Toronto has surpassed Vancouver to become the Canadian city with the highest cost of living, according to a survey by consulting firm Mercer.

Toronto now ranks as the 59th most expensive city in the world, while Vancouver ranks six places lower.

Mercer said Toronto moved up 17 places higher than last year because of "relatively high" rental housing costs in the city.

The survey points to Ottawa as Canada's cheapest city in which to live, ranking 114th in the world.

The firm said the high loonie has bumped up the cost of living in cities across Canada.

The most expensive cities in the world in which to live are Luanda, Angola, and Tokyo.