Poverty rates in Mississauga have soared since the oil price decline. It is estimated that 15% of Mississauga’s working population is directly and indirectly related to the petrochemicals industry. As oil prices have declined, the Canadian dollar has weakened making importing goods much more expensive.
The oil industry is one of Canada’s largest and prices have remained high for a long time. With the recent decline, it sent shock waves through the market. As cities in Canada shift from a resource based economy to technology and service based, those living in poverty may increase.
It is through organizations such as the Mississauga Food Bank and the Stop Poverty Mississauga, that we can help improve the lives of the homeless and the poor.