It should be no surprise that Vancouver is still the most expensive city in Canada but it is now the 96th most expensive city in the world, according to Mercer’s 2014 Cost of Living Survey.

This represents a significant drop from last year’s ranking of 64th in the same survey, but the massive thirty-two place fall is attributed to the falling value of the Canadian dollar and slower inflation in domestic prices compared to the top ranking cities.

Four other Canadian cities made the list and also dropped in rankings for the same reasons: Toronto (101st in 2014; 67th in 2013), Montreal (123rd in 2014; 95th in 2013), Calgary (125th in 2014; 97th in 2013) and Ottawa (152nd in 2014; 118th in 2013).

European, Asian and Australian cities had the highest cost of living, while the African cities of Luanda in Angola and N’Djamena in Chad topped the list.

Hong Kong came in third place, followed by Singapore, Zurich, Geneva, Tokyo, Bern, Moscow and Shanghai.

“Rankings in many regions were affected by recent world events, including economic and political upheavals, which resulted in currency fluctuations, cost inflation for goods and services, and volatility in accommodation prices,” said Ed Hannibal, Partner and Global Leader for Mercer’s Mobility practice.

Most European cities were pushed up in the rankings due to the rising value of European currencies against the US dollar. Housing and rental costs in European cities have also been pushed upwards due to strong demand, especially in Copenhagen, Amsterdam and Frankfurt.

In contrast, Japanese and Australian cities have dropped in the ranking this year as a result of their respective currencies weakening against the US dollar. However, Chinese cities jumped in the ranking, including Shanghai, Beijing, and Shenzhen, due to the strengthening of the Chinese yuan.

Cities in the United States have climbed in the ranking due to the relative stability of the US dollar against other major currencies,

Mercer’s 2014 Cost of Living Survey

Featured Image: Vancouver skyline via Shutterstock