The Missing Middle with Mike Moffatt and Sabrina Maddeaux

• 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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• Why Rent Control Might Be Hurting the People It’s Meant to Help

  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 Introduction01:19  Zahran Mamdani's rent control policy overview01:44 Rent control explained02:19 Mike gives an example of how rent control locks people into place05:20 How being locked into place effects family planning07:28 How being locked into place effects seniors downsizing09:34 Rent control hurts people who need to move10:03 The distributional consequences of rent control 10:45 How newer tenants subsidize newer tenants12:39 Cara proposes an NIMBYism theory13:21 Mike counters with “unintended consequences”15:18 If rent control disappears mobility increases17:36 Should rent control be abolished in Ontario?Research/linksHousing Market Spillovers:Evidence From The End Of Rent Control In Cambridge Massachusettshttps://www.nber.org/system/files/working_papers/w18125/w18125.pdfStats Can data:Housing suitability of private householdRent controls do far more harm than good, comprehensive review findsRent controls do far more harm than good, comprehensive review finds — Institute of Economic AffairsRenters’ shelter costs by duration of tenancyRenters’ shelter costs by duration of tenancyMamdani 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 TimesThe Misallocation of Housing Under Rent ControlThe Misallocation of Housing Under Rent Control - American Economic Association rentcontrol.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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• How Canada Fell Behind the World on Housing Affordability

  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 Comment02:40 Young people don’t want responsibility?03:59 Global trend or Canadian crisis?05:12 Missing Middle study on the global housing landscape07:35 Home prices vs incomes09:33 It’s worse in Canada, it’s us, we’re the problem12:30 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.htmlDerek Thompson Sunstack  - Chart 10https://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-intelCanada vs. the World: The Worst Record on Housing Affordability Since 2004https://www.missingmiddleinitiative.ca/p/canada-vs-the-world-the-worst-recordOECD Affordable Housing Database:https://www.oecd.org/en/data/datasets/oecd-affordable-housing-database.htmlHosted 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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• Do You Have a CRA Horror Story?

  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.Chapters00:00 Introduction 00:42 CRA's challenges02:35 An incredibly complicated tax code 03:42 Understanding taxpayer complaints04:50 Guilty until proven innocent06:16 The numbers behind objecting to assessments08:52 The taxpayer bill of rights10:05 Personal experiences with CRA13:42 BOOM!Research/links:There are much bigger problems with the CRA than just long hold timesThis is the real problem with the Canada Revenue AgencyTaxpayer Bill of Rightshttps://www.canada.ca/en/revenue-agency/corporate/about-canada-revenue-agency-cra/taxpayer-bill-rights.htmlHosted 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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• The Rental Paradox: Why Lower Prices Aren't Enough

  Rents are finally dropping in many Canadian cities, yet finding an affordable, decent apartment still feels impossible. What’s going on with the rental market?In this episode, Sabrina Maddeaux sits down with Max Steinman, CEO of RentSync and Rentals.ca, to unpack what’s driving the recent rent declines, how rent control policies backfired, and why “financialization” isn’t the villain it’s made out to be.We dive into how younger Canadians are coping with record-high housing costs, what renters should know about purpose-built rentals vs. condos, and how government policies might actually be making things worse.Tell us your rental horror stories or questions at [email protected] out current rent data at Rentals.caSubscribe for more honest conversations about the housing crisis, policy failures, and creative solutions for the Missing Middle of Canada’s cities.Chapters00:00 Intro: Why Economists Hate Rent Control00:15 Why rents are falling even as it feels harder than ever to find a place01:00 The “perfect storm” behind today’s rental slowdown03:45 How low churn rates and stagnant mobility worsen the crunch05:10 Why Canada’s rental experience feels broken07:00 How rent control backfired (and why landlords aren’t upgrading units)09:45 Purpose-built rentals vs. condos: What renters need to know13:00 Why vacancy control sounds good but hurts renters long-term16:00 The myth of “financialization” in housing19:00 Why REITs get so much hate, and what people get wrong21:40 How Rentals.ca and RentSync are trying to modernize the rental experience23:10 Closing thoughts and where to find Canada’s latest rent dataLinks/Research:The Missing Middle: REITs, Rent & Rage: Canada’s Housing Tug-of-War https://www.youtube.com/watch?v=N7_vF7vodwsRentals.ca National Rent Report – The data behind Canada’s rent trends, published monthly by Max’s team.https://www.rentals.ca/national-rent-reportCan Homes Become Affordable Without Prices Going Down? – Missing Middle Initiative (April 2025) https://www.missingmiddleinitiative.ca/p/can-homes-become-affordable-againSolving the Housing Supply Crunch: A 10-Step Plan for Federal Action – Missing Middle Initiative (August 2025) https://www.missingmiddleinitiative.ca/p/solving-the-housing-supply-crunchFrom 40 to 100 Million: How Will Immigration Impact Canadian Housing? – Missing Middle Initiative https://substack.com/home/post/p-165627719Hosted 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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