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The CN Tower and Rogers Centre in Toronto

The CN Tower and Rogers Centre in Toronto

Does living in Toronto have your savings stuck at piggy bank status? Don't worry. You're not alone. You're just living in the most expensive spot in the country.

According to Mercer's 2022 Cost of Living Survey, an evaluation of 227 cities across five continents, the 6ix is currently the most expensive city in Canada, and boy, are the runners-up ever looking good.

To put things into perspective, Toronto is the 89th most expensive city in the world. Its closest competitor in the country is Vancouver, which ranks 108th. That's a pretty big gap.

Trailing behind Canada's top two priciest places are Montreal, 125th, Ottawa, 132nd and Calgary, 141st.

Yup, "Cowtown" is looking so blissful right now. Maybe it's time to trade the OVO merch for some cowboy boots.

What does the future look like for Canadians living in the country's most expensive cities? It all comes down to how companies handle the sudden boom of remote work.

"Although Canada continues to be a relatively affordable place to live and an attractive destination for remote workers, like other advanced economies, it is seeing significant price increases in goods and services," said Nicole Stewart, Principal, Career at Mercer Canada, in a statement emailed to Narcity.

"In a highly inflationary environment where organizations and individuals have increased flexibility around their work locations, employers will need to ensure they have effective and responsive compensation and talent strategies to address the cost of living concerns of mobile employees," Stewart adds.

In conclusion, there's no simple solution to making cities like Toronto more affordable but working from home is now a viable option for employers. So, there's at least a chance you could escape to the country with a high-paying salary.

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