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 per cent of the cost of living in New York with Montreal at 58.7 per cent. 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 the lender used 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’s 13. Workers in Hong Kong have paid for their burger in 9 minutes while those in Nairobi will savour every mouthful of their meal having worked for almost three hours to afford it.
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