Vancouver has been dubbed the most expensive place to live in Canada, according to Mercer’s annual Cost of Living Survey.
According to the 27th annual survey, Vancouver has risen one spot to 93rd place in the world and is the most expensive city in the country to live in.
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Toronto took the second spot in Canada and 98th 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 Vancouver, Mercer noted that most Canadian cities remained stable in their rankings this year. Toronto remained in the same spot as last year (98), 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)