1929: TORONTO'S STOCK EXCHANGE (TSX) CRASHED
Similar to many other cities of the world, the city of Toronto fell into a great depression following the crash of the Toronto Stock Exchange (TSX). Moreover, on October 28, 1929, which is commonly referred to as Black Monday, the Dow Jones dropped 12.82%. The next day, it fell 11.73%. In fact, it took until 1954 for the Dow to rise to its pre-1929 levels.
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This period of history generated serious repercussions for the city’s economy, government, and citizens. As a result, the country of Canada as a whole saw “the birth of social welfare, a variety of populist political movements, and a more activist role for government in the economy” (Struthers 2013). Moreover, the city experienced significant decreases in industry, construction, and immigration. Modern-day Toronto is still facing considerable consequences that arose during this period. In fact, recent studies have shown that Toronto “continues to have the highest child poverty rate amongst large cities in Canada” (Children’s Aid Society of Toronto 2015, 1). The image to the right demonstrates the significant decrease in immigration during the city's economic depression
