The Missing Middle Podcast

Toronto’s housing crisis is no longer just about buying a home, it’s reshaping who can afford to build a future in the city at all. In this special live taping of The Missing Middle Podcast, Sabrina Maddeaux, Mike Moffatt, Cara Stern, and special guest Ron Butler unpack why young families are leaving Toronto, how policy failures created a city of “dog crate” condos and unaffordable homes, and what needs to change before affordability gets even worse.

Topics covered include:
• Why young families are leaving Toronto and the GTA
• The rise of tiny “dog crate” condos
• Why missing middle housing is so difficult to build
• Zoning delays, development charges, and housing red tape
• The future of rentals, condos, and home prices
• The Greenbelt debate and urban sprawl
• Whether Toronto can still work for middle-class families
• Why more young Canadians are leaving Ontario and Canada
• Non-market housing, affordability, and the politics shaping the city’s future

Subscribe for more conversations on housing, affordability, and the future of Canada’s middle class.

Chapters:

0:00 – Live From Toronto: The Housing Crisis Debate Begins
1:42 – Why Young Families Are Leaving Toronto
5:08 – The Reality of Buying a Home in the GTA
8:11 – Why Toronto Only Builds Mansions or Tiny Condos
11:24 – Are “Dog Crate” Condos Doomed?
14:37 – Missing Middle Housing & Zoning Failures
18:02 – The Greenbelt, Sprawl, and Housing Politics
21:10 – Renting for Life in Toronto
24:02 – Should Young Buyers Wait to Purchase?
26:12 – Non-Market Housing vs Market Housing
29:04 – Predictions for Toronto’s Housing Future

Research:

‘It’s not like we’re sitting on our hands.’ Toronto’s biggest landlord sees 7 more complexes fall into critical disrepair

https://www.thestar.com/news/gta/it-s-not-like-we-re-sitting-on-our-hands-torontos-biggest-landlord-sees-7/article_dc443926-e4b8-11ef-ab56-6f7d86f12c53.html

Drug deals in doorways and a stranger in the living room: Why Toronto Community Housing residents say its $38M security force is failing them

https://www.thestar.com/news/gta/drug-deals-in-doorways-and-a-stranger-in-the-living-room-why-toronto-community-housing/article_2b7633ac-d86b-4fde-9e4e-5e308f4dff5a.html

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Edited by Sean Foreman and Canadian Civil

Why does modern life feel so disconnected? In this episode, Cara Stern sits down with journalist and Scout leader Harrison Lowman to talk about the decline of community in Canada, and what it takes to rebuild it.

From scouting and volunteering to neighbourhood pubs, churches, and “third spaces,” they explore why strong communities don’t happen automatically, how urban design shapes social connection, and why so many people feel isolated despite living closer together than ever before. They also discuss parenting, trust, loneliness, suburban life, condo living, and the importance of showing up for your neighbours.

Topics covered:

• Why people feel more isolated today
• The decline of volunteering in Canada
• How urban design affects community
• Why “third spaces” matter
• Parenting, support systems, and “the village”
• High-trust vs low-trust societies
• How scouting builds community and leadership
• What it takes to know your neighbours again

Subscribe for more conversations on housing, cities, policy, and the future of Canada.

Chapters:

00:00 Why Community Is More Than Good Urban Design
02:22 Scouts, Service, and Teaching Kids to Contribute
04:04 Why Modern Life Makes Community Harder to Build
07:47 Third Places, Neighbours, and High-Trust Communities
11:55 A Surprise Pie and the Power of Trust
14:55 Finding Community Through Volunteering and Shared Purpose
17:17 You Have to Be a Villager to Have a Village
19:34 Can We Design Communities That Bring People Together?

