The Missing Middle Podcast

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 works, why expectations matter as much as income, and what policy choices may be making young Canadians feel like they’re playing by a different set of rules. Chapters 00:00 Intro: The U-Shape of Happiness and Midlife Crisis 00:51 Canada's New Phenomenon: Young Adults Are Less Happy 01:48 From 5th to 25th: Canada's Global Happiness Ranking 03:00 How Happiness is Measured: The Gallup Poll Ladder Question 04:43 The Fundamental Equation of Happiness: Expectations vs. Reality 06:11 Canada's Mixed Ratings: Inequality and "Option Freedom" 07:18 Social Media's Impact: Passive vs. Communication Platforms 08:50 The Real Solution: Fixing Middle Class Housing and Policy Choices Research/links: World Happiness Report 2026 | The World Happiness Report https://www.worldhappiness.report/ed/2026/ 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.

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. We discuss Charles Lamman’s critique and Don Drummond's "confessions" to find out how to fix Canada's risk-aversion crisis and finally push our economy forward. Chapters: 00:00:00 | Defining Productivity: Real GDP per Hour Worked 00:01:42 | Canada's Long Decline: The Charles Lamman Critique 00:03:15 | Don Drummond’s Confessions: The Failure of Decades of Policies 00:04:14 | Red Tape: The Omission That Stops Building 00:04:51 | The Core Flaw: Too Much Greed, Not Enough Fear 00:06:46 | Corporate Welfare and the Temporary Foreign Worker Trap 00:08:01 | Canada’s National Risk Aversion: Why Retailers Look South Research: Labour productivity and related measures, by business sector industry, seasonally adjusted, fourth quarter 2025 Productivity is an urgent problem for Canada. The response? A 15-year study Confessions of a Serial Productivity Researcher Canada: Q4 Productivity Slips Under the Weight of Tariffs and Uncertainty From Bad to Worse: Canada’s Productivity Slowdown is Everyone’s Problem Eighteen ideas on how to kickstart the Canadian economy What Is Canada’s Productivity Performance and How Does It Compare to Other Countries?* Towards An Inclusive Innovative Canada https://canada2020.ca/wp-content/uploads/2017/02/020317-EN-FULL-FINAL.pdf https://www.ft.com/content/b7e6996b-f896-4a45-aad3-d1068e88341a?syn-25a6b1a6=1 Out of Nowhere: How Canada Fell Behind Alabama 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.

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 race” of parenting, and what we can learn from Quebec’s subsidized childcare experiment. The big takeaway: there’s no single cause and no single fix. But if we want a society where people can truly choose the family size they want, we may need to rethink everything from childcare and housing to culture itself. Research/links: Fertility Postponement, Economic Uncertainty, and the Rising Income Prerequisites of Parenthood – van Wijk and Billari (2024) https://onlinelibrary.wiley.com/doi/full/10.1111/padr.12624 Fertility Incentives in Canada: A Cohort Analysis – Lee and Liu (2024) https://clef.uwaterloo.ca/wp-content/uploads/2024/09/CLEF-075-2024.pdf The Role of Social Comparisons and Intensive Parenting – Mahler, Tertilt, and Yum, Brookings Papers on Economic Activity (2025) https://www.brookings.edu/wp-content/uploads/2025/09/5_Mahler_Tertilt_Yum_unembargoed.pdf Not Just Later, but Fewer: Novel Trends in Cohort Fertility in the Nordic Countries – Demography (2021) https://read.dukeupress.edu/demography/article/58/4/1373/174063/Not- Just-Later-but-Fewer-Novel-Trends-in-Cohort Workism and Fertility: The Case of the Nordics (2024) https://www.aei.org/articles/workism-and-fertility-the-case-of-the-nordics/ The Effect of Family Fertility Support Policies on Fertility – Zhang et al. (2023) https://pmc.ncbi.nlm.nih.gov/articles/PMC10049131/ Fertility trends across the OECD: Underlying drivers and the role for policy: Society at a Glance 2024 | OECD https://www.oecd.org/en/publications/society-at-a-glance-2024_918d8db3-en/full-report/fertility-trends-across-the-oecd-underlying-drivers-and-the-role-for-policy_770679b8.html Why Americans Are Delaying Parenthood https://www.prb.org/news/why-americans-are-delaying-parenthood/ Canada is among countries with an ‘ultra-low fertility’ rate. What is behind the drop? https://www.ctvnews.ca/canada/article/canada-is-among-countries-with-an-ultra-low-fertility-rate-what-is-behind-the-drop/ World Happiness Report 2026 | The World Happiness Report https://www.worldhappiness.report/ed/2026/ She’s (Not) Having a Baby https://www.cardus.ca/wp-content/uploads/2023/01/Shes-Not-Having-a-Baby.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.

