Mercer's 2022 cost of living ranking places Toronto at 89th as the most expensive city in the world, while Vancouver was ranked 108th.

Vancouver's rank dropped from 93 last year, while Toronto jumped from 98th place.

Overall, Hong Kong was ranked as the most expensive city in the world, followed by Zurich and Geneva.

In a press statement, Nicole Stewart from Mercer Canada said: "Although Canada remains a relatively affordable place to live and an attractive destination for remote workers, like other advanced economies, it is experiencing significant increases in the prices of goods and services."

The results were calculated based on Mercer’s cost of living data research - a survey conducted twice a year "to help multinational companies and governments worldwide determine compensation strategies for their employees." It examines over 400 cities around the world. To calculate the cost of living index, the company looks at spending on certain items such as housing, utilities, food, transportation, and entertainment.

The 5 most expensive cities in Canada:

 Toronto

 Vancouver

 Montreal

 Ottawa

 Calgary

The 10 most expensive cities in the world:

 Hong Kong

 Zurich, Switzerland

 Geneva, Switzerland

 Basel, Switzerland

 Bern, Switzerland

 Tel Aviv, Israel

 New York City, United States

 Singapore, Singapore

 Tokyo, Japan

 Beijing, China

Top 10 least expensive cities in the world:

 Ankara, Turkey (least expensive)

 Bishkek, Kyrgyzstan

 Dushanbe, Tajikistan

 Islamabad, Pakistan

 Karachi, Pakistan

 Istanbul, Turkey

 Tashkent, Uzbekistan

 Tunis

 Almaty, Kazakhstan

 Algiers, Algeria

Editor: Dima Abu Khair