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Is 500,000 new homes a year really what Canada needs to solve the housing crisis?
In this episode of the Missing Middle’s Classonomics Podcast, Mike Moffatt and Sabrina Maddeaux examine whether Canada's headline housing targets still make sense now that immigration has slowed and population growth has changed. They discuss why housing starts can be a misleading metric, why the type of housing being built matters just as much as the number of homes, and what governments should actually measure if the goal is restoring affordability.
Topics covered:
Subscribe for more conversations on housing, affordability, economics, and public policy.
Chapters:
00:00 - Does Canada Really Need 500,000 Homes a Year?
01:40 - Where Did the 500k Housing Starts Target Come From?
02:47 - The Metrics Governments Should Focus On Instead
04:11 - Balancing Housing Supply with Immigration Demand
05:21 - The Population Math: Why 500k is Overkill
06:40 - How Developers Bet on Future Immigration Policy
08:39 - Why the Type of Housing Matters (High-Rises vs. Townhomes)
10:12 - How Many Homes We Actually Need to Build
11:08 - Solving the Crisis by Lowering Construction Costs
13:04 - Will Baby Boomers Free Up Suburban Housing?
Research/links
The Impossible Trinity that Broke Canadian Housing
https://open.substack.com/pub/missingmiddleinitiative/p/the-impossible-trinity-that-broke?utm_campaign=post-expanded-share&utm_medium=web
The Housing Trilemma: Why You Can't Afford a Home
https://www.missingmiddleinitiative.ca/p/the-housing-trilemma-why-you-cant
Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux
Produced by Meredith Martin
Edited by Sean Foreman and Canadian Civil
When a business faces a labour shortage, the free market says they should raise wages. So why is Canada’s government stepping in to make labour cheaper instead?
In this episode of The Missing Middle, Cara Stern and Mike Moffatt dive into how Canada's low-wage Temporary Foreign Worker (TFW) program and the explosion of international student work caps have completely disrupted the laws of supply and demand. As Canadian youth face historic unemployment rates, we break down how corporate lobbying and government policy created a cheat code that insulates businesses from capitalism, while pushing young workers off the first rung of the career ladder.
From the housing crisis in Alberta's mountain tourist towns to Tim Hortons' recent PR scramble, we expose the loop of corporate reliance on exploitable temporary labor and ask: how do we let the market actually fix itself?
Topics covered:
#Canada #YouthUnemployment #TemporaryForeignWorkers #Jobs #CanadianEconomy #LabourMarket #Economics #Immigration #PublicPolicy #MissingMiddle
Chapters:
00:00 - The Free Market Myth in Canada
01:24 - Gen Z vs. Gen X: The Youth Unemployment Crisis
02:12 - Why Student Jobs Suddenly Vanished
03:32 - How the TFW Program Ballooned Over 50 Years
05:39 - The Corporate Lobbying Flipping Immigration Rules
07:11 - Debunking the Alberta "Labour Shortage"
09:47 - Why Canada Insulates Businesses From Capitalism
11:11 - What "Dirty Dancing" Teaches Us About Seasonal Housing
14:06 - The Dark Side of Temporary Work Regulations
16:02 - Exposing Tim Hortons' "Local Hiring" PR Spin
18:57 - How to Break the TFW Doom Loop
Research/links:
Tourist towns ‘desperate’ for workers in Alberta
https://www.cp24.com/news/2026/03/28/i-have-to-find-at-least-35-people-before-june-1-worker-shortages-in-albertas-tourist-towns/
Tim Hortons says it will hire locals, scale back temporary foreign workers
https://globalnews.ca/news/11863474/tim-hortons-temporary-foreign-workers/
Tim Hortons is Committed to Local Hiring Launching National Campaign to Hire 10,000 Local Team Members
https://www.news.timhortons.ca/en/articles/tim-hortons-is-committed-to-local-hiring-launching-national-camp
Youth unemployment in Canada jumped 57% in 3 years, hitting levels previously unseen outside a recession
https://thehub.ca/2026/05/07/canadas-youth-unemployment-jumped-57-in-3-years-hit-unprecedented-jobless-levels-outside-recession-by-2025/
Youth unemployment in Canada near record highs since 2022; unprecedented levels outside of a recession
https://www.fraserinstitute.org/studies/extraordinary-increase-youth-unemployment-canada
https://www.fraserinstitute.org/sites/default/files/2026-04/extraordinary-increase-of-youth-unemployment-in-canada.pdf
Temporary ForeignWorkers in Canada:Are They Really Filling Labour Shortages?
