Toronto has been dubbed the second most expensive place to live in Canada, according to Mercer’s annual Cost of Living Survey.
According to the 27th annual survey, Toronto remained the 98th most expensive place in the world for the second year in a row and is the second most expensive city in Canada.
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Vancouver ranked as the most expensive spot in Canada and 93rd most expensive place in the world.
The annual Cost of Living Survey examines factors like the instability of housing markets, low inflation, and fluctuating prices of goods and services to determine its ranking.
In addition to Toronto, Mercer noted that most Canadian cities remained mostly stable in their rankings this year. Montreal climbed eight spots (129), Calgary climbed one spot (145), and Ottawa even went down by five spots (156).
Globally, Ashgabat, Turkmenistan, was ranked as the most expensive city in the world. It overtook Hong Kong, which was ranked by Mercer as the most expensive city in the world for three consecutive years.
Notably, the survey also found Beirut, Lebanon, climbed 42 spots, placing third this year. Mercer says that this is a result of political turmoil over the past several years, paired with the COVID-19 pandemic.
As for cheaper places to live, it might be time to move to Tbilisi, Lusaka, or Bishkek.
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:
- Ashgabat, Turkmenistan
- Hong Kong
- Beirut, Lebanon
- Tokyo, Japan
- Zurich, Switzerland
- Shanghai, China
- Geneva, Switzerland
- Beijing, China
- Bern, Switzerland
Top 10 least expensive cities in the world
- Banjul, Gamia
- Karachi, Pakistan
- Gaborone, Botswana
- Tashkent, Uzbekistan
- Windhoek, Namibia
- Brasilia, Brazil
- Tunis, Tunisia
- Tbilisi, Georgia
- Lusaka, Zambia
- Bishkek, Kyrgyzstan (least expensive)