Research/links:

» Volunteer wellbeing: what works and who benefits? 

https://whatworkswellbeing.org/resources/volunteer-wellbeing-what-works-and-who-benefits/ 

Exploring the Effects of Volunteering on the Social, Mental, and Physical Health and Well-being of Volunteers: An Umbrella Review - PMC 

https://pmc.ncbi.nlm.nih.gov/articles/PMC10159229/

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Edited by Sean Foreman and Canadian Civil

Why are young Canadians leaving cities? Why are seniors staying in homes that are too big for them? And can Canada lower housing costs without cutting quality of life even further?

In this listener Q&A episode of The Missing Middle, Sabrina Maddeaux and Cara Stern answer audience questions on housing affordability, immigration, downsizing, social isolation, wage stagnation, the Greenbelt, and why building more “missing middle” housing has become so difficult in Canada.

Topics covered:

• Why seniors aren’t downsizing
• The shortage of family-sized homes
• Housing prices vs stagnant wages
• Social isolation and unaffordable cities
• Immigration and housing demand
• The Greenbelt debate
• What young Canadians can do politically

If you enjoy the episode, subscribe and leave a comment with your own question for a future mailbag episode.

Eamon 

Seniors are lonely, rich, and live in houses that are too big, often in desirable neighbourhoods. Young people are desperate for housing, poor, and looking for roommates. Why not create a tax incentive for seniors to free up rooms in their houses for young people? I think a vacancy tax is punitive, but a tax incentive could unlock housing in a win-win (rather than zero sum) way for willing participants. Thoughts? 

Kate

In your second-time homebuyer article you mention that various government initiatives could lower newly built housing costs by up to 15% which would free up more family sized homes "making it easier for seniors to downsize". How would lowering the cost of newly built homes by 15% make it easier for seniors to downsize? In my view, the more significant factor facing senior downsizers is not the cost of new housing but the scarcity of appealing post-move options for them. 

Mary (edited for length) 

I am a boomer with two millennial children who haven't yet reached middle-class milestones like stable employment or homeownership. I believe factors other than parental status are at play: 1) Are houses more expensive, or are incomes simply failing to keep up with declining purchasing power? 2) Given the rise in single-person households, why is there so much social isolation, and how does the difficulty of making connections in urban environments impact the ability for young people to save and enter the housing market?

Chris Jeanneret and came from the comments section of our Greenbelt episode: 

Is the Greenbelt even practical for "affordable" housing, or does it only provide more land for luxury country estates? 

@canucklhead 

Isn't the obvious solution here to keep immigration low for the next few years to keep pressuring rents lower? Wouldn't this be the easiest solution to help affordability for everyone? 


Emily writes: 

I see what is happening to those under 25 and it is awful. How can I get involved? What steps can I take that will make the most difference? Do you know of a group in Edmonton organizing that is making a real difference especially in the "missing middle". 

Chapters: 

00:00Mailbag Special: Your Housing Questions Answered

00:23Should Seniors Rent Out Empty Bedrooms?

02:57Will Cheaper New Homes Help Seniors Downsize?

05:07Why Millennials Are Falling Behind

06:00Social Isolation, Third Places & Housing Costs

08:05How Housing Affordability Breaks Friendships and Communities

10:54Can the Greenbelt Deliver Affordable Housing?

12:43Is Lower Immigration the Fastest Path to Affordability?

14:16What Canadians Can Do to Push for Change

Research/links:

The Disappearing "Third Place": Why Making Friends Is Getting Harder

https://youtu.be/WYFTsrvwr0o?si=IIGS4jllTN2dKT5h

Grow Together Edmonton

https://www.growtogetheryeg.com/

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Edited by Sean Foreman and Canadian Civil

Canada’s fertility rate has fallen to just 1.25 children per woman, one of the lowest in the developed world. But what’s actually driving the decline? Are fewer Canadians having children, or are the ones having kids simply choosing to have fewer of them?

In this episode of DemograFix, ⁠Mike Moffatt and ⁠Cara Stern break down the data behind Canada’s collapsing birth rate. They explore why more women are remaining childless, why one-child families have become the norm, and how housing costs, delayed parenthood, childcare, culture, and changing lifestyles are reshaping family formation across the country.

