Canada’s cities no longer high on the rich list

Vancouver and Toronto may be out of the reach of many homebuyers but, on a global scale, they have become more affordable.

The Mercer league table of the cost of living in cities across the world show that while the two cities are the most expensive in Canada, they have taken a sharp drop down the global rankings.

Vancouver is now 119th, down 23 places from last year; Toronto is at 126th, down 25 places. Montreal is down to 140th, down 17 places since 2014, while Calgary fell 21 places to 146th.

Nathalie Constantin-Métral, principal at Mercer, noted: “The Canadian dollar continues to weaken against the U.S. dollar, triggering major slips in this year’s ranking.”

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