Essential Equipment:
1. A Recording Space
It is suggested that you use a consistent and preferably sound-proof recording area. It is possible to purchase foam panels or folding soundproof barriers to help control sound. This will provide a more consistent and reliable sound quality.
2. A Computer
You will need the computer to save your .mp3 or .wav files. It is important to have a computer that has audio editing software, such as Audacity.
3. Microphone
For serious podcasting, you should not use the integrated microphone on your computer. The quality will not be clear, and could affect the interest of perspective listeners.
Use a real external microphone. Whether it is a dynamic or condenser microphone can have an effect based on the format of your podcast. Dynamic mics are typically better when recording multiple people at the same time. Condenser mics have a wider frequency response and stronger sensitivity to sudden changes in pitch. Dynamic mics are more frequently suggested.
A very popular low budget microphone that is suggested is the Audio-Technica ATR2100-USB. It has USB connection and is also a dynamic professional-level XLR microphone.
It is also suggested you add a foam ball to your mic to help control background noise.
4. Headphones
Headphones can assist in preventing mistakes. Listening to yourself speaking live can be unsettling, but using headphones will also help you not waste an hour of recording time if the sound is off. Also, earbuds are likely not good enough, you will need some level of external noise cancelling. It is also suggested that you avoid using open-back headphones for recording, because your microphone will pick up the sound.
Optional Equipment:
1. An Interface or Mixer
Using an interface or a mixer can assist in managing sound, especially if there are multiple people being recorded in the same place at the same time. It can also assist in adding effects.
2. Pop Filter 
A pop filter is a mesh shield that prevents your mic from sudden blasts of air that will disturb the sound quality, such as when enunciating the letter "p".
3. Shock Mount
A shock filter will save your microphone for unwanted disturbances, such as hitting a desk too hard while recording. The microphone is very sensitive to vibration and will output sounds associated with the vibrations it picks up.
4. Mic Stands
Whether it is a boom arm or a table top stand, using a stand will allow you to adjust your microphone to a position that is comfortable and allow you the posture to project your voice.
Equipment available at UTSC:
Additional Resources for Podcasting Equipment: