Canada consistently ranks very highly in the United Nations
Human Development Index (HDI)
. The most recent 2004 ranking puts Canada number 4 in the world after several years in the number 1 spot. By combining factors such as the cost of living, adult literacy, job opportunities, life expectancy and school enrollment, the UN determines the Canadian standard of living to be among the highest in the world.
Toronto, in particular, is routinely in the very top tier of livable cities in the world, ranking
5th (out of 132) in the world in a 2007 EIU report
, having come
9th in 2005
tied for 4th in 2002
in the same series of reports; another series of similar surveys, by Mercer Human Resources, put Toronto
15th out of over 200 in 2007
14th in 2005
. Both studies put Toronto well above any US city.
Even with such a high quality of life, the annual Mercer Human Resource Cost of Living Survey continues to show that it is less expensive to live in Toronto than in most large American cities. Toronto currently ranks
89th in the world
with a score of 71.8 whereas New York continues to be the most expensive city in which to live in North America (in 12th position with a score of 100). Other more expensive North American cities include: Los Angeles (ranked 27), Chicago (35th), San Francisco (38th) and Houston (73). A more recent 2007 survey by the Economist Intelligence Unit gives very similar results, ranking Toronto only
43rd out of 132 cities worldwide
in expense of living, well below New York and below even Montreal and Vancouver.
The Canadian dollar typically trades lower than the American dollar but the current purchasing power of the two dollars is virtually equivalent. The
2005 OECD figures
show that there is
Purchasing Power Equity
when 1 $US is worth roughly $1.22 CAN.
Cost of living analyses bear out these arguments. For example, the
International Salary Calculator
shows that the standard of living enjoyed on a salary of $US 50,000 in Chicago is roughly the same as one would have with a salary of $CAN 53,500 in Toronto.
As expected from these figures, the quality of life in Toronto is excellent.
are high (the University of Toronto ranks in the
top 7 in North America
for most engineering disciplines, the Canadian Health Care system is available to anyone who has residency in Ontario for three months, and
are lower than almost all major U.S. cities.
Relocating to Toronto
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