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 Gen Z) and how Ontario's outdated surtax thresholds, which can be triggered by an income of less than $110,000, are punishing effort and driving out-migration. More than just money, this quiet revenue tool lacks democratic accountability, eroding trust in institutions and revealing a tax code desperately in need of a full rethink. Key Topics: Bracket Creep, Stealth Taxes, Tax Policy, Inflation, Middle Class, Ontario Surtax, Mike Moffatt, Sabrina Maddeaux, Canadian Politics, Economic Inequality, Tax Reform. Chapters: 00:00 Bracket Creep and its Impact on Purchasing Power 02:32 The Accountability Issue: Why Stealth Tax Increases Matter 04:06 How Bracket Creep Hits Income Earners and the Generational Divide 06:17 The Problem with Ontario's Outdated Surtax Thresholds 08:36 Political Ramifications and the Erosion of Trust in Institutions 10:10 The Need for a Tax Code Rethink Research/links: Sabrina's National Post column (source document): Sabrina Maddeaux: Provinces are profiting from your inflationary pain | National Post Canadian Taxpayers Federation report on Manitoba bracket freeze: Newsroom Kelowna Capital News on BC bracket freeze revenue projections: Detailing B.C.’s tax changes in Budget 2026, including income tax increases | Kelowna Capital News 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.

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 increase supply in a market that is still not functioning normally. If the goal is to improve affordability, the HST rebate may help, but it is only one part of a much larger housing problem. Chapters: 00:00 - Gov Announces HST Rebate and Reduced Development Charges 01:22 - Overview of HST Changes 01:52 - History of Previous Rental and Ownership Rebates 02:58 - Expanding Eligibility Beyond First-Time Buyers 05:32 - Addressing the "Demand Subsidy" Misconception 07:25 - Will Developers Pass Savings to the Buyer? 09:04 - The Impact on Land Values and the Need for Reform 10:05 - Historical Comparison of Government Taxes and Fees 11:26 - How Accurate are the Government Numbers? 12:42 - Projected Impact and the One-Year Program Limit 14:09 - Retroactive Eligibility and Final Thoughts Research/links: Doug Ford and Mark Carney to expand HST rebate to all new home buyers https://www.thestar.com/news/canada/exclusive-ford-and-carney-to-expand-hst-rebate-to-all-new-home-buyers/article_55543d47-86b9-466d-bd17-6155c4d62097.html Doug Ford and Mark Carney to expand HST rebate to all new home buyers : r/canadahousing https://www.reddit.com/r/canadahousing/comments/1s3a8cs/doug_ford_and_mark_carney_to_expand_hst_rebate_to/ 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.

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 track price changes. The result? A single inflation number that masks wildly different realities depending on how you live, spend, and earn. In other words: there isn’t one inflation rate. There are millions. Chapters 00:00 Intro: Why We Underestimate Inflation 00:28 Official Stats vs. Public Perception 01:20 Breaking Down the "Spending Basket" 02:07 Why Every Family Experiences Inflation Differently 03:33 Why Reading & Media Prices are Dropping 04:04 Biggest Price Jumps & Surprises 05:56 The Reality of Shrinkflation at the Grocery Store 06:46 The Kraft Dinner Test: Smaller Sizes, Same Price 07:43 Cutting Ingredients: Chocolate vs. "Chocolaty" 09:03 Housing & Shelter Inflation 11:46 Boomers vs. Gen Z: Who Wins in High Interest Rates? 12:55 Final Thoughts: One Economy, Multiple Realities Research Links: Consumer Price Index and Inflation Perceptions in Canada: Can measurement approaches or behavioural factors explain the gap? https://www150.statcan.gc.ca/n1/pub/62f0014m/62f0014m2021017-eng.htm Shrinking products, rising prices: Food-specific quantity adjustments in the Consumer Price Index https://www150.statcan.gc.ca/n1/pub/11-627-m/11-627-m2025016-eng.htm Greedy bastards. This just happened in the past few weeks. https://www.reddit.com/r/loblawsisoutofcontrol/comments/1s116uj/greedy_bastards_this_just_happened_in_the_past/ 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.

