It is now more expensive to live in Toronto than in New York City, the latest UBS rankings of the world’s most expensive cities said Wednesday.

However, both Toronto and Montreal have fallen in the rankings compared with last year as currency gains against the weakening U.S. dollar in countries such as Australia and Sweden outpaced that of the loonie.

Toronto, the largest city in Canada, slipped one spot in the rankings to ninth while Montreal tumbled all the way to 17th, compared with its ninth-place ranking last year.

The list, based on the relative cost of a weighted basket of 122 goods and services, excludes rent.

Vancouver and other Canadian cities did not make the list.

Surprisingly New York City, the benchmark city used in the index, has fallen out of the top 10 completely, losing its No. 6 ranking from last year.

The city, while is still the most expensive in the United States, is now 14th.

“Typically, New York was featured in the top 10 in the past. This can be attributed to the general depreciation of the U.S. dollar,” UBS said.

Sydney, on the other hand, has rocketed into the top 10, landing at seventh thanks to a 19% gain in the Australian dollar compared with the greenback.

Elsewhere the Swedish krona has jumped 21% compared with the U.S. dollar, the Swiss franc 20%, and the Hungarian forint by 19%. Overall currencies are up 9% against the greenback.

“Sydney has suddenly become a much more expensive place due to the strong Australian dollar, but income levels have also risen accordingly,” the survey said.

Oslo, Zurich and Geneva remain the top three most expensive cities, followed by Copenhagen, Stockholm, Tokyo, Sydney, Helsinki, Toronto and Singapore.

Unfortunately, the high rankings for Toronto and Montreal do not extend to salary as the two cities sit 14th and 15th respectively in gross wages.

Zurich tops this list, followed by Geneva and Copenhagen. New York is seventh.