The Missing Middle Podcast

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.

Yesterday, Bank of Canada governor Tiff Mackem warned that early evidence shows AI is reducing the number of entry-level jobs available. Are we heading toward a future of mass unemployment, or is AI just the latest "calculator" to change how we work? Cara Stern and Mike Moffatt dive deep into the data behind AI's impact on demographics and the workforce. While Mike leans into historical optimism, Cara brings the receipts: a recent Stanford study showing a 13% drop in employment for young workers in AI-exposed fields since the release of ChatGPT. We explore which jobs are "AI-proof," why Gen X seems to be winning (again), and what policy changes could help young people get a foot in the door. Chapters: 00:00 Introduction 00:29 Why Mike is unconcerned about AI taking his job 01:30 Why Cara is worried about AI 02:21 Young works AI exposed jobs see 13% drop 03:52 Examining AI exposed occupations 04:30 How AI impacts different cohorts of workers 06:12 Understanding the impact of AI on wages 06:54 Being well rounded is the best protection 08:16 Trades, healthcare and education will continue to be in demand 09:20 Mike shares a story from the olden times 10:00 Mike’s take on going into the trades 11:20 Mike on wages 12:18 Focus on developing skills 13:17 The role of policymakers and solutions Research/links: Canaries in the Coal Mine? Six Facts about the Recent Employment Effects of Artificial Intelligence Youth in Canada will need help gaining experience in the AI era No to being young again; The struggles of Canadian youth employment - CIBC Capital Markets Canada must pioneer AI adoption that creates job opportunities: Ryan Khurana in Canadian Affairs | Macdonald-Laurier Institute Canaries in the Coal Mine? Six Facts about the Recent Employment Effects of Artificial Intelligence Youth in Canada will need help gaining experience in the AI era No to being young again; The struggles of Canadian youth employment - CIBC Capital Markets Canada must pioneer AI adoption that creates job opportunities: Ryan Khurana in Canadian Affairs | Macdonald-Laurier Institute 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’s housing ladder is broken. In this episode of Missing Middle, Sabrina Maddeaux and Mike Moffatt explain why the starter home no longer works and how an entire generation has been locked out of moving up. They compare buying a detached home in 2004 for $168,000 with today’s reality, where condos fail as a first step and buyers are trapped with no clear path forward. The conversation explores how this breakdown affects family formation, careers, ambition, and Canada’s economic future.= If homeownership feels impossible, this episode explains why and why it matters. Do you still believe the starter home works, or has the housing ladder completely collapsed where you live? Chapters: 00:00 — What “Buying Your First Home” Used to Look Like 00:40 — Mike’s First House: A Brand-New Detached Home… as a “Starter” 01:47 — Why That Dream Is Gone for Today’s Buyers 02:29 — What “Starter Home” Means Now vs. Then 05:23 — “Aging Out” of the Starter Home 07:03 — Trapped in a Condo 09:58 — The “Second-Time Buyer Problem” Explained 11:09 — Housing, Birth Rates, and Canada’s Demographic Crisis 13:37 — Careers Limited by Real Estate, Not Talent 18:45 — Why Politicians Are Getting This Wrong Research links: Teranet Market Insights Q1 2025 National Bank Housing Affordability Monitor CMHC Housing Market Outlook 2025 CMHC Housing Supply Report 2025 Royal LePage House Price Survey and Market Forecast Statistics Canada - Homeownership and Mortgage Debt of Tax Filers CIBC Economics - Housing Affordability Reports 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’s housing crisis. Youth unemployment. Immigration debates. A broken healthcare system. What if we told you a book published in 1996 predicted almost all of it? In this episode of The Missing Middle, Cara Stern and Mike Moffatt revisit the Canadian classic Boom, Bust & Echo to explore how demographics, especially the aging of the baby boomers, reshaped Canada’s economy, housing market, job prospects, and public policy. We break down: • Why youth unemployment was a policy choice • How demographics quietly drive housing prices • What governments got right — and very wrong • Why immigration policy, real estate, and healthcare are deeply connected • And how Canada ended up with a generational economic imbalance This isn’t just history. It explains why life is harder for young Canadians today and what choices led us here. If you care about housing affordability, jobs, immigration, public policy, and Canada’s economic future, this episode is for you. Chapters: 00:00 Introduction 00:49 Why Boom, Bust, and Echo (BBE) still matters 03:00 What the book got right and wrong 04:25 Prediction about the rise of home health care 06: 06 Policy dilemma: high demand for PSWs & balancing budgets 08:12 Immigration policy advice from Boom, Bust and Echo 09:03 Governments didn’t take the advice 10:55 BBE real estate prediction 11:45 Housing market predictions: what went wrong 15:10 Boomers, Millennials & real estate 16:40 BBE prediction on future changes to taxation policy 17:13 The politics of moving taxation from income to capital 19:50 Real estate prediction for aging boomers 20:34 Naturally occurring retirement communities 23:40 Following where people actually live 24:47 Demographics are facts that help us understand the future Research/links: Boom, Bust & Echo: How to Profit from the Coming Demographic Shift https://www.amazon.ca/Boom-bust-echo-profit-demographic/dp/0921912978 David Foot on Aging Society & Youth https://www.youtube.com/watch?v=Gy7y2w9i_aA What David Foot didn't tell us https://www.theglobeandmail.com/life/what-david-foot-didnt-tell-us/article784233/ Finding Naturally Occurring Retirement Communities - Agenda segment https://www.youtube.com/watch?v=Ynlwpsye2c0 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, Mike Moffatt and Sabrina Maddeaux dig into why homeownership for Canadians under 40 has fallen off a cliff. Spoiler: it’s not just zoning, NIMBYs, or avocado toast. The federal government plays a much bigger role in today’s housing mess than it likes to admit. They break down how rapid population growth collided with a massive slowdown in building family-sized homes, why “dog-crate condos” became the default housing plan, and how taxes, development charges, and investors quietly push prices even higher. They also ask the uncomfortable question: do first-time buyer programs actually help young people — or just lock in high prices? From down payments that feel impossible, to policies that accidentally reward investors over families, this episode gets into what’s broken, who benefits, and what Ottawa could actually do if it wanted to bring the dream of homeownership back to life. If you’ve ever wondered how Canada managed to make buying a home feel impossible — this one’s for you. 00:00 – Intro: Is the dream of homeownership dead? 01:08 – The Federal Role: Debunking the "Provincial Responsibility" trope 01:58 – How Federal immigration and monetary policy impact housing 04:12 – A Blueprint to Restore Homeownership: The 4 big hurdles 06:30 – Not All Units are Equal 10:22 – How Population Growth Affects Supply and Demand 12:06 – Time to Reduce Taxes on Homes 14:05 – Making It Easier for First-Time Buyers 16:14 – Will these Policies just Drive Prices Up? 17:59 – The "Second-Time Buyer" crisis and downsizing seniors 21:09 – Incentivizing Seniors to Downsize 22:00 - Getting investors out of single-family homes: The MURB plan Research/Links A Blueprint to Restore Homeownership for Young Canadians https://www.missingmiddleinitiative.ca/p/a-blueprint-to-restore-homeownership The Quiet Death of the Investor Condo? MURBs May Change the Game https://www.missingmiddleinitiative.ca/p/the-quiet-death-of-the-investor-condo How to get single family homes out of the hands of investors https://www.thestar.com/opinion/contributors/this-is-how-the-government-can-get-single-family-homes-out-of-the-hands-of/article_0f92b0f4-e67e-4a84-aa62-2c9316492363.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.