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: Check out Paige Saunders' channel: https://www.youtube.com/@PaigeMTL Chapters: 00:37 Intro: The hidden force behind Canada’s biggest problems 01:12 What’s broken about Canada’s voting system 01:48 How swing ridings control the country 04:03 Why politicians ignore entire groups of voters 05:26 Does proportional representation hurt suburbs? 06:59 Populism, power, and lack of accountability 08:59 Why this won’t magically fix housing 10:17 Why politicians refuse to change the system 11:11 Why most Canadians don’t even notice the problem 12:58 Is Canada heading down the US/UK path? 15:13 Why electoral reform keeps failing 19:40 The real barrier to change 24:24 The AI test: which system is worst? 29:12 “I was shocked Canada still uses this” 32:28 Is Canada falling behind on democracy? 36:03 Can anything actually force reform? 40:00 What a better system could look like 42:45 Final thoughts: a more Canadian democracy 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.

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; households in their late 20s to early 40s who did everything right, built equity, and planned ahead, only to find that larger, family-sized homes are further out of reach than ever. With prices outpacing incomes, policy focused on first-time buyers, and a shortage of suitable homes, the traditional housing ladder no longer works. What happens when an entire generation can’t move up, even after getting in? And what does it mean for family formation, economic mobility, and the future of Canada’s housing system? Chapters: 00:00 The "Broken Ladder": Canada’s Second-Time Homebuyer Crisis 00:58 Trapped in the Starter Home:The Condo Squeeze 03:01 The Over-Focus on Shoebox Condos vs. Family Homes 04:13 How the Housing Dream Changed 05:44 Is the “Condo-to-Detached” Model a Ponzi Scheme? 06:39 The “Goldilocks” Scenario for Sustainable Housing Gains 08:16 Polling Data: What Ontarians Actually Care About 10:17 The Case for Extending HST Rebates Beyond First-Time Buyers 11:11 Policy Dorks vs. The Public: Finding Common Ground 14:00 Property Taxes: The "Political Third Rail" 15:45 Should Housing Rules Be Handled by the Province? 16:35 Why Down Payment Support Might Be Hurting More Than Helping 18:43 Renters’ Rights & The Future of Canadian Housing Research Links: New OREA survey finds Ontarians support change and transparency in housing costs and policies Housing in Ontario: Perceptions, Impacts, And Solutions Unlocking Homeownership: What Canadians Want from Housing Policy A Blueprint to Restore Homeownership for Young Canadians Is Ontario Ready to Spend $895M to Jumpstart Homebuilding? 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.

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 have changed, and what we need to fix to make Canada fair again. Chapters: 00:00 Introduction 00:46 Defining Meritocracy 1:12 Is Canada a Meritocracy? 02:41 Measuring Meritocracy Income and Polls 04:23 Generational Divide in Ipsos Poll 05:54 Fairness Equal Opportunity vs Outcomes 07:15 Economists on Eroding Social Mobility 09:07 Increasing Distrust in Institutions & Distrust of Politicians 09:47 Changing Minds Understanding New Realities 11:13 Housing Crisis and Social Mobility 12:45 The Role of Effort combined with Environment Research/links: Generational Disconnect In Canada Ipsos Equalities Index 2025 - A 31-country Global Advisor Study https://www.ipsos.com/sites/default/files/ct/publication/documents/2025-08/generational-disconnect-in-Canada.pdf Trends in Intergenerational Income Mobility and Income Inequality in Canada Trends in Intergenerational Income Mobility and Income Inequality in Canada International Fairness Day 2024: Canada’s commitment to fairness for every generation is more than an empty slogan – but it’s not yet a reality https://www.if.org.uk/2024/11/18/international-fairness-day-2024-canadas-commitment-to-fairness-for-every-generation-is-more-than-an-empty-slogan-but-its-not-yet-a-reality/ A retreat from opportunity: Is the Canadian dream still alive? https://thehub.ca/2025/11/10/deepdive-a-retreat-from-opportunity-is-the-canadian-dream-still-alive/ Intergenerational income mobility in Canada: Research highlights from two recent studies https://www150.statcan.gc.ca/n1/pub/36-28-0001/2023012/article/00001-eng.htm 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.

