Photo: James Bombales
It’s hardly news that the cost of living in Toronto and Vancouver has been on the rise for years. But according to a new report, financial pressures are easing in many other Canadian cities.
In Mercer’s annual Cost of Living survey, released this week, Toronto climbed 10 places to tie with Vancouver for the 109th spot, while other major Canadian cities dropped several places.
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The international ranking includes 209 cities and measures the comparative cost of over 200 items in each, including housing, transportation, food, clothing, household goods and entertainment.
“The country’s highest-ranked city, Toronto (109), jumped ten places due to an increase in expatriate rental accommodation costs, [while] Vancouver (109) dropped two spots, [and] Montreal (147) and Calgary (154) fell eighteen and eleven spots, respectively,” reads the ranking.
The country’s cities also fell well below the top contenders on the list, which Mercer Canada partner Gordon Frost says makes it a competitive location for businesses looking to relocate.
“While Toronto’s cost of living ranking has risen, this year’s results…show that Canadian cities provide a world-class quality of living at a relatively moderate cost,” writes Frost, in a statement. “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.”
The top 10 cities on the ranking were Hong Kong, Tokyo, Zurich, Singapore, Seoul, Luanda, Shanghai, N’Djamena, Beijing and Bern.
“Stronger Chinese monetary regulation, a flourishing economy and a push to have the Chinese Yuan as an international currency pushed Chinese cities up in the ranking,” writes Mercer global mobility product solutions leader Yvonne Traber, in a statement. “However, significant surges in other locations worldwide caused Japanese cities…to fall in this year’s ranking.”