We Can't Afford a GST Holiday

Is Canada’s life sciences and health tech sector heading toward a code red? In this episode, Sabrina Maddeaux and Mike Moffatt unpack how outdated and fragmented privacy laws are slowing innovation, and why aligning too closely with European regulations could make things even worse. They explore the “Brussels effect,” where the EU’s regulatory power shapes rules far beyond Europe, and how Canada may already be feeling its impact.The conversation dives into why modern health innovation depends on large-scale data, how Canada’s patchwork of federal and provincial rules creates costly barriers, and what lessons we could learn from countries like Japan and Singapore instead.Chapters:00:00 Introduction00:44 The Brussels Effect explained03:17 Outdated health-data and privacy rules04:13 Accessing lifescience data06:00 Safety vs innovation07:40 Europe lacks tech innovation08:55 We’re already adopting EU rules09:28 Asia leads the way in healthtech data regulationResearch:Health Innovation Doesn’t Have to Be This Hardhttps://www.missingmiddleinitiative.ca/p/health-innovation-doesnt-have-to?utm_campaign=post&utm_medium=webThe Draghi report on EU competitivenesshttps://commission.europa.eu/topics/competitiveness/draghi-report_enHosted 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.