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 serious questions about what housing supply will look like in the years ahead. In this episode, we discuss: Chapters: 00:00:00 Intro: The Housing Data Disconnect 00:01:06 The Problem With CMHC Housing Starts Data 00:04:06 How to Fix Misleading Housing Metrics 00:05:14 The One-Size-Fits-All Data Problem 00:05:49 Generational Shifts in Home Size 00:07:05 Reality vs Data: Smaller Homes and Composition Effects 00:08:14 The Collapse of Pre-Construction Sales 00:09:12 Future Housing Market Outlook Research Links CMHC Housing Report: https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/market-reports/housing-market/housing-market-outlook 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.

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 unintentionally blocking the housing Canadians need? In this episode, we discuss: Regulatory Barriers: How building codes and zoning prevent the creation of family-sized apartments. Comparisons with Europe: Why families in cities like Paris and Berlin live comfortably in apartments. Unintended Consequences: How rules meant to improve safety or quality actually reduce housing options. Policy and Change: What it would take to create a housing system that truly supports families. Chapters: 00:00 Introduction 00:42 Challenges Finding Family-Sized Rental Apartments 01:54 How European Families Live in City Apartments 02:46 Why European-Style Apartment Units Are Illegal Here 03:40 North American Apartment Layouts Create Space Issues 04:15 Unintended Consequences of Prescriptive Building Codes 04:57 pop up https://youtu.be/TF63Xj_QtjM?si=YKMdLHIs8b_Nchgx 05:03 pop up https://youtu.be/WpT0YDY8ejM?si=OIIEQm-y76TZlPEB 06:05 Structural Problems in Housing Regulations 08:07 Zoning Makes Low-Rise Family Apartments Difficult 09:48 Optimism and Next Steps for Policy Change Research/links: Why we can’t build family-sized apartments in North America https://www.centerforbuilding.org/article/why-we-cant-build Why Single Stairways are Heaven for Homebuilding https://youtu.be/WpT0YDY8ejM?si=OIIEQm-y76TZlPEB How Elevator Rules Cost Us Homes https://youtu.be/TF63Xj_QtjM?si=YKMdLHIs8b_Nchgx North America's Elevator Problem https://www.youtube.com/watch?v=Or1_qVdekYM&t=1s Addressing the concerns around single-staircase apartments https://www.youtube.com/watch?v=ozwkP9Zsi0Y Why We Don't Build More Apartments for Families | Odd Lots https://www.youtube.com/watch?v=76IHpt6q9ME Broken Zoning: Why We Can’t Fix the Housing Crisis Without a Map https://youtu.be/yuAsjJsiuyQ?si=1DDXn4pIGUvSjmgC Single Stair Buildings for San Francisco: The Key to Building Small Scale Infill Housing https://openscopestudio.com/single-stair-buildings-for-san-francisco-the-key-to-building-small-scale-infill-housing/ Why Are Housing Costs So High? The Elevator Can Explain Why. https://www.nytimes.com/2024/07/08/opinion/elevator-construction-regulation-labor-immigration.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.

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 this episode, we discuss: The Alabama Comparison: Is GDP per capita the right metric, or just a wake-up call? The Happiness Gap: Why Canadian seniors are some of the happiest in the world while young people (under 30) have plummeted to 58th globally. The Generational Wealth Divide: How the “floor” is falling out for Millennials and Gen Z while older homeowners remain insulated. The Resource Curse: Why Canada has the complacency of a resource-rich nation without actually reaping the wealth. The “Not-American” Trap: Why comparing ourselves only to the U.S. is holding our policy-makers back from real solutions found in countries like Denmark and New Zealand. “The inequality here isn’t rich versus poor. It’s old versus young.” Chapters: 00:00 Is Canada Poorer Than Alabama? The Headline That Stung 01:03 - Defining GDP per Capita 02:54 Canada's Decline in Global Well-Being Rankings 04:11 The Happiness Gap: Seniors vs. Gen Z & Millennials 04:57 The “Household Wealth Irony: Why High Home Prices Are Deceptive 05:34 A Tale of Two Countries: The Generational Wealth Split 07:21 The "Floor" Argument: Why Alabama is More Stable for Youth 09:47 The Stark Reality: Seniors are 9x Richer Than Their Grandchildren 10:47 The Resource Curse: Complacency Without the Riches 12:23 Canada’s Biggest Problem: The “At Least We’re Not American” Mindset 15:24 Patriotism Through Criticism: Why We Must Admit There’s a Problem Research: Sabrina Maddeaux: Canada didn't become poorer than Alabama 'out of nowhere https://nationalpost.com/opinion/canada-didnt-become-poorer-than-alabama-out-of-nowhere Canada’s global performance rankings are in freefall https://thehub.ca/2026/02/26/canadas-global-performance-rankings-are-in-freefall/ How Canada became poorer than Alabama https://www.theglobeandmail.com/business/article-out-of-nowhere-canada-became-poorer-than-alabama-how-is-that-possible/ World Happiness Report 2025 https://www.worldhappiness.report/ed/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.

