The Rental Paradox: Why Lower Prices Aren't Enough

The Missing Middle with Mike Moffatt and Sabrina Maddeaux

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]
Check out current rent data at Rentals.ca

Subscribe for more honest conversations about the housing crisis, policy failures, and creative solutions for the Missing Middle of Canada’s cities.

Chapters
00:00 Intro: Why Economists Hate Rent Control
00:15 Why rents are falling even as it feels harder than ever to find a place
01:00 The “perfect storm” behind today’s rental slowdown
03:45 How low churn rates and stagnant mobility worsen the crunch
05:10 Why Canada’s rental experience feels broken
07:00 How rent control backfired (and why landlords aren’t upgrading units)
09:45 Purpose-built rentals vs. condos: What renters need to know
13:00 Why vacancy control sounds good but hurts renters long-term
16:00 The myth of “financialization” in housing
19:00 Why REITs get so much hate, and what people get wrong
21:40 How Rentals.ca and RentSync are trying to modernize the rental experience
23:10 Closing thoughts and where to find Canada’s latest rent data

Links/Research:

The Missing Middle: REITs, Rent & Rage: Canada’s Housing Tug-of-War https://www.youtube.com/watch?v=N7_vF7vodws

Rentals.ca National Rent Report – The data behind Canada’s rent trends, published monthly by Max’s team.
https://www.rentals.ca/national-rent-report

Can Homes Become Affordable Without Prices Going Down? – Missing Middle Initiative (April 2025)
https://www.missingmiddleinitiative.ca/p/can-homes-become-affordable-again

Solving 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-crunch

From 40 to 100 Million: How Will Immigration Impact Canadian Housing? – Missing Middle Initiative
https://substack.com/home/post/p-165627719

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.