The Missing Middle Podcast

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 g...

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 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 ...

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...

Canada’s international student program is under fire and the numbers are hard to ignore.

In this episode, Sabrina Maddeaux and Mike Moffatt break down a shocking Auditor General report that uncovered major enforcement failures inside Canada’s immigration system. With over 153,000 potentially non-compliant students flagged and little follow-up from authorities, this isn’t just a bureaucratic slip-up. It raises serious questions about...

Cities across Canada are backing away from upzoning. After agreeing to allow fourplexes and other missing middle housing, municipalities like Calgary, Toronto, Markham, and Windsor are scaling back — or reversing — reforms altogether. What’s behind the pushback, and are YIMBYs losing the as-of-right fight?

In this segment, we break down:

Why cities are rejecting upzoning after agreeing to it

What Calgary’...

One year after Mark Carney’s stunning rise to power, how is his government actually performing?

In this episode, we break down the biggest political upset in recent Canadian history, from the collapse of a presumed Conservative victory to the Liberals’ unexpected dominance. Is Carney delivering where it counts?

We grade the government’s performance across the issues that matter most to Canadians:

The risi...

Climate change isn’t topping Canadians’ priority lists anymore, but that doesn’t mean people have stopped caring.

New polling shows only 13% of Canadians now rank climate change as a top personal issue, down sharply from 2019. With affordability, housing, and the economy dominating attention, it’s easy to think climate action has fallen off the radar.

But the data tells a more complicated story.

In this e...

Rents are finally falling across Canada. But will it last? 

In this episode of Classonomics, Sabrina Maddeaux and Mike Moffatt break down new data from the CMHC showing rising vacancy rates, record rental supply, and the first meaningful relief for tenants in years. They explore why an influx of new housing and slower population growth are pushing rents down, and what that reveals about how housing markets actually work.

Bu...

Young Canadians are now less happy than seniors, and the gap is getting worse.

The latest World Happiness Report shows Canadians under 30 have fallen to 71st in the world for life satisfaction, while Canada’s overall ranking has dropped from 5th to 25th. In this episode, Mike Moffatt and Cara Stern break down what’s driving the decline — from housing affordability and falling “option freedom” to expectations, social media, and why t...

Canada has a massive problem: our national productivity is near the bottom of the G7. Decades of government policies, from free trade to tax cuts, haven't worked.

Why? Because policymakers are focused on greed (incentives) and not enough on fear (competition and risk).

We dive into the core failure of Canadian economic policy, exposing how corporate welfare and easy access to foreign workers kill innovation. Plus, hear...

If birth rates are falling, is it really because people want fewer kids—or because they feel like they can’t afford them?

In this episode, Cara Stern and Mike Moffatt unpack the growing gap between “preference” and “choice” when it comes to starting a family. From the rising financial and social costs of raising children to the pressure of modern parenting norms, they explore why having kids today feels harder, even for pe...

Are provincial governments raising your taxes in secret? 

Economist Mike Moffatt and columnist Sabrina Maddeaux expose the hidden mechanism of bracket creep, a stealth tax increase impacting millions of Canadians.

Because fixed-tax brackets in provinces like B.C., Manitoba, and Ontario fail to adjust for inflation, middle-class workers are automatically pushed into higher tax tiers, forcing them to pay taxes as though they ...

For years, the Missing Middle team has advocated for reducing the tax burden on new construction. With pre-construction sales down 95% in some GTA markets, the industry has hit a wall where it simply makes no financial sense to build.

In this week’s episode, we answer some of the questions and misconceptions we’ve read online about the new HST rebate on new homes. 

Beyond the rebate, they explore bigger structural challenge...

If inflation is only around 2–3%, why does everything feel so much more expensive?

In this episode, we break down how inflation is actually measured, and why your personal experience can feel completely disconnected from the official numbers. From grocery bills and gas prices to rent and mortgages, not all price increases hit the same way—and some matter a lot more than others.

We also dig into the hidden forces shaping you...

In this episode of The Missing Middle, Cara Stern sits down with YouTuber Paige Saunders to discuss the one structural glitch that is sabotaging Canada’s economy, healthcare, and housing market: our electoral system.

While most democracies have moved on to Proportional Representation, Canada remains stuck with a model that empowers swing ridings and ignores millions of voters. Paige explains why this monopoly on power prevents real ...

You built equity, planned ahead, and did everything right, so why is the next step on the housing ladder completely out of reach?

Canada’s housing crisis is usually framed around first-time buyers struggling to get into the market. But a growing number of Canadians already made that leap and are now stuck. Couples who bought small condos with the expectation of eventually upgrading are discovering that the path forward has quie...

Is Canada still a “land of opportunity,” or has your success become a function of who your parents are?

In this segment, Cara Stern and Mike Moffatt dive into the uncomfortable reality of meritocracy in Canada. While Boomers largely believe hard work still pays off, Millennials and Gen Z are seeing a different story. We break down the latest Ipsos polling data and Statistics Canada research that shows social mobility is eroding.

From...

In 2025, Canada Mortgage and Housing Corporation (CMHC) reported nearly 260,000 housing starts, a figure that suggests real progress on the housing crisis. But a deeper look reveals a much more complicated and concerning reality.

Most of the new supply is made up of small condos and apartments, not the family-sized homes people are looking for. Because housing starts are recorded late in the construction process, today’s data o...