Topics discussed:

• Why Vancouver and Victoria have some of the world’s lowest fertility rates
• The surprising link between housing affordability and birth rates
• Why millennials and Gen Z still say they want kids
• How family sizes changed from the 1980s to today
• Whether education actually reduces fertility
• Why cities are losing young families
• The growing gap between the number of children Canadians want and the number they actually have

If Canada wants higher birth rates, what would it actually take to make raising children affordable again?

#Canada #HousingCrisis #FertilityRate #BirthRate #Millennials #GenZ #Economy #Housing #Population #Parenting #Childcare #CanadianPolitics #Demographics #TheMissingMiddle

Chapters:

00:00 Introduction: Canada’s Ultra-Low Fertility Rate

01:08 What Fertility Rates Measure — And Why Canada Is Different

01:59 Housing Costs, Cities, and Why Young Families Are Leaving

03:49 Are Fewer Women Having Children?

04:32 Delayed Parenthood and The Rise In Childlessness

06:01 Marriage, Religion, Immigration, and Fertility Trends

08:03 Does Higher Education Actually Reduce Birth Rates?

10:24 From Three-Child Families To One-Child Households

12:26 Housing Costs, Bedrooms, and Raising Kids In Canada

14:22 Canadians Still Want More Children

17:28 From Overpopulation Fears To Population Collapse

19:44 The Growing Gap Between Family Goals and Reality

20:05 What Governments Could Do To Make Raising Kids Easier

Research/links:

Proportion of women aged 20 to 49 without children, by age group and selected sociodemographic characteristics, 2024

https://www150.statcan.gc.ca/n1/daily-quotidien/260126/t001a-eng.htm

‘One and Done’ is the new norm: inside Canada’s growing one-child family trend

https://www.babycenter.ca/a25053886/one-and-done-is-the-new-norm-inside-Canadas-growing-one-child-family-trend 

Living arrangements of children in Canada: A century of change

https://publications.gc.ca/collections/collection_2014/statcan/75-006-x/75-006-2014001-4-eng.pdf

Fertility in Canada, 1921 to 2022

https://www150.statcan.gc.ca/n1/pub/91f0015m/91f0015m2024001-eng.htm 

Credits:

Mike Moffatt https://twitter.com/MikePMoffatt

https://bsky.app/profile/mikepmoffatt.bsky.social

Cara Stern https://x.com/carastern

https://bsky.app/profile/carastern.bsky.social

Meredith Martin  https://twitter.com/meredithmartin

https://bsky.app/profile/meredithmartin.bsky.social

Sean Foreman @seanegertonforeman

https://bsky.app/profile/seanforeman.bsky.social

University of Ottawa Co-op Student,  Kelly Hoban

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

Why are Canadians allowed to sell their homes tax-free while profits from stocks and investments get taxed? And is that policy making Canada’s housing crisis even worse?

In this episode of Classonomics Sabrina Maddeaux and Mike Moffatt break down Canada’s capital gains exemption on primary residences, why it exists, why politicians are terrified to touch it, and whether it’s contributing to skyrocketing home prices and inequality between homeowners and renters.

They explore the history of the tax exemption, why attempts to change it spark political outrage, how other countries handle housing taxes, and whether taxing home profits would actually make housing more affordable. Plus, they discuss property taxes, downsizing, investor advantages, generational inequality, and why even “common sense” housing reforms have become politically impossible in Canada.

