Cost of Living Comparison Between Canada and Iceland Cost of Living Comparison Between Canada and Iceland

Name: Iceland
Address: IS

Monthly Cost of Living

A single person spends $2,217 per month in Canada vs $1,803 in Iceland, rent included.

A couple spends around $3,254 per month in Canada vs $2,687 in Iceland, rent included.

A family of three spends $4,291 per month in Canada vs $3,570 in Iceland, rent included.

The cost of living in Canada is about 23% higher than in Iceland on average – the gap runs across housing, groceries, transport, and services.

Both Canada and Iceland are pricier than the global median – Canada by 61%, Iceland by 31%.

Meal at Budget Restaurant

$18.28 CA$25.35

$28.87 ISK 3,477

-36.68%

Three-Course Dinner for Two, Mid-Range

$71.2 CA$98.8

$122 ISK 14.7K

-41.62%

Fast Food Meal (McDonalds, etc)

$10.96 CA$15.20

$23.81 ISK 2,867

-53.97%

Cappuccino

$3.95 CA$5.47

$6.49 ISK 781

-39.14%

Coke/Pepsi/Fanta/Sprite (0.33 liter bottle)

$2.07 CA$2.88

$3.32 ISK 400

-37.65%

Water (0.33 liter bottle)

$1.74 CA$2.42

$3.15 ISK 379

-44.76%

Local Beer (0.5 liter draught)

$5.93 CA$8.23

$12.32 ISK 1,484

-51.87%

Imported Beer (0.33 liter bottle)

$5.69 CA$7.89

$12.38 ISK 1,492

-54.04%

Milk (1 liter)

$2.23 CA$3.09

$2.05 ISK 247

8.78%

White Bread (500g)

$2.71 CA$3.76

$4.00 ISK 482

-32.25%

Rice (white) (1kg)

$3.72 CA$5.16

$3.61 ISK 435

3.05%

Eggs

$3.61 CA$5.01

$6.98 ISK 841

-48.28%

Local Cheese (1kg)

$10.81 CA$14.99

$20.45 ISK 2,463

-47.14%

Chicken Fillets (1kg)

$12.22 CA$16.95

$25.49 ISK 3,070

-52.06%

Beef Round Steak (1kg)

$15.68 CA$21.75

$41.73 ISK 5,027

-62.43%

Apples (1kg)

$4.25 CA$5.89

$3.16 ISK 380

34.49%

Banana (1kg)

$1.43 CA$1.98

$2.79 ISK 336

-48.75%

Oranges (1kg)

$4.02 CA$5.57

$3.09 ISK 372

30.10%

Tomato (1kg)

$4.09 CA$5.67

$5.95 ISK 716

-31.26%

Potato (1kg)

$2.68 CA$3.72

$3.89 ISK 469

-31.11%

Onion (1kg)

$2.45 CA$3.40

$1.94 ISK 234

26.29%

Lettuce (1 head)

$2.67 CA$3.70

$3.75 ISK 452

-28.80%

Water (1.5 liter bottle)

$1.80 CA$2.50

$1.94 ISK 234

-7.22%

Cigarettes 20 Pack (Marlboro, Camel)

$14.46 CA$20.05

$14.21 ISK 1,712

1.76%

Wine (Bottle)

$13.58 CA$18.84

$23.35 ISK 2,812

-41.84%

Local Beer (0.5 liter bottle)

$2.84 CA$3.94

$3.75 ISK 452

-24.27%

Imported Beer (0.33 liter bottle)

$3.26 CA$4.52

$3.38 ISK 407

-3.55%

One-way Ticket (Public Transport)

$2.46 CA$3.41

$5.71 ISK 688

-56.92%

Public Transport Monthly Pass (Regular Price)

$75.2 CA$104

$94.5 ISK 11.4K

-20.44%

Taxi Start (Normal Tariff)

$3.15 CA$4.37

$6.59 ISK 794

-52.20%

Taxi (Normal Tariff) (1km)

$1.54 CA$2.14

$2.87 ISK 346

-46.34%

Taxi 1hour Waiting (Normal Tariff)

$27.55 CA$38.21

$74.2 ISK 8,933

-62.85%

Gasoline (1 liter)

$1.16 CA$1.61

$2.29 ISK 276

-49.34%

Midsize Hatchback 1.4l (Volkswagen Golf, Toyota Prius, Honda Civic, etc)

