The Missing Middle with Mike Moffatt and Sabrina Maddeaux

• Grading Provinces on Housing: Who Earned an A and Who Deserves Detention?

  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 Card00:45 The best and worst provinces at housing performance02:20 36 assessment points03:39 The report methodology05:17 Avoiding harmful and irrelevant policies06:24 Provinces that have irrelevant policies perform worse09:40 Inclusionary zoning12:30 Examining the number of adult children living at home13:56 Ways in which Ontario sucks at housing15:20 Political will(not to build housing in Ontario)17:58 The levels of government can learn from each other19:03 We were hoping BC would have better results19:28 Atlantic Canada doesn’t get in it’s own way21:51 How can the provinces improve?Research/links:2025 Provincial HOMES Report Cardhttps://open.substack.com/pub/missingmiddleinitiative/p/2025-provincial-homes-report-card?utm_campaign=post-expanded-share&utm_medium=post%20viewerModeling Inclusionary Zoning’s Impact on Housing Production in Los Angeles: Tradeoffs and Policy ImplicationsInclusionary-Zoning-Paper-April-2024-Final.pdfHosted 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.

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• Are We Ignoring a Generation of Struggling Young Men?

  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 Introduction00:42 New report shows young men earn less than senior men02:00 Senior men incomes have doubled since 1970s02:24 Young men’s incomes are down since the 1970s03:21 Where is the extra senior income coming from?05:53 The role of government transfers and entitlements07:30 Breaking down younger men’s incomes09:44 Housing have increased far faster than inflation since 197711:11 Why have wages gone down for young men?13:31 social taboos around talking about young men17:09 Concluding thoughtsResearch Links:What Happened to the Young Middle-Class Man?https://substack.com/home/post/p-181132084?source=queueHow 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.

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• How Housing Prices Shape Families

  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 affordability01:40 51% of the decline in fertility rate is attributed to lack of housing03:52 Unpacking housing affordability and Canada’s fertility rate05:02 Cara highlights a viewer comment about the cause of fertility decline08:50 Society needs younger generations to grow not shrink09:20 Mike outlines the human right to housing12:45 Who is more likely to be living in unsuitable housing?14:18 Children are more likely to be underhoused16:12 All supply is good supply - but is it?18:50 Consequences of not providing enough housing in cities22:50 Or/and we could build our cities upResearch Links:Build, Baby, Build: How Housing Shapes FertilityBKC_JMP.pdfShe's (Not) Having a Baby | CardusFamilies Are Outgrowing Our Cities, and the Law Says They Shouldn’t Have ToNational Occupancy Standard | CMHCHosted 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.

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• Are Boomers Bankrupting the Future?

  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.Chapters00:00 Introduction 01:07 Are seniors struggling economically?02:34 Shout out to Generation Squeeze02:52 Breaking down who benefits from government spending04:00 How Gen z and Millennials are fairing05:18 Intergenerational wealth transfer from old to young06:00 Shout out to Boom, Bust and Echo07:00 Senior citizen tax advantages08:40 Redesigning our fiscal system for generational fairness11:44 Good policy doesn’t always make good politics13:00 What happens if we don’t fix this?15:00 Less intergenerational fight club more intergenerational cooperationResearch/links:After years of decline, child poverty in Canada is rising swiftly: reportGeneration Squeeze: https://www.gensqueeze.caPaul Kershaw's "Hard Truths" podcast: https://www.gensqueeze.ca/videoWho is being asked to sacrifice in Budget 2025?Recent health care deal is a win for retirees. The finances of younger Canadians are collateral damageHow younger Canadians end up paying more for boomers' medical careSeniors and the generation spending gapA trillion-dollar tsunami: Canadians grapple with unprecedented wealth transferCanadian Institute of Health Information - National Health Expenditure Trends: https://www.cihi.ca/en/national-health-expenditure-trendsHosted 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.

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• Canada Is Finally Regulating Stablecoins – Here’s Why It Matters

  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 Introduction00:49 Federal budget: Stablecoin announcement 02:44 What is a stablecoin?04:40 Advantages of stablecoins over traditional payment methods07:08 Canada’s missing stablecoin regulatory framework10:11 Canada should set its own stablecoin rules11:42 Was skepticism about stablecoin regulation warranted?12:47 Promoting healthy competition, innovation, and productivity13:34 ConclusionResearch/links:Regulatory Delays, Dollar-Backed Stablecoins, and Affordability for Canadianshttps://www.missingmiddleinitiative.ca/p/dollar-backed-stablecoins-and-affordabilityFederal budget 2025: Plan for stablecoin rules to usher in Canada’s ‘digital dollar era,’ advocates sayhttps://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.

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