https://cdhowe.org/wp-content/uploads/2024/04/commentary_407.pdf
StatsCan: Drayton Valley statistical area sees lowest unemployment in Alberta at 4.9 per cent
https://www.bigwestcountry.ca/2026/06/05/statscan-drayton-valley-statistical-area-sees-lowest-unemployment-in-alberta-at-4-9-per-cent/#:~:text=According%20to%20the%20latest%20Labour,5.3%20per%20cent%20in%20April
Canada’s Temporary Foreign Worker Programs - The Canadian Encyclopedia
https://thecanadianencyclopedia.ca/en/article/canadas-temporary-foreign-worker-programs
Businesses face new limits on temporary foreign worker program
https://www.cbc.ca/news/business/tfw-program-new-limits-1.7333777
3 problems with the temporary foreign worker program and 3 possible fixes, according to experts
https://www.cbc.ca/news/canada/calgary/temporary-foreign-worker-program-fixes-1.7633045
Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux
Produced by Meredith Martin
Edited by Sean Foreman and Canadian Civil
Why are so many young Canadian families leaving Toronto, Vancouver, and Montreal? Even after return-to-office mandates, the exodus from Canada's largest cities continues.
In this episode of Classonomics, Mike Moffatt and Sabrina Maddeaux explore the data behind Canada's urban migration trends and debate why affordability isn't the only factor driving people away. They discuss housing costs, crime and public safety, mental health, community, urban planning, and whether government policies are making sprawl even worse.
Topics covered:
Subscribe for more conversations on housing, economics, public policy, and the future of Canada.
Chapters:
00:00 The Great Canadian Family Exodus
01:05 Mike's Biggest Prediction Miss
03:05 Why Millennials Are Leaving Cities
04:17 Is Toronto Becoming Too Chaotic?
06:22 Does Crime Make Families Move?
09:44 Are Small Towns Better for Mental Health?
11:57 Why Community Matters More Than Ever
14:32 It All Comes Back to Housing
15:35 The Greenbelt's Unintended Consequences
17:29 When Good Environmental Policy Goes Wrong
18:40 The Case for Evidence-Based Policy
Research/links:
Housing is a large part of the story. The OECD has examined this:
https://www.oecd.org/en/publications/2025/05/oecd-economic-surveys-canada-2025_ee18a269/full-report/improving-housing-affordability_3d430d2e.html
As has Statistics Canada: https://www150.statcan.gc.ca/n1/daily-quotidien/241119/dq241119b-eng.htm
Remote Work and Employment Dynamics under COVID-19: Evidence from Canada
https://pmc.ncbi.nlm.nih.gov/articles/PMC7971424/
Upjohn Institute: https://www.upjohn.org/remote-works-quiet-impact-rural-communities
C.D. Howe: https://cdhowe.org/publication/settling-new-normal-working-home-across-canada/
Social ties and quality of life, including lower rates of depression: https://www150.statcan.gc.ca/n1/pub/75-006-x/2025002/article/00003-eng.htm
https://pubmed.ncbi.nlm.nih.gov/20376426/
https://www.theglobeandmail.com/life/home-and-design/article-why-some-people-are-choosing-country-life-over-the-city/
Though evidence is nuanced: https://www.cmaj.ca/content/184/17/E889
Crime and disorder:
https://macdonaldlaurier.ca/urban-violent-crime-report-comparing-crime-across-canadian-cities-volume-2/
https://www150.statcan.gc.ca/n1/pub/85-002-x/2025001/article/00005-eng.htm
McDonald-Laurier Report: https://macdonaldlaurier.ca/wp-content/uploads/2025/11/Urban-Violent-Crime-Report_Final.pdf
Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux
Produced by Meredith Martin
Edited by Sean Foreman and Canadian Civil
Thinking about taking parental leave in Canada?
