Toronto ranks more costly

Toronto now the second most expensive city in North America to live in and 54th internationally.

Toronto has once again proven itself one of the most expensive North American cities to live in, sitting now just behind New York for tops in the continent, a noted report reveals. The annual U.K.-based Mercer’s cost of living survey — which looks at how expensive it is for a company to relocate employees — shows that Toronto leap-frogged Los Angeles and Miami since last year.

Moscow retained its position as the most expensive city for corporations world-wide, with Tokyo, London, Oslo and Seoul rounding out the top five.

New York was the only North American city in the top 50, at 22nd overall.

Toronto, which jumped 28 spots from last year to 54th overall, is the most expensive Canadian city for newcomers to live in, but not the only one shooting up Mercer’s list.

Vancouver went from 89th in 2007 to 64th this year, Calgary from 92nd to 66th and Montreal from 98th to 72nd.

American cities like L.A. (42nd to 55th) and Washington D.C. (85th to 107th) are in a free fall.