Dr. Mike P. Moffatt
@mikepmoffatt.bsky.social
Co-Host, "Missing Middle". Husband. Father. Brother. Son. Economist. Housing guy. I used to do other stuff.
On CBC's The Current, federal Housing Minister Gregor Robertson was asked about my comments that the federal budget shifted the focus from growing the housing supply to cutting housing demand through immigration cuts. Here is his response.
November 10, 2025 at 4:46 PM
On CBC's The Current, federal Housing Minister Gregor Robertson was asked about my comments that the federal budget shifted the focus from growing the housing supply to cutting housing demand through immigration cuts. Here is his response.
Earlier today on Rosemary Barton Live, Finance Minister FP Champagne was asked about our comments calling the federal budget measures on housing "disappointing".
Here is his response.
Here is his response.
November 9, 2025 at 5:24 PM
Earlier today on Rosemary Barton Live, Finance Minister FP Champagne was asked about our comments calling the federal budget measures on housing "disappointing".
Here is his response.
Here is his response.
Today's Ontario Fall Economic Statement now forecasts fewer than 65,000 housing starts this year, which would be the fewest number of starts since 2014.
November 6, 2025 at 8:28 PM
Today's Ontario Fall Economic Statement now forecasts fewer than 65,000 housing starts this year, which would be the fewest number of starts since 2014.
New MMI episode! Today, we ask, "Is Canada the worst country in the world when it comes to housing affordability?"
The short version: It depends on what metric you use, but quite possibly "yes".
For the long answer, watch the episode here: www.youtube.com/watc...
The short version: It depends on what metric you use, but quite possibly "yes".
For the long answer, watch the episode here: www.youtube.com/watc...
November 5, 2025 at 2:26 PM
New MMI episode! Today, we ask, "Is Canada the worst country in the world when it comes to housing affordability?"
The short version: It depends on what metric you use, but quite possibly "yes".
For the long answer, watch the episode here: www.youtube.com/watc...
The short version: It depends on what metric you use, but quite possibly "yes".
For the long answer, watch the episode here: www.youtube.com/watc...
Earlier today, MMI cautioned readers not to expect a housing miracle in today’s Federal Budget. I went into the budget lockup expecting to be disappointed, but I had inadequately prepared myself for how disappointed I would be.
My take here: www.missingmiddleini...
My take here: www.missingmiddleini...
November 4, 2025 at 10:34 PM
Earlier today, MMI cautioned readers not to expect a housing miracle in today’s Federal Budget. I went into the budget lockup expecting to be disappointed, but I had inadequately prepared myself for how disappointed I would be.
My take here: www.missingmiddleini...
My take here: www.missingmiddleini...
New MMI piece! When it comes to housing policy, our expectations are quite low for today's federal budget. We hope to be pleasantly surprised.
Here's why we're not expecting to see much, despite aggressive targets and cratering new home sales: www.missingmiddleini...
Here's why we're not expecting to see much, despite aggressive targets and cratering new home sales: www.missingmiddleini...
November 4, 2025 at 12:14 PM
New MMI piece! When it comes to housing policy, our expectations are quite low for today's federal budget. We hope to be pleasantly surprised.
Here's why we're not expecting to see much, despite aggressive targets and cratering new home sales: www.missingmiddleini...
Here's why we're not expecting to see much, despite aggressive targets and cratering new home sales: www.missingmiddleini...
New MMI piece!
Canada vs. the World: The Worst Record on Housing Affordability Since 2004
Home price-to-income ratios in Canada have increased by over 80% since 2004, the highest among the 23 OECD nations with full data.
Read here: www.missingmiddleini...
Canada vs. the World: The Worst Record on Housing Affordability Since 2004
Home price-to-income ratios in Canada have increased by over 80% since 2004, the highest among the 23 OECD nations with full data.
Read here: www.missingmiddleini...
November 3, 2025 at 12:18 PM
New MMI piece!
Canada vs. the World: The Worst Record on Housing Affordability Since 2004
Home price-to-income ratios in Canada have increased by over 80% since 2004, the highest among the 23 OECD nations with full data.
Read here: www.missingmiddleini...
Canada vs. the World: The Worst Record on Housing Affordability Since 2004
Home price-to-income ratios in Canada have increased by over 80% since 2004, the highest among the 23 OECD nations with full data.
Read here: www.missingmiddleini...
There has been an unexpectedly high level of interest in the data I posted earlier today on housing affordability across OECD countries.
The full piece will be available tomorrow at 7:30 a.m. on the MMI Substack.
The full piece will be available tomorrow at 7:30 a.m. on the MMI Substack.
