The Missing Middle Podcast

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

Edited by Sean Foreman and Canadian Civil

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

Edited by Sean Foreman and Canadian Civil

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

Edited by Sean Foreman and Canadian Civil

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

Edited by Sean Foreman and Canadian Civil

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 [email protected]
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

Edited by Sean Foreman and Canadian Civil

What happens when one city councillor gets Toronto council to vote in favour of “studying” garden suites on a single block, potentially undoing years of zoning reform? In this episode of The Missing Middle, Mike Moffatt and Meredith Martin dig into the Craven Road and Parkmount Avenue dispute to reveal how neighbourhood politics, NIMBYism, and endless “consultation” are slowing Toronto’s housing progress. From the satirical truth of McSweeney’s “Every NIMBY Speech at a Public Hearing” to the real frustrations of current and future home owners, Meredith and Mike explore why the city’s gentle density goals keep stalling, and how one councillor’s compromise could set a dangerous precedent for zoning across the city.

Chapters
00:00 Introduction 
01:47 The NIMBY phenomenon
03:32 Outlining the Craven and Parkmount garden suite dispute
05:45 Proposed compromises and their implications
07:30 Mike’s take on the compromise plan
09:29 Good zoning reforms make good neighbours
10:14 Future residents are excluded from the process
11:49 The Role of city councillors, residents and planners
14:15 Call to action

Research/links:
Every NIMBY’s Speech At a Public Hearing
https://www.mcsweeneys.net/articles/every-nimbys-speech-at-a-public-hearing

NIMBYs will Fight Even the Gentlest of Density
https://youtu.be/6WavljFV7fM?si=O3jyplV1JRwiIxtd

Paula Fletcher
https://www.toronto.ca/city-government/council/members-of-council/councillor-ward-14/

Notice of Public Meeting - City-Initiated Amendment to Zoning By-law 569-2013 for performance standards for garden suites on through lots (Parkmount Road / Craven Road) - 91-209 Parkmount Road (Odd Addresses Only) and 160 Mountjoy Avenue

https://secure.toronto.ca/nm/api/individual/notice/6660.do

How Cities Keep Screwing up Multiplex Housing
https://youtu.be/MeojzNbB6Io?si=fbZ8hl3b6vnN-DrL

Broken Zoning: Why We Can’t Fix the Housing Crisis Without a Map
https://youtu.be/yuAsjJsiuyQ?si=iWyBl1j_LfNJ4S3y

Simpson reference:
https://youtu.be/lOTyUfOHgas?si=mbIwSskm6Jdll8yU

Journal of a New COBRA Recruit
https://www.mcsweeneys.net/articles/journal-of-a-new-cobra-recruit

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Edited by Sean Foreman and Canadian Civil

Ontario’s family housing crisis is spreading fast, and it’s not just a GTA problem anymore. In this episode of The Missing Middle podcast, Sabrina Maddeaux and Mike Moffatt delve into a new report that reveals how the shortage of family-friendly homes in the GTA is driving young families east and south, reshaping entire regions from Peterborough to Ottawa. 

Chapters

00:00 Introduction 

01:55 Understanding ground-oriented ownership homes

04:00 The ripple effect of GTA's housing shortage

06:40 Population growth and its impact on housing

09:00 Drive-until-you-qualify: migration patterns

13:29 Future projections for housing needs

16:08 How eastern Ontario should prepare for population growth

18:30 You can’t expect families to change their preferences

19:58 Would Sabrina ever move east?

Research/links:

Read our report here

https://www.missingmiddleinitiative.ca/p/families-on-the-move-670000-more

Who Really Wins with Return-to-Office Mandates?

https://youtu.be/208zVYQWfh4?si=Gg3hdhPRr_iJItjY

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

Coop Student: Djeima Alicia Ramos

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

Edited by Sean Foreman and Canadian Civil

In this episode of The Missing Middle, Mike Moffatt and Sabrina Maddeaux dig into the rise of shrinkflation, from grocery store products like cereal and Kraft Dinner to Canada’s shrinking condos, and reveal how companies, developers, and government policies are quietly giving Canadians less for more. From deceptive packaging and behavioral economics tricks to the rise of shoebox condos and poor layouts, we explore how rising costs, investor-driven development, and flawed housing policies are reshaping everyday life. If you’ve ever wondered why your groceries don’t stretch as far or why today’s apartments feel more like closets than homes, this is a conversation you won’t want to miss.

