The Missing Middle Podcast

What if companies could figure out the exact maximum you’re willing to pay, and charge you exactly that?

That’s the promise of surveillance pricing: using your personal data, purchase history, location, online behavior, and even financial information to tailor prices specifically to you.

In this episode, Cara Stern talks with Vass Bednar, managing director of the Canadian Shield Institute and author of The Big Fix, about why this issue is suddenly on the political agenda in Canada, and what it means for consumers.

They discuss:
What surveillance pricing is, and how it differs from ordinary dynamic pricing
How companies use your data to predict your “willingness to pay”
Why two people could see different prices for the exact same product
The real-world examples already happening with apps, airlines, and delivery platforms

Why 83% of Canadians say this practice should be banned or regulated
What governments can actually do to stop it

Chapters:

Research/links:

Everything Costs More Because the Algorithm Says So | The Walrus
https://thewalrus.ca/everything-costs-more-because-the-algorithm-says-so/
How Corporate Consolidation is Ruining Everything: Discussion with Denise Hearn and Vass Bednar
https://youtu.be/Uz5DkpZPH2k?si=M_c-2GX4dS7wKF9l

Canadians Are Skeptical of Algorithmic Pricing - Abacus Data
https://abacusdata.ca/canadians-are-deeply-skeptical-of-algorithmic-pricing-and-want-governments-to-intervene/

AI-Driven Pricing May Be the Next Shock to Canadian Grocery Shoppers
https://retail-insider.com/retail-insider/2025/12/ai-driven-pricing-may-be-the-next-shock-to-canadian-grocery-shoppers/

Algorithms are raising prices for everything. This must stop - The Globe and Mail
https://www.theglobeandmail.com/business/commentary/article-algorithms-are-raising-prices-for-everything-this-must-stop/

Avi Lewis is smart to shed light on surveillance pricing | Canada's National Observer: Climate News
https://www.nationalobserver.com/2026/04/24/news/avi-lewis-ndp-surveillance-pricing

Algorithmic pricing: Poll finds half of Canadians against
https://www.cp24.com/news/canada/2026/03/18/most-canadians-want-to-ban-or-regulate-algorithmic-pricing-poll-shows/?lid=8z3lanxo654a
Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux
Produced by Meredith Martin
Funded by the Neptis Foundation https://neptis.org/

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 grow the economy, why critics are calling it a “sovereign debt fund,” and what this could mean for housing, ports, transit, energy infrastructure, and future generations of Canadians.
Topics covered:
• What sovereign wealth funds actually are
• How Norway built its trillion-dollar oil fund
• Why Canada is creating the Canada Strong Fund
• The debate over debt-financed infrastructure
• How infrastructure investment affects housing and economic growth
• The risks, criticisms, and unanswered questions surrounding the fund
Chapters: 
00:00 Introduction to Sovereign Wealth Funds
00:41 What is a Sovereign Wealth Fund?
01:29 Norway’s Two Sovereign Wealth Funds Explained
03:19 Why Norway Created a Second Fund
05:13 How Canada’s Fund Differs From Norway’s
06:28 Criticism Over Debt Financing
08:22 Will the Fund Benefit Future Generations?
09:58 Why the Announcement Confused Canadians
12:03 Final Thoughts And Outro

Research/links:

The Canada Strong Fund: Nation-Building or State Venture Capitalism?
https://www.asiapacific.ca/publication/canada-strong-fund-nation-building-or-state-venture-capitalism

What Canada can learn from Norway's Sovereign Wealth Fund
https://www.mjemcgill.com/articles/what-canada-can-learn-from-norways-sovereign-wealth-fund

Our pension funds must be sovereign wealth funds, too – even if pensioners take a hit
https://www.theglobeandmail.com/business/commentary/article-our-pension-funds-must-be-sovereign-wealth-funds-too-even-if/

Canada's spring budget projects economy to grow and deficit to fall
https://www.bbc.com/news/articles/cz0278zyznjo

Neither Norway nor Singapore: Decoding Canada’s new sovereign wealth fund
https://globalnews.ca/news/11825911/norway-singapore-canada-sovereign-wealth-fund/

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux
Produced by Meredith Martin
Funded by the Neptis Foundation https://neptis.org/

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 development charges can add up to $200,000 to the cost of a new home in Ontario
 • How some Ontario cities have raised DCs by 1,000%–5,000% since 2000
 • Why Sault Ste. Marie has no development charges—and what other cities can learn from it
 • Whether recent provincial and federal reforms will actually improve affordability
 • What Ontario’s housing market could look like over the next 6–18 months

Chapters:

00:00 Intro: Ontario’s new development charge deal: what changes?
03:55 Is housing finally getting more affordable? 
05:14 Northern Ontario’s housing market: a different reality
07:09 Sault Ste. Marie has no development charges
08:07 Do buyers know how much development charges cost?
10:25 Why transparency on development charges matters
12:08 Lower housing costs without raising taxes? 
13:35 Do Ontarians support cutting development charges? 
16:07 Can politicians actually work together on housing? 
17:08 What happens next for Ontario housing? 
18:18 Progress made, but the hard part starts now 

Research/links:
How to Lower Development Charges Without Raising Property Taxes 
https://www.missingmiddleinitiative.ca/p/how-to-lower-development-charges

A Pathway to Development Charge Reform 
https://www.orea.com/advocacy/Development-Charge-Reform

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux
Produced by Meredith Martin
Funded by the Neptis Foundation https://neptis.org/

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 opportunities, and policy decisions that increasingly favour older, wealthier generations.
This isn’t about loyalty. It’s about survival and a country that may no longer offer young people a path to the life their parents had.
📊 Topics covered:
The truth about Canada’s brain drain
Why young workers are choosing the U.S.
The economics behind the productivity gap
Immigration policy and labour market impacts
Housing, wages, and generational inequality
What Canada would need to do to win young people back

Chapters:
00:00 Introduction
01:00 Why Young Canadians Are Leaving
02:25 Cost Of Living And The U.S. Pull Factor
03:16 The Real Cost Of Brain Drain
04:05 Canada’s Productivity Problem
05:12 Punishing Young People Instead Of Fixing Problems
05:58 How Politics Shifted Against Younger Generations
07:14 Is Brain Drain Being Overblown?
08:02 Why The Viral Brain Drain Chart Misleads
08:50 Canada’s Record Emigration Problem
09:29 Losing The Best And Brightest
10:30 Immigration, Talent, And Retention Failures
11:14 Is Canada Becoming America’s Farm Team?
12:38 How Temporary Workers Changed The Labour Market
13:55 What Policies Could Win Young Canadians Back?
14:12 Housing As The Core Issue
15:17 Taxes, Transfers, And Generational Inequality
15:46 Canada’s Value Proposition Problem
16:16 Closing Thoughts And Listener Questions

Research:
Sabrina's National Post column: Fix the brain drain by fixing Canada, not with a $500K exit tax | National Post 
Statistics Canada — Recent trends in migration flows from Canada to the United States: https://www150.statcan.gc.ca/n1/pub/36-28-0001/2025007/article/00006-eng.htm
The Hub — “Can anyone solve Canada’s brain drain problem?”: https://thehub.ca/2026/04/03/can-anyone-solve-canadas-brain-drain-problem/
HRD: Canada's talent exodus: What senior HR leaders can't afford to ignore | Human Resources Director 

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux
Produced by Meredith Martin
Funded by the Neptis Foundation https://neptis.org/

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’s aging population is reshaping the economy, why healthcare and retirement spending now dominate government budgets, and how policy decisions around housing have made affordability worse. With fewer workers supporting more retirees, and homeownership increasingly out of reach, this episode uncovers the systemic forces driving a massive wealth transfer from young to old.
Is this sustainable? Why hasn’t policy changed? And what can younger generations actually do about it?
Chapters:
00:00 Introduction: The Hidden Wealth Transfer From Young to Old
00:18 Canada’s Aging Population and the Fiscal Squeeze
01:32 Why Fewer Workers Are Supporting More Retirees
01:54 How OAS Became Canada’s Biggest Federal Expense
03:04 The Truth About Who Paid for Old Age Security
04:14 Young Canadians Are Being Squeezed From Both Sides
04:59 How Housing Policy Made Homes More Expensive
06:29 Did Boomers Intentionally Build This System?
08:23 The Unintended Consequences of Housing Restrictions
09:13 Why Millennials and Gen Z Feel Locked Out
10:20 How Government Spending Shifted Toward Seniors
11:42 Why Younger Generations Struggle to Organize Politically
12:49 Would Lower Home Prices Crash Canada’s Economy?
13:34 Why Cheaper Housing Would Make Canada Wealthier
13:52 Why Young Canadians Need Political Power
15:00 Final Thoughts and Outro

Research/links:

An Oligarchy of Old People
https://www.theatlantic.com/magazine/2026/05/gerontocracy-wealth-power/686585/

Are Boomers Bankrupting the Future?
https://www.youtube.com/watch?v=lbM3_BPDJ5Y

2026 Ontario Budget
https://budget.ontario.ca/2026/pdf/2026-ontario-budget-en.pdf
Page 196

Annual Financial Report of the Government of Canada 2024-25
https://www.canada.ca/content/dam/fin/publications/afr-rfa/2025/afr-rfa-2024-25-eng.pdf
Pg 15

Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux
Produced by Meredith Martin
Funded by the Neptis Foundation https://neptis.org/