In this episode of the Missing Middle podcast, mortgage broker Ron Butler sits down with conservative pundit Sabrina Maddeaux and economist Mike Moffatt to discuss the current crisis in the Toronto condo market. Ron outlines the vast scope of the problem stemming from pre-construction purchases made during a speculative boom. He explains how investors are facing significant losses as property values decline, while also addressing the broader implications of poor development choices and the lack of low-rise housing options. The conversation explores the role of government in addressing these issues and the potential for positive change in the housing market.

Chapters

00:00 Introduction Ron Butler

01:06 Outlining the Toronto condo market crisis

04:07 How much of this story is a Toronto and Vancouver story?

05:22 Never go cash-flow negative?

07:01 How do we have a glut of condos during a housing shortage?

09:51 How condo developers contributed to the crash

12:13 Who is Most Affected by the Crisis?

14:00 Financing challenges and future outlook

15:33 The perfect storm - purpose-built rentals

17:18 Government subsidized rentals

18:13 The greenbelt and Downview Airport land

19:39 Is this the Toronto bubble burst? Is it The One?

20:23 Low-rise homes in Toronto - a brief history of artificial scarcity

23:05 What about family sized condos?

25:08 What’s the best non-terrible case scenario here?

27:32 The role of government in housing solutions

29:08 It wouldn’t be an MM podcast without Mike talking about development charges

30:25 Sabrina wants the government to get out of the way

Research and links:

The Angry Mortgage podcast

How low will rents go?

416 Condo Crash

Chart Storm: Five graphs on Toronto’s historic condo market collapse

Guest: Ron Butler, https://x.com/ronmortgageguy

https://www.butlermortgage.ca/

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.

In this episode, conservative pundit Sabrina Maddeaux and economist Mike Moffatt discuss the potential of factory built homes as a solution to the housing crisis. They explore the promises made by politicians regarding prefabricated housing, the spectrum of factory built homes, and the claims of reduced construction times, costs, and emissions. The conversation delves into the current challenges faced in North America, including regulatory barriers and municipal approvals.

Chapters

00:00 Introduction to Factory Built Homes (FBH)

01:34 Innovation in homebuilding

03:25 Understanding the spectrum of factory built homes

05:22 Claims of speed, cost, and emissions

07:45 Current challenges in North America

09:33 Where do the reductions in emissions come from?

10:18 Perceptions of FBH among younger generations

13:30 Regulatory barriers to adoption

15:41 Municipal approvals and their impact

17:40 Where would the election promise money go?

19:19 The potential benefits for traditional builders

20:12 Optimism for the future of FBH

Research/Links:

Scott Aitchison

Building More, Building Faster

Caivan

Why is it So Hard to Mass-Produce Housing?

Eight Pieces of Housing Advice to the Prime Minister

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.

In this episode of The Missing Middle podcast, hosts Sabrina Maddeaux and Mike Moffatt discuss the impossible trinity that broke Canadian housing. They explore the implications of stagnant neighborhoods, population growth, and government policies that hinder housing affordability. The conversation delves into the complexities of urban planning, the impact of NIMBYism, and the need for realistic solutions to address the housing crisis.

Chapters

00:00 Introduction

01:06 Gregor Robertson’s rough start as Minister of Housing

03:51 Increased government housing would impact home prices

05:06 Understanding the Impossible Trinity that broke housing

07:37 Examples of cities doing two of three

10:03 Not allowed to grow up or out equals spiking prices

11:21 The illusion of legalized fourplexes

14:15 Ottawa’s zoning reform and stupid two-story height limit

17:33 Toronto’s wealthiest areas are the least dense

18:20 Proposed solutions for housing affordability

Research links:

The Impossible Trinity that Broke Canadian Housing

Can Homes Become Affordable Without Prices Going Down?

Toronto Star fourplex piece

How Community Consultation is Ruining Democracy

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.

Chapters

00:00 Introduction

01:13 Job market statistics

02:10 Why the job market is so bad right now

04:27 Different ways to measure the job market

07:02 Things are particularly bad in Ontario

09:02 High unemployment fractures the social fabric

11:25 The impact of a slow job market on lifetime earning

13:32 How youth unemployment shapes political priorities

14:58 Will the soft job market result in increased school enrollment?

17:40 Is an improved credential worth the cost?

20:41 Job searching lasting over six months

22:08 Solutions and policy recommendations

Research/links

Canadian Labour Market Update Q1 2025: Jobs in Purgatory

Ontario’s unemployment rate jumps to 7% even as ‘moderate’ job creation continues

Alex Usher blog - Opportunity and Talent

Something Alarming Is Happening to the Job Market

Abundance by Ezra Klein and Derek Thompson review – make America build again

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.

He's got 215,000 YouTube subscribers and millions of views. The urban planner and YouTube creator Uytae Lee sits down with Sabrina Maddeaux and Mike Moffatt to have a fun and wide-ranging conversation about housing and the systemic hurdles to building more of it. Uytae shares insights on creating engaging content about housing, urban planning, design and the realities of YouTube monetization. The discussion also touches on the challenges of prefabricated housing, the need for innovation and some free advice for the new prime minister of Canada.