Do you actually own the things you pay for anymore? In this episode of the Missing Middle Podcast, economist Mike Moffatt and Cara Stern explore how ownership is quietly disappearing from everyday life—and what that means for consumers, younger generations, and the economy as a whole. From streaming services and digital books to video games, cars, exercise bikes, and even housing, more and more products are shifting from one-time purchases to subscription-based access. While these models offer convenience and regular updates, they also raise serious concerns about control, pricing, and long-term access. Mike and Cara examine the “illusion of ownership” and more about “constrained optimization,” where economic circumstances make traditional ownership nearly impossible for younger generations. Questioning if we are being pushed into a future where the top 0.001% owns all assets while the middle class is permanently transformed into a generation of renters. Mike and Cara break down the policy choices required to reclaim property rights and protect the Canadian dream of actually owning the things you pay for. Is society moving toward a future where access replaces ownership? And what do we give up when that happens? 👇 Share your thoughts in the comments: Are subscriptions worth the convenience, or are we losing something more important? 📩 Questions or feedback? Email us at missingmiddlepodcast@gmail.com Chapters: 00:00 Introduction 00:56 What was the best year for music ever? 02:13 The loss of physical media 03:30 Millennials and the benefits of digital 05:37 The illusion of digital ownership and revoked access 06:40 Digital subscription models 10:10 Rentier capitalism 12:35 The benefits and downsides of subscription 14:04 Two schools of thought on ownership 15:30 Constrained optimization in housing and cars 18:07 The future of ownership and rentier capitalism 19:26 You'll own nothing and be happy 20:47 A way out: The right to repair Research/links: https://blog.roonlabs.com/44-days-in-91/ Welcome to 2030. I own nothing, have no privacy, and life has never been better Welcome to 2030. I own nothing, have no privacy, and life has never been better | by World Economic Forum | World Economic Forum | Medium https://medium.com/world-economic-forum/welcome-to-2030-i-own-nothing-have-no-privacy-and-life-has-never-been-better-ee2eed62f710 You'll own nothing and be happy https://en.wikipedia.org/wiki/You%27ll_own_nothing_and_be_happy 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.