Chapters

00:00 Introduction

01:08 Understanding shrinkflation

02:54 Sabrina’s a KD fangirl - who knew?

05:12 The economics behind shrinkflation

07:22 Price anchoring explained

08:25 The shrinking size of living spaces

11:52 Why are units getting so much smaller?

15:39 What’s driving bad design?

18:02 Generational perspectives on housing preferences

19:22 Constrained optimization explained

21:26 Is the investor condo market dead?

23:30 Policy changes to combat shrinkflation

research/links:

Working paper Mike refers to: 

Shrinkflation∗

https://drive.google.com/file/d/15tpbhBziggFL-RvjlVgjqBQcNXzcIrWh/view

Condo size data

https://www.mpac.ca/en/News/PressRelease/spacioushomescompactcondosMPACdatarevealsshiftinghousingtrendsacrossOntario 

The condo crash won’t fix our housing problem. In fact, it just might make it worse

https://www.thestar.com/opinion/contributors/the-condo-crash-wont-fix-our-housing-problem-in-fact-it-just-might-make-it/article_7c44519f-cdbe-4978-b575-ffc1ef9a76bd.html

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

Coop Student: Djeima Alicia Ramos

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

Edited by Sean Foreman and Canadian Civil

Ontario’s housing market is in crisis, and it’s not just condos in downtown Toronto. In this episode of The Missing Middle Podcast, Mike Moffatt and Sabrina Maddeaux break down a bleak new report on housing starts and sales across 34 municipalities. From plummeting pre-construction sales and stalled ground-oriented homes, to the looming loss of 21,000 jobs, we explore why affordability is worse than ever, why government housing targets are falling short, and what it all means for buyers, renters, and the economy.

Chapters

00:00 Introduction and overview of the housing crisis 

01:59 Insights from the residential construction report card

03:19 Falling housing starts and rising unemployment

04:10 Understanding housing starts and sales dynamics

06:01 What is a housing start?

08:00 1.5 million homes by 2032 is unachievable 

09:19 Any good news?

10:02  Political accountability and the housing crisis

Research/Links:

Failing Grades, Falling Starts: Ontario Housing’s Bleak Mid-Year Checkup

Condo Crashes, Shrinkflation, & The Death of Homeownership?

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Edited by Sean Foreman and Canadian Civil

In this episode of The Missing Middle, Sabrina Maddeaux and Mike Moffatt break down Ontario’s new return-to-office mandate and the big banks’ similar policies, asking what they really mean for younger workers and families already facing high housing costs, long commutes, and stagnant wages. They explore the trade-offs between productivity, commuting, and control, while producer Meredith Martin joins to share her perspective as a former union leader on mentorship, collaboration, and what might be lost if remote work fully takes over.

Chapters

00:00 Introduction

01:15 Return to office mandates: An overview

04:22 What Premier Ford’s RTO mandate is trying to achieve

05:15 Impact on younger workers and families

06:55 Disconnect between RTO mandates and ESG targets

09:26 Meredith thinks humans should see each other IRL

12:43 The role of mentorship and social interaction at work

15:20 Debating how much office culture has changed

research/links:

Productivity During and Since the Pandemic

The Post-Pandemic Workplace: The Experiment Continues

Number of Canadian commuters increases for fourth straight year in 2025

Romance in the work place:

Esther Perel on How Technology Is Changing Love and Work | Prof G Conversations

New SHRM Survey: Workplace Romance 2023

Mixing work with pleasure: Two-thirds of Brits have been romantically involved with a colleague

Return to the Office:

Amazon Tells Corporate Workers to Be Back in the Office 5 Days a Week

Executives and Research Disagree About Hybrid Work. Why?

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Edited by Sean Foreman and Canadian Civil