November 2, 2025 at 10:27 PM
There has been an unexpectedly high level of interest in the data I posted earlier today on housing affordability across OECD countries.
The full piece will be available tomorrow at 7:30 a.m. on the MMI Substack.
The full piece will be available tomorrow at 7:30 a.m. on the MMI Substack.
Bonus Sunday piece!
The GTA’s Missing Middle: Not Just a Housing Type, but a Whole Generation of Families
The math is clear: families go where family-sized homes are built (r = 0.71).
Read here: www.missingmiddleini...
The GTA’s Missing Middle: Not Just a Housing Type, but a Whole Generation of Families
The math is clear: families go where family-sized homes are built (r = 0.71).
Read here: www.missingmiddleini...
November 2, 2025 at 5:30 PM
Bonus Sunday piece!
The GTA’s Missing Middle: Not Just a Housing Type, but a Whole Generation of Families
The math is clear: families go where family-sized homes are built (r = 0.71).
Read here: www.missingmiddleini...
The GTA’s Missing Middle: Not Just a Housing Type, but a Whole Generation of Families
The math is clear: families go where family-sized homes are built (r = 0.71).
Read here: www.missingmiddleini...
I'm really beginning to loathe Bluesky. If a chart is posted as a spoiler, that means the larger piece will contain explanatory details not found in the spoiler.
Anyway, here's the price-to-income change data for every OECD country, spanning 2004-2024.
Anyway, here's the price-to-income change data for every OECD country, spanning 2004-2024.
November 2, 2025 at 5:19 PM
I'm really beginning to loathe Bluesky. If a chart is posted as a spoiler, that means the larger piece will contain explanatory details not found in the spoiler.
Anyway, here's the price-to-income change data for every OECD country, spanning 2004-2024.
Anyway, here's the price-to-income change data for every OECD country, spanning 2004-2024.
I received multiple requests to see how Portugal performed in terms of housing affordability from 2014 to 2024. Here is every single OECD country with data from that period.
And, yep.. Canada is only the 2nd worst out of 32 countries. Portugal is slightly worse than Canada.
And, yep.. Canada is only the 2nd worst out of 32 countries. Portugal is slightly worse than Canada.
November 2, 2025 at 3:11 PM
I received multiple requests to see how Portugal performed in terms of housing affordability from 2014 to 2024. Here is every single OECD country with data from that period.
And, yep.. Canada is only the 2nd worst out of 32 countries. Portugal is slightly worse than Canada.
And, yep.. Canada is only the 2nd worst out of 32 countries. Portugal is slightly worse than Canada.
Spoiler for an upcoming piece. I often hear people dismissing Canada's housing crisis by saying, "Mike, home prices skyrocketed everywhere, it's not just a Canada thing".
Turns out... nope. It really is a Canada thing.
Turns out... nope. It really is a Canada thing.
November 2, 2025 at 12:10 PM
Spoiler for an upcoming piece. I often hear people dismissing Canada's housing crisis by saying, "Mike, home prices skyrocketed everywhere, it's not just a Canada thing".
Turns out... nope. It really is a Canada thing.
Turns out... nope. It really is a Canada thing.
Special bonus Saturday piece, on how the provincial government is underestimating and underforecasting the number of families leaving the GTA for other parts of Ontario, and why this will cause housing shortages to persist.
Read here: www.missingmiddleini...
Read here: www.missingmiddleini...
November 1, 2025 at 3:50 PM
Special bonus Saturday piece, on how the provincial government is underestimating and underforecasting the number of families leaving the GTA for other parts of Ontario, and why this will cause housing shortages to persist.
Read here: www.missingmiddleini...
Read here: www.missingmiddleini...
Spoiler for an upcoming piece. The GTA is increasingly a place Ontarians move from, rather than to, and that's not just a pre-pandemic-era thing. Yet Ontario municipal planning is based on the idea that the future will be like the present.
October 29, 2025 at 8:58 PM
Spoiler for an upcoming piece. The GTA is increasingly a place Ontarians move from, rather than to, and that's not just a pre-pandemic-era thing. Yet Ontario municipal planning is based on the idea that the future will be like the present.
New episode! We examine reports on dysfunction at the Canada Revenue Agency, the government's 100-day fix, and we share personal stories, including the challenges parents of children with complex medical needs face when dealing with the CRA.
Watch here: www.youtube.com/watc...
Watch here: www.youtube.com/watc...
October 29, 2025 at 1:25 PM
New episode! We examine reports on dysfunction at the Canada Revenue Agency, the government's 100-day fix, and we share personal stories, including the challenges parents of children with complex medical needs face when dealing with the CRA.
Watch here: www.youtube.com/watc...
Watch here: www.youtube.com/watc...