Topics covered:

• Canada’s capital gains exemption on homes
• Housing affordability and inequality
• Why homeowners are politically powerful
• How other countries tax housing wealth
• Property taxes and downsizing
• Investors vs families in the housing market
• The politics of housing reform in Canada
• Why fixing housing has become so difficult

#Canada #HousingCrisis #RealEstate #Taxes #HousingMarket #CanadianPolitics #Economics #TheMissingMiddle

Chapters:

00:00 Why Canada Doesn’t Tax Gains on Your Primary Home
01:17 Why Politicians Won’t Touch the Primary Residence Exemption
04:06 The History of Canada’s Capital Gains Exemption
05:28 How Other Countries Handle Housing Capital Gains
07:25 Does the Exemption Actually Worsen the Housing Crisis?
10:39 The Case Against Taxing Primary Residences
13:26 Better Alternatives: Tax Fairness Without Capital Gains Reform
16:06 Why Even Good Housing Policy Can Be Politically Impossible

Research:

Canada should look to Australia on eliminating barriers to downsizing for seniors

https://www.theglobeandmail.com/investing/personal-finance/article-housing-baby-boomers-suburban-homes-young-families/

CBC article from a few years ago: https://www.cbc.ca/news/politics/the-conservatives-misleading-claims-about-a-secret-liberal-housing-tax-1.5312873 

26 of 40:

https://view.asiae.co.kr/en/article/2022032109551988175 

History of cap gains taxes:

https://www.ctf.ca/EN/EN/Newsletters/Perspectives/2021/3/210304.aspx

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Edited by Sean Foreman and Canadian Civil

What if companies could figure out the exact maximum you’re willing to pay, and charge you exactly that?

That’s the promise of surveillance pricing: using your personal data, purchase history, location, online behavior, and even financial information to tailor prices specifically to you.

In this episode, Cara Stern talks with Vass Bednar, managing director of the Canadian Shield Institute and author of The Big Fix, about why this issue is suddenly on the political agenda in Canada, and what it means for consumers.

They discuss:
What surveillance pricing is, and how it differs from ordinary dynamic pricing
How companies use your data to predict your “willingness to pay”
Why two people could see different prices for the exact same product
The real-world examples already happening with apps, airlines, and delivery platforms

Why 83% of Canadians say this practice should be banned or regulated
What governments can actually do to stop it

Chapters:


Research/links:

Everything Costs More Because the Algorithm Says So | The Walrus
https://thewalrus.ca/everything-costs-more-because-the-algorithm-says-so/
How Corporate Consolidation is Ruining Everything: Discussion with Denise Hearn and Vass Bednar
https://youtu.be/Uz5DkpZPH2k?si=M_c-2GX4dS7wKF9l

Canadians Are Skeptical of Algorithmic Pricing - Abacus Data
https://abacusdata.ca/canadians-are-deeply-skeptical-of-algorithmic-pricing-and-want-governments-to-intervene/

AI-Driven Pricing May Be the Next Shock to Canadian Grocery Shoppers
https://retail-insider.com/retail-insider/2025/12/ai-driven-pricing-may-be-the-next-shock-to-canadian-grocery-shoppers/

Algorithms are raising prices for everything. This must stop - The Globe and Mail
https://www.theglobeandmail.com/business/commentary/article-algorithms-are-raising-prices-for-everything-this-must-stop/

Avi Lewis is smart to shed light on surveillance pricing | Canada's National Observer: Climate News
https://www.nationalobserver.com/2026/04/24/news/avi-lewis-ndp-surveillance-pricing

Algorithmic pricing: Poll finds half of Canadians against
https://www.cp24.com/news/canada/2026/03/18/most-canadians-want-to-ban-or-regulate-algorithmic-pricing-poll-shows/?lid=8z3lanxo654a

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Edited by Sean Foreman and Canadian Civil

Canada is launching a new sovereign wealth fund, but what exactly is it, and why is Prime Minister Mark Carney betting big on it?

In this episode of Classonomics, Mike Moffatt and Meredith Martin break down the proposed Canada Strong Fund, how sovereign wealth funds work, and why comparisons to Norway’s famous $2 trillion oil fund may not tell the full story. They explore whether debt-financed infrastructure investing can actually grow the economy, why critics are calling it a “sovereign debt fund,” and what this could mean for housing, ports, transit, energy infrastructure, and future generations of Canadians.