For decades, housing planners have assumed that seniors would eventually downsize, freeing up family homes for the next generation. But that hasn’t happened. In this episode, Cara Stern and Mike Moffatt explore why most seniors choose to stay in their homes and why that decision is often perfectly rational. High moving costs, limited housing options, strong community ties, and government policies that encourage aging in place all make downsizing far less appealing than planners expected. This mistaken assumption has shaped housing forecasts, contributed to today’s housing shortage, and fueled tensions between generations. Are seniors really the problem, or did policymakers simply plan the housing system around the wrong idea? And if seniors aren’t moving, what does that mean for families trying to find space in cities where family-sized homes remain scarce? In this episode, we discuss: wantChapters: 00:00 Introduction 01:00 The Irony of Planners Assuming Seniors Will Downsize 2:32 Flawed Assumptions About Generational Turnover and Life Expectancy 03:47 The Problematic Term "Overhoused" 07:11 Defining "Involuntarily Overhoused" 08:25 Underhousing Statistics in Toronto 09:04 Zero Sum Mentality Created By Housing Shortage 10:40 Density as a Solution for Seniors and Reducing Resentment 12:33 The Financial Calculation: Why Moving Makes No Sense for Seniors 14:00 Policies Actively Paying Seniors to Stay in Place 16:09 Places where they have Implemented Better Policy Research/links: Right-Sizing Housing and Generational Turnover https://www.toronto.ca/city-government/planning-development/planning-studies-initiatives/housing-to-2051/ Perspectives on Growing Older in Canada: The 2025 NIA Ageing in Canada Survey – National Institute on Ageing, Toronto Metropolitan University https://niageing.ca/reports/perspectives-on-growing-older-in-canada-the-2025-nia-ageing-in-canada-survey/ Canada’s Demographic Time Bomb: What Boom, Bust & Echo Got Right - https://www.youtube.com/watch?v=j3VT7x1lrBs City of Toronto – Garden Suites and Laneway Suites https://www.toronto.ca/city-government/planning-development/planning-studies-initiatives/garden-suites/ 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.

If Canada isn’t in a recession, why does it feel like one for so many Canadians? In this episode of Classonomics from The Missing Middle, hosts Sabrina Maddeaux and Mike Moffatt dig into one of the biggest contradictions in today’s economy. On paper, everything looks great. GDP is growing. Corporate profits are strong. Stock markets are hitting record highs. Yet, for millions of Canadians, life feels harder than ever. Food bank usage has doubled since 2019. Young people can’t afford homes in cities where their parents once bought starter houses. And even full-time workers are struggling to make ends meet. Sabrina and Mike break down what’s really happening beneath those rosy headlines through the lens of the K-shaped economy, where wealthier Canadians continue to thrive while everyone else falls further behind. The top 20 percent are seeing record financial gains from stocks and investments, while the bottom 40 percent are sinking under housing costs, stagnant wages, and shrinking purchasing power. They explore how this divide is reshaping not only people’s bank accounts but also their trust in institutions, politics, and the very idea of upward mobility. When the data says the economy is strong but your grocery bill says otherwise, frustration and hopelessness grow, and faith in the system fades fast. Does Canada’s economy feel strong to you, or are you feeling left behind? Join the discussion in the comments. Chapters: 00:00 – Intro 01:32 – What is a “K-Shaped Economy”? (The Two-Way Split) 02:54 – Why Younger Canadians Feel Locked Out of Growth 04:10 – The Record-Breaking Income Gap in Canada 05:18 – How the Richest Stay Ahead 06:48 – The Parental Wealth trap 08:24 – Hard Work vs. Inheritance 09:56 – Shocking Stats on Food Bank Users 11:47 – Why Canadians Feel Gaslit by GDP data 15:21 – Restoring the Link Between Work and Reward RESEARCH LINKS: Statistics Canada - Distributions of household economic accounts, third quarter 2025 The Hub - Canada's growing wealth gap in 7 charts Food Banks Canada - HungerCount 2025 Statistics Canada - Income and wealth gaps increased in 3rd quarter of 2025 TD Economics - The Days Of Our Lives (K-shaped economy analysis) Parliamentary Budget Officer - Estimating the top tail of the family wealth distribution in Canada 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.

