The Missing Middle Podcast

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/

Why does modern life feel so disconnected? In this episode, Cara Stern sits down with journalist and Scout leader Harrison Lowman to talk about the decline of community in Canada, and what it takes to rebuild it.
From scouting and volunteering to neighbourhood pubs, churches, and “third spaces,” they explore why strong communities don’t happen automatically, how urban design shapes social connection, and why so many people feel isolated despite living closer together than ever before. They also discuss parenting, trust, loneliness, suburban life, condo living, and the importance of showing up for your neighbours.
Topics covered:
Why people feel more isolated today
The decline of volunteering in Canada
How urban design affects community
Why “third spaces” matter
Parenting, support systems, and “the village”
High-trust vs low-trust societies
How scouting builds community and leadership
What it takes to know your neighbours again
Subscribe for more conversations on housing, cities, policy, and the future of Canada.

Chapters:
00:00 Why Community Is More Than Good Urban Design
02:22 Scouts, Service, and Teaching Kids to Contribute
04:04 Why Modern Life Makes Community Harder to Build
07:47 Third Places, Neighbours, and High-Trust Communities
11:55 A Surprise Pie and the Power of Trust
14:55 Finding Community Through Volunteering and Shared Purpose
17:17 You Have to Be a Villager to Have a Village
19:34 Can We Design Communities That Bring People Together?

Research/links:
» Volunteer wellbeing: what works and who benefits? 
https://whatworkswellbeing.org/resources/volunteer-wellbeing-what-works-and-who-benefits/ 
Exploring the Effects of Volunteering on the Social, Mental, and Physical Health and Well-being of Volunteers: An Umbrella Review - PMC 
https://pmc.ncbi.nlm.nih.gov/articles/PMC10159229/

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

Why are young Canadians leaving cities? Why are seniors staying in homes that are too big for them? And can Canada lower housing costs without cutting quality of life even further?
In this listener Q&A episode of The Missing Middle, Sabrina Maddeaux and Cara Stern answer audience questions on housing affordability, immigration, downsizing, social isolation, wage stagnation, the Greenbelt, and why building more “missing middle” housing has become so difficult in Canada.
Topics covered:
Why seniors aren’t downsizing
The shortage of family-sized homes
Housing prices vs stagnant wages
Social isolation and unaffordable cities
Immigration and housing demand
The Greenbelt debate
What young Canadians can do politically
If you enjoy the episode, subscribe and leave a comment with your own question for a future mailbag episode.

Eamon 
Seniors are lonely, rich, and live in houses that are too big, often in desirable neighbourhoods. Young people are desperate for housing, poor, and looking for roommates. Why not create a tax incentive for seniors to free up rooms in their houses for young people? I think a vacancy tax is punitive, but a tax incentive could unlock housing in a win-win (rather than zero sum) way for willing participants. Thoughts? 

Kate
In your second-time homebuyer article you mention that various government initiatives could lower newly built housing costs by up to 15% which would free up more family sized homes "making it easier for seniors to downsize". How would lowering the cost of newly built homes by 15% make it easier for seniors to downsize? In my view, the more significant factor facing senior downsizers is not the cost of new housing but the scarcity of appealing post-move options for them. 

Mary (edited for length) 
I am a boomer with two millennial children who haven't yet reached middle-class milestones like stable employment or homeownership. I believe factors other than parental status are at play: 1) Are houses more expensive, or are incomes simply failing to keep up with declining purchasing power? 2) Given the rise in single-person households, why is there so much social isolation, and how does the difficulty of making connections in urban environments impact the ability for young people to save and enter the housing market?

Chris Jeanneret and came from the comments section of our Greenbelt episode: 
Is the Greenbelt even practical for "affordable" housing, or does it only provide more land for luxury country estates? 

@canucklhead 
Isn't the obvious solution here to keep immigration low for the next few years to keep pressuring rents lower? Wouldn't this be the easiest solution to help affordability for everyone? 

Emily writes: 
I see what is happening to those under 25 and it is awful. How can I get involved? What steps can I take that will make the most difference? Do you know of a group in Edmonton organizing that is making a real difference especially in the "missing middle". 

Chapters: 

00:00Mailbag Special: Your Housing Questions Answered
00:23Should Seniors Rent Out Empty Bedrooms?
02:57Will Cheaper New Homes Help Seniors Downsize?
05:07Why Millennials Are Falling Behind
06:00Social Isolation, Third Places & Housing Costs
08:05How Housing Affordability Breaks Friendships and Communities
10:54Can the Greenbelt Deliver Affordable Housing?
12:43Is Lower Immigration the Fastest Path to Affordability?
14:16What Canadians Can Do to Push for Change

Research/links:

The Disappearing "Third Place": Why Making Friends Is Getting Harder
https://youtu.be/WYFTsrvwr0o?si=IIGS4jllTN2dKT5h

Grow Together Edmonton
https://www.growtogetheryeg.com/

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