Topics covered:
• What sovereign wealth funds actually are
• How Norway built its trillion-dollar oil fund
• Why Canada is creating the Canada Strong Fund
• The debate over debt-financed infrastructure
• How infrastructure investment affects housing and economic growth
• The risks, criticisms, and unanswered questions surrounding the fund

Chapters: 

00:00 Introduction to Sovereign Wealth Funds

00:41 What is a Sovereign Wealth Fund?

01:29 Norway’s Two Sovereign Wealth Funds Explained

03:19 Why Norway Created a Second Fund

05:13 How Canada’s Fund Differs From Norway’s

06:28 Criticism Over Debt Financing

08:22 Will the Fund Benefit Future Generations?

09:58 Why the Announcement Confused Canadians

12:03 Final Thoughts And Outro

Research/links:

The Canada Strong Fund: Nation-Building or State Venture Capitalism?

https://www.asiapacific.ca/publication/canada-strong-fund-nation-building-or-state-venture-capitalism

What Canada can learn from Norway's Sovereign Wealth Fund

https://www.mjemcgill.com/articles/what-canada-can-learn-from-norways-sovereign-wealth-fund

Our pension funds must be sovereign wealth funds, too – even if pensioners take a hit

https://www.theglobeandmail.com/business/commentary/article-our-pension-funds-must-be-sovereign-wealth-funds-too-even-if/

Canada's spring budget projects economy to grow and deficit to fall

https://www.bbc.com/news/articles/cz0278zyznjo

Neither Norway nor Singapore: Decoding Canada’s new sovereign wealth fund

https://globalnews.ca/news/11825911/norway-singapore-canada-sovereign-wealth-fund/

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Edited by Sean Foreman and Canadian Civil

Ontario has started cutting development charges. But is this the breakthrough Ontario’s housing market needs, or just the first step?

In this episode of The Missing Middle Podcast, Mike Moffatt sits down with Kim Fairley, President of Ontario Real Estate Association (OREA), to unpack what Ontario’s new development charge reforms mean for homebuyers, builders, and municipalities – and what still needs to happen next.

They discuss:
 • Why development charges can add up to $200,000 to the cost of a new home in Ontario
 • How some Ontario cities have raised DCs by 1,000%–5,000% since 2000
 • Why Sault Ste. Marie has no development charges—and what other cities can learn from it
 • Whether recent provincial and federal reforms will actually improve affordability
 • What Ontario’s housing market could look like over the next 6–18 months

Chapters:

00:00 Intro: Ontario’s new development charge deal: what changes?

03:55 Is housing finally getting more affordable? 

05:14 Northern Ontario’s housing market: a different reality

07:09 Sault Ste. Marie has no development charges

08:07 Do buyers know how much development charges cost?

10:25 Why transparency on development charges matters

12:08 Lower housing costs without raising taxes? 

13:35 Do Ontarians support cutting development charges? 

16:07 Can politicians actually work together on housing? 

17:08 What happens next for Ontario housing? 

18:18 Progress made, but the hard part starts now 

Research/links:

How to Lower Development Charges Without Raising Property Taxes 

https://www.missingmiddleinitiative.ca/p/how-to-lower-development-charges

A Pathway to Development Charge Reform 

https://www.orea.com/advocacy/Development-Charge-Reform

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Edited by Sean Foreman and Canadian Civil

Why are so many young Canadians leaving and why are some people suggesting they should be punished for it?

In this episode of The Missing Middle, Mike Moffatt and Sabrina Maddeaux break down the growing “brain drain” from Canada to the United States and the shocking proposal that young people who leave should pay a $500,000 exit fee.

They dig into what’s really driving this trend: unaffordable housing, stagnant wages, limited career opportunities, and policy decisions that increasingly favour older, wealthier generations.

This isn’t about loyalty. It’s about survival and a country that may no longer offer young people a path to the life their parents had.

