TORONTO - Toronto and Montreal have now joined the list of the top 10 most expensive cities in the world due to a stronger loonie and higher inflation rate.

An updated survey from Swiss wealth management firm UBS Bank suggests the two Canadian cities jumped around 20 spots since last year, ranking eighth and ninth among 73 cities surveyed.

Oslo, Zurich and Geneva remain the world's most expensive cities, but Canada's two largest cities ranked higher than London, Singapore and even Paris.

On the other end, the lowest prices for a broad basket of goods and services can be found in Mumbai, Manila and Bucharest.

Despite the pricey standard of living, the survey also found employees in the Canadian cities enjoy relatively high purchasing power from their hourly wages with Montreal ranking 11th and Toronto 14th.

On top were workers in Zurich, Sydney and Miami, while employees in Jakarta, Nairobi and Manila had the lowest purchasing power among cities surveyed.