In this episode of DemograFix Cara Stern talks with Jasmine Steffler (from Walkable Parenthood and Oh The Urbanity!) about her experience navigating parental leave. From understanding benefits and income replacement to finding childcare, building community, and adjusting to life with a new baby, Cara and Jasmine know what it takes to grow a family in Canada.
If you're expecting a child or planning a family, this conversation covers many of the practical questions parents have before taking leave:
✅ How parental leave and EI benefits work in Canada
✅ The difference between 12- and 18-month leave options
✅ Why Quebec's parental leave system is different
✅ How much income you can expect while on leave
✅ Finding daycare and understanding childcare costs
✅ Building community and avoiding isolation during leave
✅ Life with a baby in a walkable city without owning a car
✅ What we wish we knew before taking leave
Chapters:
00:00 Introduction to Canadian Parental Leave
00:48 Understanding Parental Leave Policies
02:29 Choosing the Length of Leave
02:51 The Quebec Parental Insurance Plan vs. Other Provinces
05:08 Navigating the Childcare System
06:15 Financial Challenges and Income Replacement
07:50 Walking and Cycling Without a Car
10:19 Finding Community During Parental Leave
12:50 Lessons Learned and Future Considerations
15:55 Traveling with a Young Child
16:49 Conclusion and Outro
Research/links:
The effect of leave policies on increasing fertility: a systematic review | Humanities and Social Sciences Communications
https://www.nature.com/articles/s41599-022-01270-w
(PDF) Does Parental Leave Affect Fertility and Return-to-Work? Evidence from a "True Natural Experiment"
https://www.researchgate.net/publication/5135837_Does_Parental_Leave_Affect_Fertility_and_Return-to-Work_Evidence_from_a_True_Natural_Experiment
The Daily — Fertility and baby names, 2024
https://www150.statcan.gc.ca/n1/daily-quotidien/250924/dq250924d-eng.htm
Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux
Produced by Meredith Martin
Edited by Sean Foreman and Canadian Civil
Happy Canada Day!
In this special Canada Day episode of The Missing Middle Podcast, the team takes a break from focusing on Canada's challenges to share what makes them optimistic about the country's future. From housing reforms and immigration to education, community, nature, and Canadian values, each member reflects on what they love most about Canada and why they remain hopeful.
Topics covered:
What makes you optimistic about Canada? Let us know in the comments below.
#CanadaDay #Canada #TheMissingMiddle #CanadaHousing #CanadianEconomy #CanadianValues
Chapters:
YouTube Chapters (8:52)
00:00 Why We're Talking About Optimism This Canada Day
00:40 Cara Stern: Summers, Housing & Reasons for Optimism
01:43 Sean Foreman: Canada's Secret Weapon is Humour
02:57 Kelly Hoban: An American's Perspective on Canada
03:52 Meredith Martin: Nature, Immigration & Hope
05:36 Sabrina Maddeaux: Canadian Values, Kindness & Common Sense
07:48 Mike Moffatt: Why Criticism Is Patriotism
Research/Links:
A History of Tommy Thompson Park
https://trca.ca/news/tommy-thompson-park-history/
Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux
Produced by Meredith Martin
Edited by Sean Foreman and Canadian Civil
For years, Canada's housing strategy focused on increasing the number of housing units built. But even during periods of record apartment construction, family-sized homes became increasingly scarce.
