Living in Canada, we have a lot going for us.
Unfortunately, saving money is not one of them (our debt burden is greater than the entire country’s GDP).
According to Mercer’s most recent annual Cost of Living Ranking, however, things are quite peachy for expats in Canada’s major cities. The survey essentially measures the purchasing power of expatriate employees.
Toronto and Vancouver finished in a tie for 109th on the list of 209 major cities around the world. Meaning, those who come to Toronto for work have it quite alright when it comes to affording a decent existence. What’s not so good is that Toronto jumped 10 spots since last year, which can mostly be attributed to an astronomical increase in the cost of housing. Renting a one-bedroom in Toronto and Vancouver now costs more than $2,000 a month on average.
“While Toronto’s cost of living ranking has risen, this year’s results – combined with the results of Mercer’s annual quality of living survey released earlier this year – show that Canadian cities provide a world-class quality of living at a relatively moderate cost,” said Mercer Canada partner and career business leader Gordon Frost.
“This is a significant strength for Canada and Canadian companies as we compete for top talent in a highly competitive global economy and prepare for the workforce of the future.”
Hong Kong is the most expensive city in the world for expats, followed by Tokyo and Zurich. Six of the top 10 most expensive cities are in Asia. Montreal (147), Calgary (154), and Ottawa (160), meanwhile, are considered to be quite affordable.
Here are the 10 most expensive cities:
And the 10 least expensive:
And here’s a fun graphic that shows how much it costs to buy things like gas and hamburgers in cities around the world.
The ranking is determined by weighing a variety of factors, including housing market stability, inflation, and the change in prices for goods and services.