Is boycotting American products a patriotic duty, or a luxury belief most Canadians can’t afford? In this episode of The Missing Middle, Cara Stern and Mike Moffatt unpack the growing generational divide in Canada, and why older Canadians are far more likely to boycott U.S. products, while younger Canadians are stuck navigating a brutal affordability crisis. After a winter storm destroyed his car, Mike shares why he chose a Canadian-assembled vehicle, and how that decision sparked a bigger question: have certain political stances become “luxury beliefs” that only financially secure Canadians can realistically uphold? The conversation digs into the tension between symbolic nationalism and economic reality, especially for Millennials and Gen Z who feel locked out of housing, squeezed by grocery prices, and shut out of opportunity. From grocery store boycotts to the future of Canada’s auto sector, this episode explores what it actually means to be a “good Canadian” in a time of rising costs, political strain, and shifting global alliances. Chapters: 00:00 Introduction 00:43 The Generational Divide on Canada-U.S. Relations 02:03 Why Older Canadians View America Differently Than Gen Z 03:04 Why Ethical Shopping is a Luxury 04:02 Mike’s New Car: A Case Study in Buying Canadian 06:21 Defining “Luxury Beliefs” in Economics 09:23 Social Judgment and the Ethics of Travel 10:21 Should Politicians Fight Trump? 11:04 On Carney’s Speech in Davos 12:47 Searching for Transformative Change in the Canadian Economy Research/links: Nanos Poll https://nanos.co/wp-content/uploads/2025/03/2025-2950-Bloomberg-Nov-Populated-Report-Tariffs-on-US-goods.pdf Research Co Poll https://researchco.ca/wp-content/uploads/2025/06/Tables_Tariffs_CAN_05Jun2025.pdf Luxury Beliefs https://en.wikipedia.org/wiki/Luxury_belief Special Address by Mark Carney, Prime Minister of Canada | World Economic Forum Annual Meeting 2026 https://youtu.be/flsgJe8mN-A?si=xJs3huF52ABU-SEZ 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.

If $130,000 is the new poverty line… what does that make you? In this episode of Classonomics, we tackle the viral argument that the middle class isn’t struggling — it’s being mismeasured. On paper, incomes are up and unemployment is low. So why does it feel harder than ever to afford a home, raise kids, or even stand still? We break down the hidden costs of economic participation, from housing and childcare to smartphones and “technological coercion”. We also examine the rise of the two-income trap that quietly reset the price of middle-class life. Are millennials truly worse off than their parents? Is inflation data masking reality? And was the 80s and 90s middle class partly a sitcom illusion? If you’ve ever felt “middle class” in theory but squeezed in practice, this episode explains why. Chapters: 0:00 – Introduction: Welcome to Classonomics 0:39 – Why 90s “Struggling” TV Families Look Wealthy Today 02:03 – Is $130k the New Poverty Line? 04:52 – Technological Coercion: From Luxury to Necessity 09:08 – Why Inflation Stats are Misleading: Better vs. Cheaper 11:03 – The Two-Income Trap: From Option to Obligation 14:54 – The Nostalgia Gap: Are We Remembering the 80s Correctly? 17:20 – The Reality of Generational Downward Mobility Research links: Part 1: My Life Is a Lie How a Broken Benchmark Quietly Broke America https://www.yesigiveafig.com/p/part-1-my-life-is-a-lie Cory Doctorow https://en.wikipedia.org/wiki/Enshittification https://en.wikipedia.org/wiki/Cory_Doctorow Hedonic adjustments https://www.npr.org/2022/11/10/1135849519/hedonic-adjustment-how-to-measure-pleasure Credits: Mike Moffatt https://twitter.com/MikePMoffatt https://bsky.app/profile/mikepmoffatt.bsky.social 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.

