Several British Columbia cities have been ranked as the most expensive in Canada by a new study, with the capital being the countrysa国际传媒檚 third costliest place to live.

Victoria was only behind first-place Vancouver and Toronto, the countrysa国际传媒檚 most populated city, in Savvy New Canadianssa国际传媒� study into Canadasa国际传媒檚 most affordable places to live.

The rankings are based on a comparison between householdssa国际传媒� median income and their expenses. That resulted in a cost-of-living index of 117.4 for Victoria sa国际传媒� meaning B.C.sa国际传媒檚 capital is 17 per cent more expensive to live in than the average of 26 major Canadian cities included in the study.

Four B.C. cities made the most expensive list, while Ontario had five and Calgary rounded out the top 10. Nanaimo placed fifth on the most expensive list with a cost-of-living index of 108.6.

B.C. came in last on the list of most affordable places as the study found the average householdsa国际传媒檚 estimated expenses in the province are just shy of $80,000. That resulted in an income-to-expense ratio of 1.23, which signifies British Columbians are left with less than their provincial counterparts after paying for their expenses.

Alberta was the only place where household expenses topped those of B.C., but the neighbouring provincesa国际传媒檚 incomes are also about $10,000 higher.

sa国际传媒淏ritish Columbia is the least affordable Canadian province on this list, having the second-highest cost of living estimate,sa国际传媒� the study said. sa国际传媒淏uying a house in B.C. costs a fortune, as prices exceed the countrysa国际传媒檚 average.sa国际传媒�

Savvy New Canadians used the latest Statistics Canada data on median annual after-tax incomes and household spending.

READ: