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The weak Canadian dollar could make Calgary a more attractive landing spot for business investors, with the city plunging down Mercer’s annual cost of living survey.

But even Calgary’s 16-place dropdown the list from the global human resources firm, coupled with an economic swoon stoked by plummeting oil prices, hasn’t stopped it from maintaining its perch as the fourth most expensive city in Canada to live in, surpassed only by Vancouver, Toronto and Montreal.

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Gordon Frost of Mercers Canada said there have been some price fluctuations for Calgary, notably the lower price of fuel, but the city’s primary advantage for global businesses eyeing the city as a place to set up shop is the advantage of the lower Canadian dollar.

“There’s a lot Calgary has to offer — a highly educated population, a high quality of life. It has traditionally been a centre for the energy industry, but there could be other opportunities,” Frost said.

“There are things Calgary can build on.”

With a wave of layoffs and cutbacks sparked by the slumping economy, the office vacancy rate in Calgary’s downtown has risen to around 20 per cent.

In Mercer’s global rankings, Calgary now has the 162nd highest cost of living among the 209 cities ranked. Several measures were used to compare municipalities, including housing, transportation, food, clothing, household goods and entertainment.