Why is it so hard to make friends once you leave school? In this episode of The Missing Middle, Cara Stern and Mike Moffatt dive into the "Loneliness Epidemic" and the disappearing concept of the Third Place – those vital social hubs that aren't home (the first place) or work (the second place). From the 1980s mall culture and bowling alleys to the modern era of "convenience-first" coffee shops and endless doomscrolling, we explore why 60% of Canadians feel disconnected from their communities. We also break down the surprising 2025 StatCan data showing that young people (15–24) are significantly lonelier than seniors. In this episode, we discuss: The Zoning Crisis: Why it’s literally illegal to build a walkable pub or café in most North American suburbs. The Death of the Comfy Chair: How rising land costs forced businesses to prioritize drive-thrus over community "hangouts." Weak Social Ties: Why interacting with people outside your "bubble" is essential for democracy, your mental health, and your career. Practical Advice: Cara shares her (slightly terrifying) tips for meeting neighbours, and Mike discusses how rec sports saved his social life. Chapters: 00:00 The Connectivity Paradox: Why we’re lonelier than ever 01:40 Youth are lonelier than seniors 03:10 The "Doom Scrolling" effect on community connection 04:10 What is a "Third Place"? (And why you need one) 05:20 The power of "Weak Social Ties" 07:34 How Zoning & NIMBYism killed our local hangouts 12:18 Can Digital Communities Replace Physical Ones? 14:58 High Land Costs Make Everything Worse 17:08 Practical Advice: How to Build Community Today 20:41 The Senior Discount Problem: Why cities are ignoring youth isolation 22:10 How to Push Past Rejection & Find Your People Research/links: Six in Ten Canadians Surveyed Have Little or No Sense of Community, New YMCA Research Reveals https://www.ymcagta.org/news/Six-in-Ten-Canadians-Surveyed-Have-Little-or-No-Sense-of-Community Church Closures and the Loss of Community Social Capital https://carleton.ca/panl/wp-content/uploads/Church-Closures-and-the-Loss-of-Community-Social-Capital-By-Don-McRae-March-2023.pdf Where Have All the Great, Good Places Gone?: The Decline of the “Third Place” https://www.mironline.ca/where-have-all-the-great-good-places-gone-the-decline-of-the-third-place/ Third places, true citizen spaces https://courier.unesco.org/en/articles/third-places-true-citizen-spaces Brands should provide “third places” to help Canadians feel connected: https://strategyonline.ca/2024/11/11/citizen-relations-report-third-places/ The Hidden Health Crisis: Understanding Loneliness in Canada https://blog.theralist.ca/the-hidden-health-crisis-understanding-loneliness-in-canada/ Why your ‘weak-tie’ friendships may mean more than you think https://www.bbc.com/worklife/article/20200701-why-your-weak-tie-friendships-may-mean-more-than-you-think 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.

The unemployment rate says everything is fine. So why does finding a job feel impossible? Canada has added nearly 200,000 jobs and unemployment sits around 6.5%. On paper, that’s a “normal” economy. But talk to young workers, or anyone trying to switch jobs, and you’ll hear a very different story: hundreds of applications, zero callbacks, and months of silence. In this episode of Classonomics, Sabrina Maddeaux and Mike Moffatt break down the hidden story behind the headlines. They explain why low unemployment can mask a frozen job market — one with fewer layoffs, fewer hires, and far fewer opportunities for people trying to get in. If you’re a recent grad, stuck in your career, or wondering why the economy feels worse than the data suggests, this episode is for you. Tell us in the comments: How long has your job search taken? Has it been harder than expected? Chapters: 00:00 – Why Finding a Job in Canada Feels Impossible Right Now 01:57 – Beyond Unemployment: The Hidden Labour Market Indicators 05:28 – Why Employers Have the Upper Hand Right Now 06:12 – Global Uncertainty, Trade Tensions & Hiring Freezes 07:26 – The "Low-Hire, Low-Fire" Equilibrium Explained 10:21 – How Over-Regulation Stifles Economic Growth 13:06 – The Systemic Impact of Locking Out a Generation 14:20 – The Housing Theory of Everything Research: Consulting the Magic 8 Ball of Canada’s Job Market The Job Market Is Frozen:Unemployment is low, but workers aren’t quitting and businesses aren’t hiring. What’s going on? Canada’s shifting labour market: Recalibrating ‘breakeven employment’ Glassdoor Worklife Trends 2025 Employment by industry, monthly, seasonally adjusted and unadjusted, and trend-cycle, last 5 months (x 1,000) 1, 2, 3, 4 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.

