Toronto, Montreal among world’s priciest

Toronto and Montreal rank as two of the most expensive cities in the world, according to a new study by a Swiss-based bank.

UBS looked at how much it costs to live in various cities around the globe, including the two in Canada. Using a basket of 122 typical goods and rental costs the study put New York at the top of the list with other cities ranked in relation to it.

Toronto came in at 63.7% of the cost of living in New York with Montreal at 58.7%. It means that even though the Canadian cities are in the upper section of the list, they are less expensive than the likes of Paris, Sydney, Hong Kong and London.

One of the less conventional measures that UBS used in its study was ranking the cities in terms of how many minutes an average worker from 15 measured professions would have to work to afford a Big Mac.

In Toronto, it takes 15 minutes while in Montreal it takes 13 minutes. Workers in Hong Kong have paid for their burger in nine minutes while those in Nairobi will savour every mouthful of their meal having worked for almost three hours to be able to afford it.

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