Yes, Toronto is definitively one of the most expensive cities to live in Canada. It holds the top spot for cost of living across the country.
Toronto's Ranking in Cost of Living
According to Mercer's 2023 Cost of Living Survey, Toronto has been officially ranked as the most expensive city in Canada. This survey places Toronto ahead of other major Canadian cities, highlighting its status as a high-cost urban center.
The ranking of Canadian cities by cost of living, as per Mercer's 2023 survey, is as follows:
| Rank | City |
|---|---|
| 1 | Toronto |
| 2 | Vancouver |
| 3 | Montreal |
| 4 | Ottawa |
| 5 | Calgary |
Key Takeaways on Toronto's Affordability
Living in Toronto comes with a higher price tag compared to other Canadian metropolitan areas. This is a crucial factor for individuals and families considering relocation or currently residing in the city. The Mercer survey clearly identifies Toronto as the most challenging city in Canada in terms of financial burden on its residents, surpassing even Vancouver, which is often perceived as highly expensive.
