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The US asset management company Mercer released a global ranking of the cost of living in cities in 2022, comparing the world’s 227 cities, with Toronto as the only Canadian city among the world’s 100 most expensive cities.
Hong Kong is at the top of this year’s ranking, followed by Zurich and Geneva in Switzerland. New York City is the only North American city in the top ten. Then scroll down the list and you can see the name of Toronto.
Toronto is the most expensive city in Canada, ranking 89th among the world’s most expensive cities, well ahead of Vancouver, which ranks 108th among the most expensive cities.
Then you can find Montreal, ranked 125th, Ottawa 132nd and Calgary 141st.
Vancouver was ranked 93rd in 2021, when Toronto was just a few places behind at 98th.
“under the influence of the global health crisis and the conflict in Ukraine, soaring inflation and currency fluctuations are affecting the international economic balance and the cost of living for each of us,” the report said. ”
Even in the suburbs of Toronto, the cost of living is ridiculously high.
Missouri recently ranked second in the index of high-cost-of-living cities in North America, after New York City. Toronto ranks fifth on the list, well ahead of the US cities of Los Angeles, San Diego, Chicago and Philadelphia.
It is not surprising to see Toronto and surrounding cities on such a list. As of March, the average housing cost in Ontario was about 22.5 times the average disposable income.
According to the spring report of insurance and loan quotation website LowestRates.ca, renters now spend an average of 2067.99 yuan a month in 2022, and homeowners spend an average of 5417.12 yuan a month to live in the city.
A report in 2021 pointed out that living in the city requires a wage of at least 22.08 yuan per hour, and fierce and long-term inflation is likely to push that figure higher.
