The conditions sounded similar to today's news. Stock markets dropped dramatically, new housing construction and home sales were at a standstill, jobs were lost, businesses struggling. The great, upward bubble burst. But while the Canada's economic problems of this year are difficult, the financial successes of 1929 turned to devastating losses for Canadians.
Canada was prospering in the 1920s with one of the fastest growing economies in the world. Incomes were growing, business was booming and international markets were eager to buy the country's resources. But the world was about to change in several sectors.
Wheat Markets Plunged
Russia re-entered the wheat market after years of recuperating from the Russian Revolution, taking a large portion of Canada's 40% world market share. With much more supply available, wheat prices plummeted and the prairie markets sank. Adding to the prairie farmers' distress, drought wiped out the crops for several years in a row, the dry wind leaving the once-fertile farms mere dustbowls.
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