Turns out it is more expensive to live in Toronto than it is to live in global cities such as London, Paris, Los Angeles and even Dubai, a new UBS study said Wednesday. The survey was done by UBS Wealth Management Research, a Swiss firm that has been tracking the cost of living in major cities since 1971. It bases its data on the cost of consumer goods and services, and does a survey of wages to determine the purchasing power of people living in major cities. The study, which looked at prices, earnings and purchasing power in 73 major cities around the world between March 2009 and June 2010, pegged Toronto as the eighth most expensive city excluding the cost of rent. Oslo, Zurich and Geneva came in the top three, followed by Tokyo, Copenhagen, New York and Stockholm. It’s a dramatic shift for Toronto, which was ranked 31st in last year’s survey. In terms of purchasing power, Toronto was 14th. For full articles visit the Financial Post and CBC News.
“Toronto’s Condo Authority”