In this episode of the Demografix, Mike Moffatt and Cara Stern unpack a major problem hidden inside Canada's housing statistics: the country is building fewer family-sized homes than it did 20 years ago.
Why are three-bedroom homes becoming so difficult to find? Why are developers building more small condos instead of homes for families? And how do zoning rules, development charges, land shortages, and housing policies shape what gets built?
The conversation explores:
• Why housing "units" and housing "homes" are not the same thing
• The dramatic decline in single-detached homes, semis, and townhouses
• Why family-sized condos remain rare and expensive
• How rising land costs and government policies affect housing supply
• The connection between housing affordability and Canada's falling birth rate
• Why many young families are leaving major cities
• Policy solutions that could help create more family-friendly housing
If Canada wants cities that work for young families, workers, and future generations, we need to start measuring success by more than just the number of housing units built.
Chapters:
00:55 What Families Actually Need In A Home
02:00 Why Three-Bedroom Apartments Are So Rare
04:09 Why Condos Stop Making Sense For Families
05:00 Canada Is Building Fewer Family-Sized Homes
07:06 The Problem With Counting “Units” Instead Of Homes
09:03 Who Shoebox Condos Actually Work For
10:07 If Demand Is Strong, Why Aren’t Builders Responding?
12:14 Why The GTA Builds Fewer Family Homes
14:02 Urban Boundaries, Sprawl, And Long Commutes
15:16 Taxes And Fees That Favor McMansions
16:52 Why Developers Don’t Build Family-Sized Apartments
18:28 Housing Costs, Birth Rates, And Families Leaving Cities
22:05 How Canada Could Fix Family Housing
Research/links:
From Policy Gridlock to Housing Growth: A Roadmap for Gentle Density
https://www.missingmiddleinitiative.ca/p/from-policy-gridlock-to-housing-growth
Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux
Produced by Meredith Martin
Edited by Sean Foreman and Canadian Civil
The 2026 FIFA World Cup is finally here and Canada is on a roll! But as the excitement builds on the pitch, we're asking the tough questions: will this massive event actually deliver the economic win that was promised?
In this episode, Mike Moffatt and Sabrina Maddeaux dive into the real costs of hosting the world's biggest party. They break down the billion-dollar price tags, FIFA's business model, and whether taxpayers are getting stuck with the bill while others reap the rewards. (Producer note: This episode was recorded on June 5th, 2026.)
Topics covered:
If you enjoy thoughtful discussions on housing, infrastructure, public policy, and the economic issues affecting Canada's middle class, subscribe for more episodes from The Missing Middle.
Chapters:
00:00 The World Cup's Economic Myth
00:49 The Benefits Nobody Talks About
03:32 Can Hosting the World Cup Actually Lose Money?
05:11 Why More Tourists Doesn't Mean More Growth
07:00 Who's Really Paying the $1 Billion Bill?
08:23 FIFA's Billion-Dollar Business Model
09:19 Cities Pay, FIFA Profits
10:39 The Tax Breaks You Didn't Know About
12:27 The Hidden Costs for Residents
15:21 What Past World Cups Teach Us
17:07 Are These Games Worth the Price?
17:49 Why World Cup Tickets Are Exploding in Cost
19:22 The People's Game or a VIP Experience?