In the first nine months of the year, Ontario had just over 28,000 condo and freehold housing starts—the lowest level since 1995. And with new/pre-construction sales falling, things are going to get worse before they get better.
October 28, 2025 at 9:14 PM
In the first nine months of the year, Ontario had just over 28,000 condo and freehold housing starts—the lowest level since 1995. And with new/pre-construction sales falling, things are going to get worse before they get better.
Pre-construction/new home sales down 51% in Canada's six largest housing markets. More proof that the housing slowdown is not just a Toronto or a condo thing. It's also other housing forms outside of Toronto.
Full numbers here: www.missingmiddleini...
Full numbers here: www.missingmiddleini...
October 28, 2025 at 3:58 PM
Pre-construction/new home sales down 51% in Canada's six largest housing markets. More proof that the housing slowdown is not just a Toronto or a condo thing. It's also other housing forms outside of Toronto.
Full numbers here: www.missingmiddleini...
Full numbers here: www.missingmiddleini...
New MMI piece! New housing sales data is out, and it's grim. Across Canada's six largest markets, new and pre-construction home sales are down 51% y-o-y. The slowdown isn't just a Toronto condo issue - it crosses geographies and home types.
Read here: www.missingmiddleini...
Read here: www.missingmiddleini...
October 28, 2025 at 2:03 PM
New MMI piece! New housing sales data is out, and it's grim. Across Canada's six largest markets, new and pre-construction home sales are down 51% y-o-y. The slowdown isn't just a Toronto condo issue - it crosses geographies and home types.
Read here: www.missingmiddleini...
Read here: www.missingmiddleini...
Of all the housing charts not made by MMI, this one is my favourite. It shows how, despite rhetoric, housing shortages aren't a global phenomenon, but they do seem to be an Anglo-American one.
October 23, 2025 at 2:07 PM
Of all the housing charts not made by MMI, this one is my favourite. It shows how, despite rhetoric, housing shortages aren't a global phenomenon, but they do seem to be an Anglo-American one.
New piece! In "A Symptom of Scarcity: What the Growth of Ground-Oriented Rentals Tells Us", we examine the rapid growth of ground-oriented homes being used as rentals from 2016 to 2021.
Read here: www.missingmiddleini...
Read here: www.missingmiddleini...
October 21, 2025 at 2:17 PM
New piece! In "A Symptom of Scarcity: What the Growth of Ground-Oriented Rentals Tells Us", we examine the rapid growth of ground-oriented homes being used as rentals from 2016 to 2021.
Read here: www.missingmiddleini...
Read here: www.missingmiddleini...
The second one is even more shocking. Pre-sale, the building received a failing grade of 39% from the City of Toronto. Today it's also at 94%.
October 20, 2025 at 12:11 PM
The second one is even more shocking. Pre-sale, the building received a failing grade of 39% from the City of Toronto. Today it's also at 94%.
Looking up the RentSafe score on the first shows a building that had mediocre compliance with building maintenance standards that improved significantly after a transfer of ownership - from 66% to 94%.
October 20, 2025 at 12:11 PM
Looking up the RentSafe score on the first shows a building that had mediocre compliance with building maintenance standards that improved significantly after a transfer of ownership - from 66% to 94%.
Browsing eBay and... This is why I'll never finish my 1971 OPC baseball set.
October 20, 2025 at 11:41 AM
Browsing eBay and... This is why I'll never finish my 1971 OPC baseball set.
Examining year-over-year EI data. I knew Ontario was struggling, but I had no idea about the significant increase in EI beneficiaries in Quebec compared to last year.
Here's every EI region that experienced a 10% year increase in EI beneficiaries.
Here's every EI region that experienced a 10% year increase in EI beneficiaries.
October 16, 2025 at 4:07 PM
Examining year-over-year EI data. I knew Ontario was struggling, but I had no idea about the significant increase in EI beneficiaries in Quebec compared to last year.
Here's every EI region that experienced a 10% year increase in EI beneficiaries.
Here's every EI region that experienced a 10% year increase in EI beneficiaries.
New episode! We show how one small dispute on one tiny Toronto street is a microcosm of Canada's housing dysfunction, and why it's so hard to get anything built.
Watch "Nightmare on Craven Road" here: www.youtube.com/watc...
Watch "Nightmare on Craven Road" here: www.youtube.com/watc...
October 15, 2025 at 1:25 PM
New episode! We show how one small dispute on one tiny Toronto street is a microcosm of Canada's housing dysfunction, and why it's so hard to get anything built.
Watch "Nightmare on Craven Road" here: www.youtube.com/watc...
Watch "Nightmare on Craven Road" here: www.youtube.com/watc...