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 [email protected]

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.