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.

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

This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

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

This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.