Toronto ranked only the 115th most expensive city in the world

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While the cost of living always seems to be sky-rocketing in this expensive city, we've actually gone down on the list of the most expensive cities in the world.

The results of Mercer's 25th annual Cost of Living Survey are out, and Toronto dropped six spots on the list.

In 2018, Toronto was ranked as the 109th most expensive city in the world, but this year it dropped to 115th.

Vancouver, the most expensive city in Canada, also went down on the list: from 109 to 112.

Ottawa was, and still is, the most affordable city in Canada (of those studied), ranking at number 161 on the list.

But, Montreal climbed six spots, from 147 to 139.

In a press release, Gordon Frost, partner and career business leader for Mercer Canada said, "From a global perspective, Canada remains a relatively affordable place to live and an attractive destination for expatriates placed by organizations outside the country."

Eight out of the top 10 most expensive cities on the list are in Asia, and the number one most expensive city in the world is Hong Kong for the second year in a row.

Overall, U.S.cities climbed the list because of the strength of the American dollar against other currencies. Chicago jumped 14 places to 37, Washington DC jumped 14 places to 42, Miami jumped 16 spots to 44 and Boston went up 21 spots to 49.

Because European currencies have weakened compared to the U.S. dollar, many major cities fell in the rankings such as Milan (45), Paris (47) and Madrid (82) by 12, 13 and 18 spots respectively.

In comparison to other major cities, Toronto ranks relatively well on the list. As expensive as this city may seem, it may not be so bad on a worldwide scale. At least it's no Hong Kong!

Here's to hoping we never see the top of the list.

Out of 205 spots, the top 20 most expensive cities in the world are: