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Toronto and Montreal rank among the world's 20 priciest cities, according to a new study. But, for Toronto, at least, buying power lags, suggesting Torontonians have to stretch a bit more to make their way in Canada's financial capital.

UBS Wealth Management recently released its latest Prices and Earnings report, which details the truly most expensive cities on the planet. Based on comparing average wages against the cost of a "basket of goods" which includes things like the cost of a three-room apartment, public transportation, etc.

In rankings of price levels excluding rent, Toronto ranks ninth and Montreal 17th.

According to UBS, the other top 10 most expensive cities are (#1) Oslo, (#2) Zurich, (#3) Geneva, (#4) Copenhagen, (#5) Stockholm, (#6) Tokyo, (#7) Sydney, (#8) Helsinki, and (#10) Singapore.

Vancouver, Canada's most bubbly housing market, wasn't among the 73 cities studied. (When I first called UBS to ask about Vancouver, the folks that could help me were at lunch, in Zurich, the world's second-most expensive city.)

In terms of gross wages, Toronto ranks 14th and Montreal 15th. And by domestic purchasing power based on gross hourly pay, Montreal ranks 11th and Toronto 15th.

In its last study, Toronto ranked 8th and Montreal ninth among the top 20 cities in terms of expense.

To read the full report, please click here.

Source: Michael Babad, Globe and Mail

 

 

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