Toronto is the most expensive city in Canada, outpacing Vancouver in the rankings, according to Mercer. Other Canadian cities that made it to the list are Montreal, Ottawa and Calgary. But all these cities are far from being the most expensive in the world. Globally, Toronto ranks 90th while Vancouver landed at 116th.

Toronto is increasingly recognized as a world-class luxury destination in 2026, often described as a cleaner, more navigable version of New York City. The city is home to a high concentration of five-star hotels, including the St. Regis, Four Seasons, Ritz-Carlton, and the recently opened Nobu Hotel. Its culinary scene has exploded in prestige, with several Michelin-starred restaurants and high-end dining hubs in the Yorkville and Entertainment Districts. Shopping is equally opulent, particularly along Bloor-Yorkville’s "Mink Mile," which features premier global fashion houses. Toronto also offers "casual luxury" through its revitalized waterfront and upscale food halls like Wellington Market. For the discerning traveler, the city provides a safe, stable, and culturally rich environment that combines high-end urban amenities with a welcoming atmosphere. Whether it’s attending a gala at the Toronto International Film Festival (TIFF) or enjoying a private suite at a major sporting event, the city offers a level of sophistication that places it firmly among the top luxury urban hubs in North America.