Toronto More Expensive Than Paris, London, Sydney...

[Roy G Biv]

A combination of inflation and a stronger Canadian dollar has vaulted Toronto and Montreal into two of the most expensive cities in the world.

According to UBS Wealth Management Research, Toronto is the eighth most expensive city to live in, moving up from 31st in 2009. (iStock)
Toronto is the eighth most expensive city while Montreal is ninth. Both cities are more expensive to live in than London, Paris and Sydney, Australia.

It's a dramatic shift for Toronto and Montreal, which were ranked 31st and 32nd in last year's survey.

The most expensive city is Oslo in Norway, followed by Zurich, Geneva and Tokyo.

The survey was done by UBS Wealth Management Research, a Swiss firm that has been tracking the cost of living in major cities since 1971. It bases its data on the cost of consumer goods and services, and does a survey of wages to determine the purchasing power of people living in major cities.

In terms of purchasing power, Montreal was 11th while Toronto was 14th. People living in Zurich, Sydney, Miami and Los Angeles have the greatest purchasing power based on annual wages and the cost of living.



Read more: http://www.cbc.ca/consumer/story/2010/09/16/con-expensive-cities.html#ixzz0ziJvw5WI

Seriously? This doesn't sound right at all.

 

[Coltaine79]

The thing with these surveys is that it's all about the foreign exchange rate essentially. Which is why I'm not sure how relevant they are to people like us (people who already live in Toronto, have jobs in Toronto, own/rent places in Toronto, etc.)

But certainly, the strong dollar may dissuade a Swede from immigrating to Canada because he feels his "life savings" goes further in the USA, something like that...

 

[ssiguy2]

Nearly all of this change has to do with the strength of the dollar......................it's a bit ridiculous.
Also what is the biggest budget expense of ussualy all homes?.......................the mortgage which is not included in these tallies. Toronto and especially Montreal are still affordable for real estate compared to most western countries. What if Vancouver was cheaper than Mon/Tor, it means nothing when over 60% of your net after tax income is consuming over 60% of your budget.

 

[Coltaine79]

Yes, having Montreal on that list at a higher position than LONDON UK is a bit ridiculous.

Property is still dirt-cheap in MTL folks! If I was more fluent in French, I'd consider moving there, I prefer Montreal women...

 

[allabootmatt]

The thing with these surveys is that it's all about the foreign exchange rate essentially. Which is why I'm not sure how relevant they are to people like us (people who already live in Toronto, have jobs in Toronto, own/rent places in Toronto, etc.)

Indeed. The headline could just as easily be 'Canadian dollar doing better than pound, euro.''

That said, I do find consumer goods in Toronto to be quite expensive relative to other world cities. Not rent but things like food and clothing.

 

[TrickyRicky]

Bring it on. Canada's future is as a high-cost jurisdiction. Note the list of most expensive cities. Cities should be fighting to be on that list.

 

[Tewder]

Indeed. The headline could just as easily be 'Canadian dollar doing better than pound, euro.''

That said, I do find consumer goods in Toronto to be quite expensive relative to other world cities. Not rent but things like food and clothing.

Yes food and alcohol are stupidly expensive in Toronto, and quality and service is generally pretty poor for what you are paying. There are some exceptions obviously but just saying.

 

[Torontovibe]

My brother tells me that food is significantly more expensive in Edmonton, than it is in Toronto. The only thing he sees that's cheaper, is public transit but nobody uses it.

 

[dahusbandofbath]

Absolutely! Highly priced = highly sought after.

 

[adma]

How is food "stupidly expensive"? I mean, at least we have stuff like No Frills within reach...

 

[gristle]

A friend from San Fran who has relocated here told me that he finds Toronto cheaper. He makes the same income here as he did in the U.S. and pays slightly less taxes here. Surprise!

 

[archanfel]

A friend from San Fran who has relocated here told me that he finds Toronto cheaper. He makes the same income here as he did in the U.S. and pays slightly less taxes here. Surprise!

Not really since once your income is high, it's very hard to come down. Companies either will pay you more or they will not hire you.

Despite common misconceptions, the tax rates in a lot of the US states are not much lower than in Canada. They are both socialist countries as far as I am concerned. I would even go one step further to call them communist country since socialist means one should get paid according to his work whereas communist means one should get paid according to his needs. High taxes + welfare belongs to a communist society.

 

[nfitz]

High taxes + welfare belongs to a communist society.

Is the converse that low taxes and no social support belongs to a fascist society?

 

[Irishmonk]

Despite common misconceptions, the tax rates in a lot of the US states are not much lower than in Canada. They are both socialist countries as far as I am concerned. I would even go one step further to call them communist country since socialist means one should get paid according to his work whereas communist means one should get paid according to his needs. High taxes + welfare belongs to a communist society.

All you children, retirees, chronically ill and physically/mentally infirm, you heard the man--get out there and find a job! Stop sucking on this once proud nation's communist teat!

 

[Torontovibe]

All you children, retirees, chronically ill and physically/mentally infirm, you heard the man--get out there and find a job! Stop sucking on this once proud nation's communist teat!

Better yet, just shoot then. (survival of the fittest, baby)

Bring on The Ford Revolution!!!