Toronto ranked 2nd most expensive city in Canada but not high on world list Stay in the loop Sign up for our free email newsletter. Unsubscribe anytime or contact us for details. While the cost of living has gone up this year, Toronto is still ranked rather low on the list of the 209 most expensive cities in the world. "Globally, Canada remains a relatively affordable place to live and an attractive destination for remote workers," said Gordon Frost, Partner at Mercer Canada. "The Canadian dollar has appreciated in value in relation to the USD, triggering jumps in this year's ranking," according to the report.