From breath mints and car break-ins to bouncers at the Rogers store, urban life is starting to feel a lot more “on alert.” In this episode of The Missing Middle, Mike Moffatt and Sabrina Maddeaux examine the rise of crime and disorder in our cities, as well as the disturbing data behind transit violence. However, this isn’t just about safety; it’s about the future of our neighbourhoods. If people don’t feel safe on the streetcar or the sidewalk, can we ever truly build the dense, walkable, “missing middle” communities Canada so desperately needs? This surge in disorder acts as a "hidden tax" on urban living, forcing residents to choose between the convenience of the city and the perceived security of the suburbs. By analyzing these shifts, we uncover how a lack of safety might be the biggest hurdle yet to solving our housing goals. Chapters: 00:00 Introduction: Crime, Disorder, and the Future of Cities 00:50 Car Break-ins and Security Measures 04:23 Personal Experiences on the Streetcar 05:02 By the Numbers: Rising Assaults on Canadian Transit 07:07 Why Density Requires Public Trust 09:00 Why Spouting Stats Doesn't Change Minds 13:58 The Political Disconnect on Urban Safety 16:49 Finding Solutions: Justice Reform and Mental Health 18:10 Why "visible progress" matters more than spreadsheets Research links: Transit violence rising across Canada — in some cities by nearly 300% Chris Arnande tweet The Slow-Motion Exodus: How GTA Outmigration Became Ontario’s Defining Trend The Politics of Safety: Why Bail Reform Is Striking a Chord with Canadians Sabrina Maddeaux: Canada’s suburban crime surge is exposing years of national security neglect It's Time to Talk About America's Disorder Problem Related reading/listening: OFF THE RAILS: Data exposes crime, mental illness at TTC’s track level More than 70 per cent of Ontarians feel less safe on transit than a year ago, survey suggests Homelessness, Social Disorder and Public Transit in Calgary, Canada: Examining perspectives from law enforcement through the lens of critical social theory 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.

From avocado toast jokes to accusations of entitlement, every generation seems to get its turn in the stereotype spotlight. In this episode of The Missing Middle, economist Mike Moffatt and journalist Cara Stern dig into where these labels come from — and, more importantly, whether generations really do experience the economy differently. They explore how major historical shocks — from the Great Depression and World War II to 9/11, the Great Recession, and the pandemic — shape our values, anxieties, and opportunities. The conversation moves beyond clichés to examine how birth year, cohort size, housing markets, job markets, technology, and public policy combine to create very different economic realities for Boomers, Gen X, Millennials, and Gen Z. Chapters: 00:00 Introduction 00:37 Avocado toast & generational stereotypes 03:25 Horriscopes for statistical nerds? 04:46 The history of grouping people into generations 06:41 Mike’s genX and Cara’s millennial experiences 13:24 Understanding generational differences 15:55 Generation size, power & public Policy 19:40 Inherited wealth & pulling the ladder up 22:30 The ethos of DemograFix Research/links: https://marcuse.faculty.history.ucsb.edu/classes/201/articles/27MannheimGenerations.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.