Does having a baby mean you're officially "car-dependent"? In this episode of DemograFix, Cara Stern and Reece Martin, of @RMTrasit, tackle the reality of navigating Canadian cities with kids. While many parents are told that a private vehicle is the only safe or convenient way to get around, Cara and Reece explore why our transit systems often fail families – and how we can fix them. From the "elevator roulette" at subway stations to the hidden costs of car ownership, we’re breaking down the barriers to urban parenting. Have you ever been "trapped" at a subway station with a stroller or in a wheelchair? Let us know in the comments. Chapters: 0:00 Introduction 00:44 The "Car Trap": Why parents feel forced to drive 01:38 Canadian Transit vs. the US: How do we actually rank? 03:22 The Stroller Struggle: Accessibility "on paper" vs. reality 08:47 A Tale of Two Cities: Toronto, Montreal, and the elevator gap 13:11 Reece on the GoTrain accessibility car 15:50 The Hidden Cost: Is owning a car costing you a second child? 19:45 Policy solutions for family friendly transit 25:02 Why free transit for kids is a game changer 28:15 The problem with busses 29:48 Teens and Transit: How free fares encourages a healthier lifestyle 33:15 Making cities livable for the next generation Research/links: Studies on impact on free fares on active transportation for teens https://www.getonthebus.ca/resources Transit Use by Children and Adolescents: An Overlooked Source of and Opportunity for Physical Activity? - PMC https://pmc.ncbi.nlm.nih.gov/articles/PMC5502534/ Engaging students to increase public transit ridership A guide for using city–school partnership to inspire youth to choose sustainable transportation. https://greenmunicipalfund.ca/sites/default/files/documents/resources/guide/guidebook-engaging-students-to-increase-public-transit-ridership-gmf.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.

Your 20s: risky bets, crypto hype, and meme stocks. 🎲 Sabrina Maddeaux and Mike Moffatt explain why being priced out of a home is turning saving into gambling — and why young men are taking the biggest swings. In this episode of The Missing Middle – Classonomics, we unpack why a generation priced out of housing is turning to meme stocks, crypto, and online sports betting instead of traditional saving. Mike and Sabrina explore how the “gamification” of investing on your phone blurs the line between investing and gambling, why young men dominate high-risk trading, and what research tells us about the link between gambling, crypto, and financial stress. The conversation introduces the idea of “financial nihilism” — when homeownership feels impossible, big bets can start to seem rational. They also debate solutions, from tighter gambling advertising rules to better financial education and, most importantly, fixing housing affordability. Is this risky behavior a cultural problem, a policy failure, or both? Watch to find out — and tell us in the comments if you’ve ever placed a big bet with your money. Chapters: 00:00 Introduction 01:10 The high-risk landscape 02:15 Personal experience with risk 03:00 Demographics of gamblers and investors 04:35 Gambling vs investing 05:30 The Risks of sports gambling & prediction markets 06:52 The difference between zero-sum and negative-sum behaviour 08:53 The link between gambling & crypto trading 11:01 How the culture of gambling is hurting young men 12:22 How the housing crisis leads to financial nihilism 14:22 How big risks start to become rational choices 15:38 The role of social media 16:24 YOLO spending and the gendered aspect of risky bets 17:50 Mike drops a hockey metaphor 19:23 Solutions: Regulation, education and home ownership Research: Canada Is Finally Regulating Stablecoins – Here’s Why It Matters Cryptocurrency trading, gambling and problem gambling "Giving Up": The Impact of Decreasing Housing Affordability on Consumption, Work Effort, and Investment Newsletter Sabrina mentions: 1 big thing: Gen Z plays the economy like a casino Are We Ignoring a Generation of Struggling Young Men? All Bets Are On: The Rise of Prediction Markets The Doom Spenders polymarket.com Website Traffic Demographics Gambling Statistics Canada 2026 – Unveiling Canada’s Gambling Landscape 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.