It’s another report and reality check showing how expensive it is to live in Vancouver, this time for international workers.
Mercer, an American consulting firm, publishes an annual report that examines the costliest cities for international employees.
While Vancouver isn’t the most expensive Canadian city, it ranks highly in the country and North America.
Mercer examined various factors, including housing markets, high transportation costs, and costs of goods and services. It also looked at taxes, inflation, and exchange rate fluctuations.
It is not Vancouver but Toronto that ranked highest among all Canadian cities for how expensive it is for international workers. Of 226 cities ranked, Toronto came in at 92, two spots lower than last year.
Vancouver jumped 15 spots from last year to 101 this year, the second-highest among all Canadian cities. Montreal was the next highest at 118, jumping 17 places.
The report provided some peace of mind for Vancouver residents, stating that housing is a significant factor in practically every major city worldwide, primarily due to a supply issue that Vancouver particularly has struggled with for years.
“The cost of housing is a major factor in the Cost of Living City Ranking. Between 2023 and 2024, there was a lot of volatility in this cost around the world, with housing rental prices varying significantly between cities,” the Mercer report states.
“A contributing factor to the cost of housing is a shortage of housing relative to the number of people looking for housing. This mismatch between supply and demand is driving prices up for international assignment logistics.”
Vancouver’s high cost of living does translate to high quality of life. While it ranks 101 for cost, it ranks 8 for quality of life.
“High-quality living comes with a large price tag,” Mercer’s report says.
“Locales that boast an abundance of amenities and services naturally command a premium. In addition, cities that offer a high quality of life become magnets, attracting a growing influx of individuals.
We also learned recently that Vancouver is the only Canadian city that is seeing some decreases in the cost of rent.
New York was the highest among all North American cities, number 7.
The top three most expensive cities were the same as last year: Hong Kong, Singapore and Zurich.
Are you an international worker? Let us know how Vancouver has been treating you in the comments.