Ontario’s Greenbelt is often treated as untouchable — but is it actually making the housing crisis worse?In this episode of The Missing Middle, Mike Moffatt and Sabrina Maddeaux tackle the question viewers keep asking: can Ontario build enough family-friendly homes without touching the Greenbelt — and what happens if it doesn’t? They unpack how the Greenbelt was sold as a social contract, why governments never delivered the missing middle housing they promised, and how policies meant to stop sprawl may have actually pushed families farther away. The conversation breaks down four realistic paths forward: doing nothing, finally legalizing family-sized infill housing, cutting immigration to ease demand, or partially opening the Greenbelt — and why every option is politically fraught. Along the way, they explain leapfrog sprawl, why condos aren’t working for families, and how decades of policy avoidance have left young Canadians priced out and disillusioned. If you care about housing affordability, family-friendly neighborhoods, or the future of Ontario’s cities, this episode lays out the uncomfortable trade-offs politicians keep avoiding. Chapters: 00:00 – Introduction 00:47 – The Most Common Audience Question 01:50 – Is the Greenbelt Politically Untouchable Now? 05:23 – The Greenbelt’s Broken Social Contract 10:05 – What Families Actually Need in a Home 11:35 – How the Greenbelt Makes Sprawl Worse 14:00 – Has Anyone Studied Greenbelt Sprawl? 15:00 – Four Options for Housing vs the Greenbelt 15:53 - Option 1: Do Nothing 18:31 – Option 2: Fix Housing Without Expansion 23:48 – Option 3: Cutting Immigration 27:15 – Option 4: Opening the Greenbelt 29:55 – What’s Most Likely to Happen Next? Research/links: Mike’s tweet https://x.com/MikePMoffatt/status/1991593178085142851?s=20 London’s Garden Belt: https://x.com/JenMTreadwell/status/2001256081188905271?s=20 The Welfare Effects of Greenbelt Policy: Evidence from England https://academic.oup.com/ej/article/134/657/363/7276598 Green Belts: Past; present; future? https://www.routledge.com/Green-Belts-Past-present-future/Sturzaker-Mell/p/book/9781138339392 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 special Ask Me Anything episode of The Missing Middle, the full team answers your biggest viewer questions on housing, transit, immigration, and affordability — and we share a major announcement about the future of the podcast. We also introduce our newest team member and talk candidly about why this work hits close to home for so many Canadians. The conversation dives into walkable neighbourhoods and small businesses, why governments struggle to act on housing affordability, the taboo around discussing immigration and housing together, transit as a pressure valve for urban sprawl, and why seniors are stuck in family-sized homes. Plus, we explain what’s changing on the show, including two new weekly episodes, DemograFix and Classonomics, and what it means for listeners going forward. Chapters 00:00 Ask Me Anything 2025 and look ahead 00:45 Meet our editor/technical producer Sean Foreman 03:01 Introducing the new podcast DemograFix 03:52 Introducing Classonomics 04:16 You don’t need to do anything, we promise 🙂 05:01 Meredith’s take on the future of Missing Middle podcasts 07:29 Question from Matthieu Gagnon about walkability 09:56 Rahim Ismail’s Question about the government being out of touch 12:34 Examining the intentionality of the government's lack of response 15:36 Chosing one stakeholder over another 16:46 Vanessa MacDonald’s question about talking about immigration policy 20:49 Daniel D'Angela’s question about good transit 22:57 Seniors downsizing and banning all foreign ownership Research/links: Can Tax Reform Help Young People Afford Homes? https://youtu.be/rW9QZ91lF9k?si=lep3WbEYfmZATaUQ 2025 Provincial HOMES Report Card https://www.missingmiddleinitiative.ca/p/2025-provincial-homes-report-card The Positive Utility of the Commute: Modeling Ideal Commute Time and Relative Desired Commute Amount https://www.researchgate.net/publication/263313349_The_Positive_Utility_of_the_Commute_Modeling_Ideal_Commute_Time_and_Relative_Desired_Commute_Amount Measuring the Local Economic Impacts of Replacing On-Street Parking With Bike Lanes https://www.tandfonline.com/doi/full/10.1080/01944363.2019.1638816 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’s life sciences and health tech sector heading toward a code red? In this episode, Sabrina Maddeaux and Mike Moffatt unpack how outdated and fragmented privacy laws are slowing innovation, and why aligning too closely with European regulations could make things even worse. They explore the “Brussels effect,” where the EU’s regulatory power shapes rules far beyond Europe, and how Canada may already be feeling its impact. The conversation dives into why modern health innovation depends on large-scale data, how Canada’s patchwork of federal and provincial rules creates costly barriers, and what lessons we could learn from countries like Japan and Singapore instead. Chapters: 00:00 Introduction 00:44 The Brussels Effect explained 03:17 Outdated health-data and privacy rules 04:13 Accessing lifescience data 06:00 Safety vs innovation 07:40 Europe lacks tech innovation 08:55 We’re already adopting EU rules 09:28 Asia leads the way in healthtech data regulation Research: Health Innovation Doesn’t Have to Be This Hard https://www.missingmiddleinitiative.ca/p/health-innovation-doesnt-have-to?utm_campaign=post&utm_medium=web The Draghi report on EU competitiveness https://commission.europa.eu/topics/competitiveness/draghi-report_en 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, hosts Cara Stern and Mike Moffatt break down his latest “home score” report, grading every Canadian province on housing. Atlantic provinces like New Brunswick and P.E.I. lead the way, while Ontario struggles, with high costs forcing young people to stay home longer and many residents moving away. The grades are based on 36 indicators covering supply, affordability, suitability, and societal outcomes. Mike also explores housing policies that help, harm, or have little impact, from inclusionary zoning to development charges. The episode highlights how some reforms succeed, others fail, and why provinces can learn from each other. Tune in to see which policies actually work and what it will take to improve housing across Canada. Chapters: 00:00 Introduction to the Provincial HOMES Report Card 00:45 The best and worst provinces at housing performance 02:20 36 assessment points 03:39 The report methodology 05:17 Avoiding harmful and irrelevant policies 06:24 Provinces that have irrelevant policies perform worse 09:40 Inclusionary zoning 12:30 Examining the number of adult children living at home 13:56 Ways in which Ontario sucks at housing 15:20 Political will(not to build housing in Ontario) 17:58 The levels of government can learn from each other 19:03 We were hoping BC would have better results 19:28 Atlantic Canada doesn’t get in it’s own way 21:51 How can the provinces improve? Research/links: 2025 Provincial HOMES Report Card https://open.substack.com/pub/missingmiddleinitiative/p/2025-provincial-homes-report-card?utm_campaign=post-expanded-share&utm_medium=post%20viewer Modeling Inclusionary Zoning’s Impact on Housing Production in Los Angeles: Tradeoffs and Policy Implications Inclusionary-Zoning-Paper-April-2024-Final.pdf Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