Research:
BMO Capital Markets -- Canada World Cup GDP boost (up to $6.5B):
https://www.wealthprofessional.ca/news/industry-news/bmo-world-cup-2026-set-to-deliver-up-to-c65-billion-economic-boost-for-canada/392593
The World Cup is expensive, but it’s our turn to pick up the tab
https://www.theglobeandmail.com/sports/soccer/article-the-world-cup-is-expensive-but-its-our-turn-to-pick-up-the-tab/
ProPublica -- 'You do, you pay, we take': how FIFA's host city deals work:
https://www.propublica.org/article/world-cup-2026-host-cities-revenue-houston
CBC -- FIFA/Deloitte economic impact assessment for Canada ($3.8B figure):
https://www.cbc.ca/sports/soccer/world-cup-2026-canada-fifa-economic-benefits-1.7406435
BNN Bloomberg -- Why economic impact on Vancouver and Toronto may never be known:
https://www.bnnbloomberg.ca/business/economics/2026/05/11/blind-side-why-world-cup-economic-impact-on-vancouver-and-toronto-may-never-be-known/
Bloomberg Tax -- FIFA 2026 World Cup tax demands on host countries:
https://news.bloombergtax.com/tax-management-international/fifa-2026-world-cup-blows-the-whistle-on-complex-tax-risks
CP24 -- Toronto holds transit fares steady; NJ Transit $48M bill; Boston $80 game-day fare:
https://www.cp24.com/local/toronto/2026/04/16/toronto-will-not-hike-cost-of-transit-during-world-cup-as-other-host-cities-announce-big-fare-increases-to-venues/
ESPN -- World Cup ticket sticker shock and dynamic pricing:
https://www.espn.com/soccer/story/_/id/48947095/2026-fifa-world-cup-sticker-shock-ugly-cost-beautiful-game-grand-event
Victor Matheson / Holy Cross -- The Economics of the World Cup (academic; stadium white elephants, tourism overestimates):
https://hcapps.holycross.edu/hcs/RePEc/hcx/HC1805-Matheson_WorldCup.pdf
Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux
Produced by Meredith Martin
Edited by Sean Foreman and Canadian Civil
Canada's Federal Housing Advocate says it could take until 2060 for all Canadians to have access to an affordable home. Is that just a realistic target? And is it reasonable to ask an entire generation to give up on their homeownership dreams for the next 3.5 decades?
This week on DemograFix, Mike and Cara dive into the idea of “housing triage”: should governments focus on ending homelessness first, then tackle affordable housing for low-income Canadians, and only later address the middle-class housing crisis? Or is that a false choice?
They discuss:
-Why some advocates think housing should be solved in stages.
-Whether building more market-rate homes actually helps reduce homelessness.
-What a 2060 affordability target means for young Canadians trying to build a life.
-The politics of falling home prices—and why governments avoid the conversation.
-Whether Canada can solve the housing crisis without asking a generation to wait decades for a home.
Can we afford to prioritize one housing crisis over another? Or does solving the housing shortage mean tackling them all at once?
#Housing #CanadaHousing #HousingCrisis #RealEstate #AffordableHousing #Homeownership #CanadianPolitics #HousingPolicy #MissingMiddlePodcast
Chapters:
00:00 Housing Triage: Who Should Be Helped First?
00:01 What Is the Federal Housing Advocate?
00:03 Why the Report Says Housing Won't Be Affordable Until 2060
00:05 Should Young Canadians Accept a Lifetime of Unaffordability?
00:07 The Flaw in Treating Housing Like a Zero-Sum Game
00:09 Why Building More Homes Helps Reduce Homelessness
00:11 Can Canada Solve the Housing Crisis Within a Decade?
00:13 Why Governments Keep Missing Housing Targets
00:14 The Politics of Lower Home Prices
00:17 What Happens If Young Canadians Give Up on Canada?
Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux
Produced by Meredith Martin
Edited by Sean Foreman and Canadian Civil
Canada’s housing market is entering a major shift. In this episode, Mike Moffatt sits down with Vancouver realtor and Loonie Hour host Steve Saretsky to break down the growing cracks in Canada’s real estate market — from falling condo prices and rising vacancy rates to investor selloffs, rent control, and the political fallout surrounding B.C.’s controversial Cowichan land title ruling. They also compare the housing markets in Vancouver, Toronto, and Calgary, and discuss what’s next for affordability, development, immigration-driven demand, and the future of housing policy in Canada.