📊 Topics covered:

• The truth about Canada’s brain drain
• Why young workers are choosing the U.S.
• The economics behind the productivity gap
• Immigration policy and labour market impacts
• Housing, wages, and generational inequality
• What Canada would need to do to win young people back

Chapters:

00:00 Introduction

01:00 Why Young Canadians Are Leaving

02:25 Cost Of Living And The U.S. Pull Factor

03:16 The Real Cost Of Brain Drain

04:05 Canada’s Productivity Problem

05:12 Punishing Young People Instead Of Fixing Problems

05:58 How Politics Shifted Against Younger Generations

07:14 Is Brain Drain Being Overblown?

08:02 Why The Viral Brain Drain Chart Misleads

08:50 Canada’s Record Emigration Problem

09:29 Losing The Best And Brightest

10:30 Immigration, Talent, And Retention Failures

11:14 Is Canada Becoming America’s Farm Team?

12:38 How Temporary Workers Changed The Labour Market

13:55 What Policies Could Win Young Canadians Back?

14:12 Housing As The Core Issue

15:17 Taxes, Transfers, And Generational Inequality

15:46 Canada’s Value Proposition Problem

16:16 Closing Thoughts And Listener Questions

Research:

Sabrina's National Post column: Fix the brain drain by fixing Canada, not with a $500K exit tax | National Post 

Statistics Canada — Recent trends in migration flows from Canada to the United States: https://www150.statcan.gc.ca/n1/pub/36-28-0001/2025007/article/00006-eng.htm

The Hub — “Can anyone solve Canada’s brain drain problem?”: https://thehub.ca/2026/04/03/can-anyone-solve-canadas-brain-drain-problem/

HRD: Canada's talent exodus: What senior HR leaders can't afford to ignore | Human Resources Director 

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Edited by Sean Foreman and Canadian Civil

Why does it feel like young Canadians can’t get ahead anymore?

In this episode, Cara Stern and Mike Moffatt break down the growing generational divide in Canada, and why Millennials and Gen Z are being squeezed from both sides. From skyrocketing housing costs to rising taxes and massive government spending on programs like Old Age Security (OAS), the financial pressure on younger Canadians has never been higher.

We explore how Canada’s aging population is reshaping the economy, why healthcare and retirement spending now dominate government budgets, and how policy decisions around housing have made affordability worse. With fewer workers supporting more retirees, and homeownership increasingly out of reach, this episode uncovers the systemic forces driving a massive wealth transfer from young to old.

Is this sustainable? Why hasn’t policy changed? And what can younger generations actually do about it?

Chapters:

00:00 Introduction: The Hidden Wealth Transfer From Young to Old

00:18 Canada’s Aging Population and the Fiscal Squeeze

01:32 Why Fewer Workers Are Supporting More Retirees

01:54 How OAS Became Canada’s Biggest Federal Expense

03:04 The Truth About Who Paid for Old Age Security

04:14 Young Canadians Are Being Squeezed From Both Sides

04:59 How Housing Policy Made Homes More Expensive

06:29 Did Boomers Intentionally Build This System?

08:23 The Unintended Consequences of Housing Restrictions

09:13 Why Millennials and Gen Z Feel Locked Out

10:20 How Government Spending Shifted Toward Seniors

11:42 Why Younger Generations Struggle to Organize Politically

12:49 Would Lower Home Prices Crash Canada’s Economy?

13:34 Why Cheaper Housing Would Make Canada Wealthier

13:52 Why Young Canadians Need Political Power

15:00 Final Thoughts and Outro

Research/links:

An Oligarchy of Old People

https://www.theatlantic.com/magazine/2026/05/gerontocracy-wealth-power/686585/

Are Boomers Bankrupting the Future?

https://www.youtube.com/watch?v=lbM3_BPDJ5Y

2026 Ontario Budget

https://budget.ontario.ca/2026/pdf/2026-ontario-budget-en.pdf

Page 196

Annual Financial Report of the Government of Canada 2024-25

https://www.canada.ca/content/dam/fin/publications/afr-rfa/2025/afr-rfa-2024-25-eng.pdf

Pg 15

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux

Produced by Meredith Martin

Edited by Sean Foreman and Canadian Civil