Toronto is the most expensive city in Canada, according to Mercer’s 2022 Cost of Living Survey. The city ranks 89th worldwide, followed by Vancouver, which came in at 108th. Calgary (141) was found to be the least expensive Canadian city listed for international employees.
With global economic conditions and remote and flexible work evolving faster than ever, companies must carefully navigate compensation packages to ensure the resilience of their business and sustainability of their workforce.
Overall, Hong Kong was listed as the world’s most expensive city, followed by Zurich and Geneva.
“Although Canada continues to be a relatively affordable place to live and an attractive destination for remote workers, like other advanced economies, it is seeing significant price increases in goods and services,” said Nicole Stewart, principal, career at Mercer Canada. “In a highly inflationary environment where organizations and individuals have increased flexibility around their work locations, employers will need to ensure they have effective and responsive compensation and talent strategies to address the cost of living concerns of mobile employees.”
The Cost of Living Index evaluates the price of more than 200 goods and services, including food, transportation, and housing, while examining factors such as currency fluctuation and cost inflation.
Top 5 most expensive cities in Canada: