Canadian cities fall down list as loonie depreciates against Euro
Toronto is still the most expensive city in Canada, but it's less expensive than it used to be, according to a new survey.
Mercer's annual Cost of Living Survey, which ranks the cost of living for expatriates in 143 cities, compares 200 items including housing, transportation, food, clothing, household goods and entertainment.
Toronto dropped 35 places to position 82 in 2007. Calgary and Vancouver also fell in the rankings from 71 to 92 and 56 to 89 respectively. Ottawa remains the cheapest Canadian city at position 109.
These scores reflect a low rate of inflation and stable housing prices. Also, while the Canadian dollar has made gains on the United States greenback, it has depreciated nearly 13 per cent against the Euro since last year, making Canada a better deal for European expatriates.
The survey found Moscow is once again the most expensive city and London climbed three spots to be ranked the second most expensive city this year. Seoul dropped from second to third place. Asuncion in Paraguay is the cheapest city for the fifth year in a row.
Most European cities, on the power of the Euro and other local currencies, have climbed significantly up the rankings. For example, Stockholm moved from 36th last year to 23rd this year and Amsterdam climbed from 41st to 25th. Cities in Spain, Greece, Germany and the United Kingdom have all moved up the list.
New York, with a score of 100, is the study's baseline city. The Big Apple, at position 15, is still North America's most expensive city.
However, it did experience a five-spot drop and all other American cities have also fallen in the rankings. The depreciation of the US dollar against the Euro and other major currencies accounts for most of the change, according to Mercer.
Chinese cities have also fallen in the ranks this year. Beijing came in at number 20 (down from 14) and Shanghai at number 26 (down from 20). The depreciation of the Chinese Yuan compared to the Euro, a low inflation rate and stable property rental prices contributed to the drop, according to Mercer.
How the cities compare
Mercer's annual Cost of Living Survey, which ranks the cost of living for expatriates in 143 cities, compares 200 items including housing, transportation, food, clothing, household goods and entertainment.
Toronto dropped 35 places to position 82 in 2007. Calgary and Vancouver also fell in the rankings from 71 to 92 and 56 to 89 respectively. Ottawa remains the cheapest Canadian city at position 109.
These scores reflect a low rate of inflation and stable housing prices. Also, while the Canadian dollar has made gains on the United States greenback, it has depreciated nearly 13 per cent against the Euro since last year, making Canada a better deal for European expatriates.
The survey found Moscow is once again the most expensive city and London climbed three spots to be ranked the second most expensive city this year. Seoul dropped from second to third place. Asuncion in Paraguay is the cheapest city for the fifth year in a row.
Most European cities, on the power of the Euro and other local currencies, have climbed significantly up the rankings. For example, Stockholm moved from 36th last year to 23rd this year and Amsterdam climbed from 41st to 25th. Cities in Spain, Greece, Germany and the United Kingdom have all moved up the list.
New York, with a score of 100, is the study's baseline city. The Big Apple, at position 15, is still North America's most expensive city.
However, it did experience a five-spot drop and all other American cities have also fallen in the rankings. The depreciation of the US dollar against the Euro and other major currencies accounts for most of the change, according to Mercer.
Chinese cities have also fallen in the ranks this year. Beijing came in at number 20 (down from 14) and Shanghai at number 26 (down from 20). The depreciation of the Chinese Yuan compared to the Euro, a low inflation rate and stable property rental prices contributed to the drop, according to Mercer.
How the cities compare
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