$28.4K CA$39.3K

$50.4K ISK 6.1M

-43.66%

Compact Sedan 1.6l (Toyota Corolla, Mazda3, Kia K4, Hyundai Elantra, etc)

$19.5K CA$27.0K

$55.2K ISK 6.7M

-64.75%

Utilities for 2 People in 2-bedroom Apartment (Heating, Electricity, Gas, Water, Garbage) (85m2)

$155 CA$215

$99.0 ISK 11.9K

56.48%

SIM Card Monthly Plan (Calls and 10GB+ Data)

$43.47 CA$60.3

$32.11 ISK 3,867

35.38%

Internet (50+ Mbps, Unlimited Data)

$60.4 CA$83.8

$87.1 ISK 10.5K

-30.63%

Gym Membership (Monthly)

$41.15 CA$57.1

$89.8 ISK 10.8K

-54.18%

Tennis Court (1 Hour on Weekend)

$19.79 CA$27.45

$51.5 ISK 6,207

-61.60%

Cinema Ticket

$11.53 CA$15.98

$19.34 ISK 2,329

-40.38%

Preschool or Kindergarten, Full Day, Private, 1 Child (Monthly)

$786 CA$1,089

$958 ISK 115.4K

-18.03%

International Primary School, 1 Child (Yearly)

$14.8K CA$20.6K

$31.6K ISK 3.8M

-53.07%

Jeans (Levis 501 Or Similar)

$55.0 CA$76.3

$157 ISK 18.9K

-64.95%

Summer Dress (H&M, Zara, etc)

$41.25 CA$57.2

$49.70 ISK 5,986

-17.00%

Sport Shoes (Adidas, Nike)

$88.1 CA$122

$171 ISK 20.6K

-48.52%

Men's Leather Business Shoes

$106 CA$147

$239 ISK 28.8K

-55.63%

1-bedroom Apartment, City Center (Monthly)

$1,295 CA$1,797

$2,439 ISK 293.8K

-46.89%

1-bedroom Apartment, Outside City Center (Monthly)

$1,168 CA$1,619

$1,988 ISK 239.5K

-41.27%

3-bedroom Apartment, City Center (Monthly)

$2,044 CA$2,835

$3,409 ISK 410.6K

-40.04%

3-bedroom Apartment, Outside City Center (Monthly)

$1,779 CA$2,467

$2,698 ISK 325.0K

-34.07%

Buy Apartment in City Center (m2)

$4,786 CA$6,638

$7,754 ISK 933.9K

-38.27%

Buy Apartment Outside City Center (m2)

$3,973 CA$5,510

$6,360 ISK 766.1K

-37.53%

Average Monthly Net Salary (After Tax)

$3,078 CA$4,270

$4,935 ISK 594.4K

-37.62%

20-Year Fixed Mortgage Interest Rate (Annual %)

4.86

9.3

-47.74%

CityCost data is based on AI and user input – minor inaccuracies may occur.

Last update for Canada: September 8, 2026

Last update for Iceland: September 6, 2026

Cost Breakdown

Average rent: $1,228 in Canada vs $559 in Iceland. For reference, capital cities sit at $1,496 in Ottawa and $2,489 in Reykjavik.

Average salary: $2,981 in Canada vs $5,043 in Iceland. The income gap affects purchasing power and how far your budget stretches in each country.

Cost Highlights

Rent is 120% higher in Canada.

Dining out costs 20% more in Iceland.

Public transport is 216% more expensive in Canada.

Salaries are 69% higher in Iceland, and purchasing power comes out stronger in Iceland.

City Median Internet Speeds Comparison (Updated April 2026)

The chart highlights the Precision Threshold for mobile and fixed broadband internet speeds, updated quarterly.

Digital Nomad Cost of Living Index

Canada vs Iceland: Cost of Living - Frequently Asked Questions

Iceland is the cheaper option – living costs run roughly 19% lower on average. The gap is consistent across housing, groceries, transport, and entertainment.

Housing costs more in Canada, and the gap is biggest in capital cities. Regional towns show less difference, but Canada consistently has higher rents.

Groceries, transport, and utilities all cost less in Iceland, contributing to the overall 19% price gap. The savings show up everywhere – from supermarket receipts to monthly bills.

$3,000 buys a comfortable lifestyle in Iceland, but in Canada it only works with careful planning outside the capital. Same money, very different lives.

Iceland is the budget-friendly choice for expats – lower housing and daily costs. But cost isn't everything: visa policies, language, healthcare quality, and job markets all weigh in too.