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The 25th annual survey revealed Toronto dropped six spots to 115th place in the world and the second in the country, trailing behind Vancouver, which is now the priciest city to live in Canada.
The annual Cost of Living Survey examines factors like the instability of housing markets, low inflation, and fluctuating prices for goods and services to determine its ranking.
- Toronto named one of the best cities in the world to be a student
- Toronto is one of the most expensive cities to rent an apartment in Canada
- Toronto ranked 12th most-expensive housing market in the world
In addition to Canada’s largest city, Mercer noted that most Canadian cities remained stable in their rankings this year, with Vancouver (112) dropping three places, Montreal (139) climbing eight spots, and Calgary (153) and Ottawa (161) remained stable.
The survey found that eight out of the top ten of the world’s most expensive cities for expatriates are Asian cities, resulting from high costs for expatriate consumer goods and a dynamic housing market.
Globally, Hong Kong was ranked as the most expensive city in the world for the second consecutive year.
As for cheaper places to live, it might be time to move to Tunis, Tashkent, or Karachi.
Top 5 most expensive cities in Canada:
- Vancouver, BC
- Toronto, ON
- Montréal, QC
- Calgary, AB
- Ottawa, ON
Top 10 most expensive cities in the world:
- Hong Kong (most expensive)
- Tokyo, Japan
- Seoul, South Korea
- Zurich, Switzerland
- Shanghai, China
- Ashgabat, Turkmenistan
- Beijing, China
- New York, United States
- Shenzen, China
Top 10 least expensive cities in the world
- Managua, Nicaragua
- Skopje, Macedonia
- Tbilisi, Georgia
- Islamabad, Pakistan
- Windhoek, Namibia
- Banjul, Gambia
- Bishkek, Kyrgyzstan
- Karachi, Pakistan
- Tashkent, Uzbekistan
- Tunis, Tunisia (Least Expensive)