(Montreal) Toronto remains for a third consecutive year the most expensive city in Canada, according to a ranking by the consulting firm Mercer which looks at the cost of living.
The Ontario capital still looks better than last year. It rose from 90th to 92nd out of 226 cities across five continents. Mercer says Toronto is the only Canadian city on the list whose affordability has improved.
Vancouver jumped 15 places to 101st in the world, remaining the second most expensive city in the country. Montreal took 118th place, representing a jump of 17 places compared to last year.
Ottawa and Calgary also moved up in the rankings, taking 126th and 141st, respectively. This is an increase of 11 places for the federal capital and four for the Alberta city.
“While concerns about the cost of living remain, the job market continues to demonstrate strength and Canada remains an attractive destination for workers coming from abroad,” said Vince Cordova, Head of Services- mobility consulting for North America at Mercer, in a press release Monday.
Hong Kong and Singapore topped the list, mainly due to the high cost of rental housing, according to the Mercer survey.
“These important economic centers also attract large numbers of expatriates, which further increases the cost of goods,” the firm added.
The top 5 is completed by three Swiss cities, Zurich, Geneva and Basel.
Mercer’s study compares prices charged in 226 cities around the world for more than 200 products and services such as transportation, food, clothing, household products and entertainment.