While Torontonians are notorious for moaning about how expensive our city is, it seems our complaints actually quite valid, according to a newly released report by UBS.

The Swiss banks's 16th annual Prices and Earnings 2015 report ranks Toronto as the 12th most expensive city in the world, rent excluded. Montreal, behind us at number 15, is the only other Canadian location indexed. The bank bases its findings on the spending habits of a three person European family for a basket of 122 goods and services, all scaled to a standard currency: USD.

To put the report into perspective, UBS also looks at how long it would take for city-dwellers to buy certain products. The average Torontonian, for instance, would need to work for 15 minutes to grab a Big Mac and 37.2 hours for a bigger-ticket item, such as an 16GB iPhone 6.

UBS also ranks wage levels and the domestic purchasing power for each of the cities. Toronto is 15th in terms of wages (Montreal sits at number 11); for the latter measurement, Toronto is 19 (Montreal is 11th here too). Other high-ranking cities, such as Geneva and Zurich, also remain in nearly the same spots.

As Report on Business news editor Michael Babad writes in the Globe and Mail, it indicates that "residents of the priciest cities are generally faring well when it comes to what they earn, but that Toronto falls somewhat shy of the mark."

What do you think? Is Toronto just too darn expensive?

Photo by tomms