In this episode of the Missing Middle Podcast, Sabrina Maddeaux and Mike Moffatt break down a major shift in Canada’s income trends: men over retirement age are now earning more than men aged 25–34. They explain how seniors’ incomes have increased through pensions, investments, and government supports, while younger workers face slow wage growth, higher living costs, and inflation. The discussion explores key issues affecting younger generations in Canada, including housing affordability, childcare costs, wage stagnation, and intergenerational inequality. Sabrina and Mike talk about why young men are struggling in today’s economy, what this means for Canada’s workforce, and how policy changes could help. Chapters: 00:00 Introduction 00:42 New report shows young men earn less than senior men 02:00 Senior men incomes have doubled since 1970s 02:24 Young men’s incomes are down since the 1970s 03:21 Where is the extra senior income coming from? 05:53 The role of government transfers and entitlements 07:30 Breaking down younger men’s incomes 09:44 Housing have increased far faster than inflation since 1977 11:11 Why have wages gone down for young men? 13:31 social taboos around talking about young men 17:09 Concluding thoughts Research Links: What Happened to the Young Middle-Class Man? https://substack.com/home/post/p-181132084?source=queue How Do Young Men See the World? We Asked Them. https://www.esquire.com/news-politics/a63613007/young-men-america-2025/ Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux Produced by Meredith Martin This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

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

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

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

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