 Understanding GST rebates, their history and impact

04:17 Why are the rebates so small?

06:56 Bill c-4’s first-time-homebuyer rebate

08:09 What the proposed GST rebate misses - seniors downsizing

10:45 Proposed changes to GST rebates

13:00 Will governments make these proposed changes?

14:30 Sabrina’s take

15:37 Concerns about inflation and housing demand

Research/Links:

Is Ontario Ready to Spend $895M to Jumpstart Homebuilding?

The PBOs Math Is Clear: We Need an Expanded GST Housing Rebate

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

Rents are finally dropping in many Canadian cities, yet finding an affordable, decent apartment still feels impossible. What’s going on with the rental market?

In this episode, Sabrina Maddeaux sits down with Max Steinman, CEO of RentSync and Rentals.ca, to unpack what’s driving the recent rent declines, how rent control policies backfired, and why “financialization” isn’t the villain it’s made out to be.

We dive into how younger Canadians are coping with record-high housing costs, what renters should know about purpose-built rentals vs. condos, and how government policies might actually be making things worse.

Tell us your rental horror stories or questions at missingmiddlepodcast@gmail.com
Check out current rent data at Rentals.ca

Subscribe for more honest conversations about the housing crisis, policy failures, and creative solutions for the Missing Middle of Canada’s cities.

Chapters
00:00 Intro: Why Economists Hate Rent Control
00:15 Why rents are falling even as it feels harder than ever to find a place
01:00 The “perfect storm” behind today’s rental slowdown
03:45 How low churn rates and stagnant mobility worsen the crunch
05:10 Why Canada’s rental experience feels broken
07:00 How rent control backfired (and why landlords aren’t upgrading units)
09:45 Purpose-built rentals vs. condos: What renters need to know
13:00 Why vacancy control sounds good but hurts renters long-term
16:00 The myth of “financialization” in housing
19:00 Why REITs get so much hate, and what people get wrong
21:40 How Rentals.ca and RentSync are trying to modernize the rental experience
23:10 Closing thoughts and where to find Canada’s latest rent data

Links/Research:

The Missing Middle: REITs, Rent & Rage: Canada’s Housing Tug-of-War https://www.youtube.com/watch?v=N7_vF7vodws

Rentals.ca National Rent Report – The data behind Canada’s rent trends, published monthly by Max’s team.
https://www.rentals.ca/national-rent-report

Can Homes Become Affordable Without Prices Going Down? – Missing Middle Initiative (April 2025)
 https://www.missingmiddleinitiative.ca/p/can-homes-become-affordable-again

Solving the Housing Supply Crunch: A 10-Step Plan for Federal Action – Missing Middle Initiative (August 2025)
 https://www.missingmiddleinitiative.ca/p/solving-the-housing-supply-crunch

From 40 to 100 Million: How Will Immigration Impact Canadian Housing? – Missing Middle Initiative
 https://substack.com/home/post/p-165627719

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

In this episode of the Missing Middle podcast Sabrina Maddeaux and Mike Moffatt discuss the lack of clear housing goals from political parties, including the Liberals' national housing strategy's focus on low-income earners and the NDP's ineffective communication with younger voters. The conversation highlights the struggle of middle-class individuals to afford housing, the disconnect between political messaging and the lived experiences of young Canadians, and the potential political time bomb ticking as a result of  these housing frustrations. 

Chapters

00:00 Introduction  

01:01 The missing middle-class housing strategy 

02:11 Housing as a human right can’t be the only strategy

03:00 There is no vision for middle-class housing

04:15 Some politicians have a vision but not the Liberals

05:19 The Big Lebowski reference

06:31 NDP's struggles with housing communication

09:20 The unconscious bias towards social housing

11:43 A misunderstanding of what middle class means

15:12 Where are the policies that target market housing?

16:20 Mike outlines 3 buckets of housing

18:57 The rightward shift of young people

21:15 The future of home ownership for young Canadians

23:20 Saving for retirement without a home

26:25 Cost of delivery crisis

27:09 Policy solutions

Research:

The Homeownership Journey Is Broken. Policymakers Need to Repair It.

Big Lebowski - Nihilists

Why is the NDP doing so badly, even with progressives? Just take a look at their awful housing 

Housing affordability for Millennials and Gen Z

How Taxes, and Taxes-on-Taxes Add Over $250K to a Vancouver Condo

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

In this episode of the missing Middle podcast conservative pundit Sabrina Maddeaux and economist Mike Moffatt discuss the current state of immigration in Canada. Together they examine a Bank of Canada report that focuses on the implications of temporary foreign workers on wages.  Mike and Sabrina talk about the challenges faced by new permanent residents, and the ambitious goals set by the Century Initiative for population growth. They explore how these factors intertwine with the housing crisis and the overall economic landscape, emphasizing the need for coherent immigration policies that align with infrastructure and social cohesion.

Chapters

00:00 Introduction

00:52 Bank of Canada report on wages and immigration

02:49 The mix of newcomers is different

05:33 New immigrants earn less and country of origin impacts wages

07:21 This is only becoming more pronounced

09:11 The wage gap is shrinking for Permanent Residence 

10:08 But it’s a good news, bad news story

11:00 The role of wage suppression

13:56 How does this impact social cohesion  

15:25 The Century Initiative and population growth goals

Research:

The Shift in Canadian Immigration Composition and its Effect on Wages

Canada's population needs to be 100 million by 2100

Canada on track for 100 million population but public support can’t be taken for granted: Century Initiative CEO

The 'Century Initiative' is the talk of the campaign, but what is it?

You Can't Grow a Country Just On Temporary Immigration

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/

In this episode of the Missing Middle podcast, mortgage broker Ron Butler sits down with conservative pundit Sabrina Maddeaux and economist Mike Moffatt to discuss the current crisis in the Toronto condo market. Ron outlines the vast scope of the problem stemming from pre-construction purchases made during a speculative boom. He explains how investors are facing significant losses as property values decline, while also addressing the broader implications of poor development choices and the lack of low-rise housing options. The conversation explores the role of government in addressing these issues and the potential for positive change in the housing market.

Chapters

00:00 Introduction Ron Butler

01:06 Outlining the Toronto condo market crisis

04:07 How much of this story is a Toronto and Vancouver story?

05:22 Never go cash-flow negative?

07:01 How do we have a glut of condos during a housing shortage?

09:51 How condo developers contributed to the crash

12:13 Who is Most Affected by the Crisis?

14:00 Financing challenges and future outlook

15:33 The perfect storm - purpose-built rentals

17:18 Government subsidized rentals

18:13 The greenbelt and Downview Airport land

19:39 Is this the Toronto bubble burst? Is it The One?

20:23 Low-rise homes in Toronto - a brief history of artificial scarcity 

23:05 What about family sized condos?

25:08 What’s the best non-terrible case scenario here?

27:32 The role of government in housing solutions

29:08 It wouldn’t be an MM podcast without Mike talking about development charges

30:25 Sabrina wants the government to get out of the way

Research and links:

The Angry Mortgage podcast

How low will rents go?

416 Condo Crash

Chart Storm: Five graphs on Toronto’s historic condo market collapse

Guest: Ron Butler, https://x.com/ronmortgageguy

https://www.butlermortgage.ca/

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Funded by the Neptis Foundation https://neptis.org/