Chapters

00:00 Introduction

01:14 Understanding the B.C. housing situation and housing taxes

04:12 Getting lucky with single egress video

05:41 The impact of building codes on housing

08:49 Creating engaging YouTube content

12:55 The reality of YouTube monetization

14:34 How long it takes to make an About Here video

15:41 Are you hopeful about housing?

17:44 Political discourse on housing

18:15 Caution around factory built homes as a panacea

21:30 Uytae’s favourite form of housing

23:35 Good governance could mean good housing policy

25:17 Immigration, housing and the backlash

27:24 Start with what you want to create and work backwards

Research/Links

Uytae Lee’s YouTube page:

The Housing Tax Crisis

Why North America Can't Build Nice Apartments (because of one rule)

How Breaking Rules Could Create Better Apartments

Why is it So Hard to Mass-Produce Housing?

How a SoftBank-Backed Construction Startup Burned Through $3 Billion

How Elevator Rules Cost Us Homes: An Interview with Market Urbanism

Eight Pieces of Housing Advice to the Prime Minister

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.

In this episode, conservative pundit Sabrina Maddeaux and economist Mike Moffatt discuss the significant decline in the construction of three-bedroom homes in Ontario, particularly in the Greater Toronto Area (GTA). They explore the implications of the 'baby bust' phenomenon, where fewer families are able to afford suitable housing, leading to a decrease in birth rates. The conversation delves into the regulatory barriers and economic conditions that have contributed to the housing crisis, emphasizing the need for policy changes to address the missing middle in housing options. The episode highlights the challenges faced by young families in navigating the current housing market and the importance of providing both rental and ownership opportunities.

Chapters

00:00 Introduction

00:51 The baby bust and housing trends

03:08 Why aren’t more 3-bedrooms being built?

05:3 Home ownership is falling in parts of Ontario

08:28 The Missing Middle’s North Star

09:00 Renting or owning, it should be a choice

12:30 Housing and fertility

18:14 Should the government step in?

19:35 Mike reminisces about Lawn Darts

21:00 Urban growth boundaries have consequences

Research/Links

Poilievre catches heat from opponents for talk of 'biological clocks'

The Baby Bust and the Death of the Three-Bedroom Ownership Home

Hard evidence on the link between housing and fertility.

https://x.com/mikalskuterud/status/1907114728108773444

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5046571

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.

In this episode of The Missing Middle, hosts Sabrina Maddeaux and Michael Moffatt discuss the housing platforms of Canada's major federal parties as they approach the April 28 election. They analyze the promises made by the Liberals, Conservatives, and NDP regarding housing starts, affordability, and the implications of these policies on young Canadians. The conversation delves into the commonalities and differences in party platforms, the impact of municipal incentives and rent control, and critiques of the math behind the promises. They also explore the sociological implications of housing policies and the relationship between immigration and housing supply.

Chapters
00:00 Introduction
01:29 Examining the housing start pledges
03:53 Housing platform commonalities
04:39 Municipal incentives
06:55 NDP’s rent control promise examined
10:47 Eliminating the GST on New Housing
13:27 Math is hard for both Liberals and Conservatives and the PBO
20:33 Not particularly bold housing ideas
24:14 Immigration targets and housing


Links:
Liberal Platform

Conservative Platform

NDP Platform

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.

In this conversation, Sabrina Maddeaux and Mike Moffatt are joined by co-host of the Prof G Markets podcast with Scott Galloway, and host the First Time Founders podcast Ed Elson to discuss the economic challenges faced by Gen Z, including their financial struggles, housing affordability, and the rising costs of education. Ed highlights the generational wealth gap, the impact of debt, and the political engagement of Gen Z, emphasizing the need for action beyond social media advocacy. Together they delve into the disconnect between wealth and economic outcomes, particularly focusing on the impact of tariffs and taxation on different socioeconomic classes. They discuss the need for wealth redistribution through new tax policies and the challenges faced by younger generations in navigating financial landscapes. The conversation also touches on the importance of civic engagement and voting, as well as the growing epidemic of loneliness in society.

Chapters:

00:00 Introduction

01:49 Understanding Gen Z's economic struggles

06:22 Comparative analysis of the US, UK, and Canada

08:34 Factoring in the housing affordability crisis

13:29 The debt dilemma: Buy Now, Pay Later (BNPL)

17:26 The rising cost of education in America

21:35 Gen Z's political engagement and activism

25:17 Tariffs, stocks, assets and wealth inequality

27:38 Taxation and wealth redistribution

31:23 The disconnect between wealth and economic outcomes

34:08 Investing in stocks and not in crypto

38:04 Seeing an opportunity in A.I.

41:44 The power of voting and civic engagement

44:33 Addressing loneliness and societal trends

46:36 The time to turn it around is now

Research/Links:

Can Homes Become Affordable Without Prices Going Down?

Trade War Chaos Drives Massive Volatility — ft. Gary Stevenson | Prof G Markets

Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt | Prof G Markets

Average Age Stat of a Home Buyer in America:

AI vs. Gen Z: The Hiring War Has Begun

Extended Cut: A$AP Rocky Gets Smoooth | Klarna

The whole E.S.G. thing

Guest:

Ed Elson https://x.com/edels0n

https://podcasts.voxmedia.com/host/ed-elson

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.