The Missing Middle Podcast

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:
The economics of hosting the FIFA World Cup
Why economists question projected economic benefits
Public spending on stadiums, security, and infrastructure
Tourism displacement and local business impacts
Housing, short-term rentals, and affordability concerns
FIFA's revenue model and tax treatment
Transit, traffic, and quality-of-life effects for residents
Lessons from previous World Cup host countries
Dynamic ticket pricing and the changing fan experience
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
Funded by the Neptis Foundation https://neptis.org/

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
Funded by the Neptis Foundation https://neptis.org/

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
Funded by the Neptis Foundation https://neptis.org/

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
Funded by the Neptis Foundation https://neptis.org/

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
Funded by the Neptis Foundation https://neptis.org/