igrants lived in overcrowded shanty type slums, such as "the Ward" which was centred on Bay Street, now the heart of the country's finances. Despite its fast paced growth, by the 1920s, Toronto's population and economic importance in Canada remained second to the much longer established Montreal. However, by 1934, the Toronto Stock Exchange had become the largest in the country.
Since 1945
Following the Second World War refugees from war-torn Europe and Chinese job-seekers arrived, as well as construction labourers, particularly from Italy and Portugal. Following elimination of racially based immigration policies by the late 1960s, immigration began from all parts of the world. Toronto's population grew to more than one million in 1951 when large-scale suburbanization began, and doubled to two million by 1971. By the 1980s, Toronto had surpassed Montreal as Canada's most populous city and the chief economic hub. During this time, in part owing to the political uncertainty raised by the resurgence of the Quebec sovereignty movement, many national and multinational corporations moved their head offices from Montreal to Toronto and Western Canadian cities.
In 1954, the City of Toronto and 12 surrounding municipalities were federated into a regional government known as Metropolitan Toronto.The post-war boom had resulted in rapid suburban development, and it was believed that a coordinated land use strategy and shared services would provide greater efficiency for the region. The metropolitan government began to manage services that crossed municipal boundaries, including highways, police services, water and public transit. In that year, a half-century after the Great Fire of 1904, disaster struck the city again when Hurricane Hazel brought intense winds and flash flooding. In the Toronto area, 81 people were killed, nearly 1,900 families were left homeless, and the hurricane caused more than $25 million in damage.
In 1967, the seven
