In a survey of 214 cities around the world, Toronto ranked as the 59th most expensive, while Vancouver ranked 65th.
The survey is geared towards multinational corporations that assign employees overseas.
Toronto topped a number of prominent U.S. cities, including San Francisco, Chicago, Washington D.C. and Miami.
The most expensive cities in the survey were all from outside of the Americas, however. Luanada, Angola was first, based on a scarcity of supply for goods and housing, driving up price.
It was followed by Tokyo, N’Djamena in Chad, Moscow and Geneva. For the Americas, three of the top five were Brazilian cities and another from Venezuela, along with New York City.
Five Australian cities, including Adelaide, were also above Toronto.
Canadian cities have started to move up in the rankings, however. Montreal was up 19 spots from last year’s survey to reach 79, while Toronto rose 17 and Vancouver 10.
Others in the rankings included Calgary at 96th and Ottawa at 114th.
One major reason has been the rise in cost of gasoline. Rising rents are another major factor in Toronto, said the report. Average home prices have steadily risen every year in Toronto over the past decade, as well. The average price in Toronto in June was $476,371,up 9.5% from the same time in 2010, according to the Toronto Real Estate Board.
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