Topics covered:
• The Cowichan land title ruling and B.C. real estate uncertainty
• Vancouver vs. Toronto housing market slowdown
• Falling condo prices and investor selloffs
• Rising vacancy rates and declining rents
• The collapse of Canada’s condo pre-sale market
• Purpose-built rentals and developer pullback
• B.C.’s rent control policies
• Calgary’s zoning and density debate
• Immigration, population growth, and housing demand
• The future of housing affordability in Canada
Chapters:
0:00 Canada’s Housing Market Is Shifting Fast
1:12 Introducing Steve Saretsky & B.C. Housing Challenges
2:18 The Cowichan Land Title Ruling Explained
5:20 Why Banks and Buyers Are Nervous About B.C. Real Estate
8:14 Political Fallout in British Columbia
11:02 Vancouver’s Housing Market Slowdown
13:40 Condo Investors Are Exiting the Market
16:28 Rising Vacancy Rates & Falling Rents
19:11 The Collapse of Canada’s Pre-Construction Condo Market
22:05 Why Developers Are Pulling Back on New Projects
24:37 B.C. Rent Control and Its Market Impact
27:02 Calgary’s Zoning Backlash and Density Debate
30:01 Immigration, Rental Demand & Housing Pressure
32:18 The Future of Family-Friendly Housing in Canada
33:40 Final Thoughts on Canada’s Housing Future
Research links:
The Cowichan ruling isn’t a threat to private property
https://policyoptions.irpp.org/2025/12/cowichan-land-ruling-explained/
To recognize aboriginal title is not to abolish property rights, but to uphold them
https://www.theglobeandmail.com/opinion/article-cowichan-aboriginal-first-nation-indigenous-property-rights/
What the Musqueam rights recognition agreement means and what it doesn’t
https://www.cbc.ca/news/canada/british-columbia/musqueam-rights-recognition-agreement-explained-9.7128504
Real-estate firm bulk buys $30 million of downtown Toronto condos: ‘They’re sitting empty’
https://www.thestar.com/real-estate/real-estate-firm-bulk-buys-30-million-of-downtown-toronto-condos-theyre-sitting-empty/article_899ba81b-b385-43ad-9370-86178d487187.html
Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux
Produced by Meredith Martin
Edited by Sean Foreman and Canadian Civil
Many Canadians believe that when Baby Boomers leave their homes, a flood of houses will hit the market and solve the housing crisis. In this episode, Mike Moffatt and Cara Stern explore why that outcome is far from certain, examining the roles of immigration, population growth, housing supply, and changing housing preferences in shaping Canada's future.
Topics Covered:
• Baby Boomers and the housing market
• Immigration and housing demand
• Canada’s aging population
• Family-sized housing shortages
• Suburban vs. urban living
• Housing affordability
• Population growth and the economy
• The future of Canadian housing policy
#HousingCrisis #CanadaHousing #RealEstate #HousingAffordability #Immigration #HousingMarket #CanadianEconomy #MissingMiddlePodcast
Chapters:
00:00 Will Baby Boomers Solve the Housing Crisis?
01:28 The Theory: A Coming Flood of Family Homes
03:35 Why Demographics Alone Don't Tell the Full Story
05:55 Immigration and Canada's Population Growth
08:22 Will Canada Be Able to Attract Future Immigrants?
10:30 The Missing Supply of Family-Sized Homes
13:12 Why Suburban Living Isn't Going Away
15:40 Are Planners Misreading Housing Demand?
18:05 What Could Actually Cause a Housing Glut?
20:45 Regional Winners and Losers in Canada's Housing Market
22:15 Team Affordability vs. Team Housing Shortage
Research/links:
Mike’s piece at the Globe: https://www.theglobeandmail.com/investing/personal-finance/article-housing-baby-boomers-suburban-homes-young-families/
Statcan population projections: https://www150.statcan.gc.ca/t1/tbl1/en/cv.action?pid=1710005801
Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux
Produced by Meredith Martin
Edited by Sean Foreman and Canadian Civil
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