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 $2,316 per month in Canada vs $1,712 in Iceland, rent included.

A couple spends around $3,376 per month in Canada vs $2,549 in Iceland, rent included.

A family of three spends $4,436 per month in Canada vs $3,385 in Iceland, rent included.

Canada costs about 35% more than Iceland on average – the gap runs across housing, groceries, transport, and services.

Both Canada and Iceland are pricier than the global median – Canada by 73%, Iceland by 28%.

Meal at Budget Restaurant

$18.44 CA$25.53

$26.20 ISK 3,231

-29.62%

Three-Course Dinner for Two, Mid-Range

$74.5 CA$103

$129 ISK 15.9K

-42.31%

Fast Food Meal (McDonalds, etc)

$10.88 CA$15.07

$19.99 ISK 2,465

-45.57%

Cappuccino

$3.90 CA$5.39

$6.03 ISK 744

-35.32%

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

$2.16 CA$2.99

$3.36 ISK 414

-35.71%

Water (0.33 liter bottle)

$1.73 CA$2.40

$2.60 ISK 321

-33.46%

Local Beer (0.5 liter draught)

$5.74 CA$7.94

$11.97 ISK 1,476

-52.05%

Imported Beer (0.33 liter bottle)

$6.05 CA$8.37

$10.31 ISK 1,272

-41.32%

Milk (1 liter)

$2.20 CA$3.05

$1.92 ISK 237

14.58%

White Bread (500g)

$2.75 CA$3.81

$4.22 ISK 520

-34.83%

Rice (white) (1kg)

$3.66 CA$5.07

$3.43 ISK 423

6.71%

Eggs

$3.63 CA$5.03

$6.39 ISK 788

-43.19%

Local Cheese (1kg)

$11.72 CA$16.22

$18.18 ISK 2,242

-35.53%

Chicken Fillets (1kg)

$12.28 CA$17.01

$24.14 ISK 2,976

-49.13%

Beef Round Steak (1kg)

$14.88 CA$20.60

$42.49 ISK 5,239

-64.98%

Apples (1kg)

$4.14 CA$5.73

$3.14 ISK 387

31.85%

Banana (1kg)

$1.45 CA$2.01

$2.41 ISK 297

-39.83%

Oranges (1kg)

$3.79 CA$5.25

$2.87 ISK 354

32.06%

Tomato (1kg)

$4.09 CA$5.66

$4.93 ISK 608

-17.04%

Potato (1kg)

$2.73 CA$3.78

$3.55 ISK 437

-23.10%

Onion (1kg)

$2.77 CA$3.83

$2.24 ISK 277

23.66%

Lettuce (1 head)

$2.62 CA$3.62

$3.12 ISK 385

-16.03%

Water (1.5 liter bottle)

$1.87 CA$2.59

$2.25 ISK 278

-16.89%

Cigarettes 20 Pack (Marlboro, Camel)

$14.79 CA$20.48

$14.40 ISK 1,775

2.71%

Wine (Bottle)

$13.08 CA$18.11

$23.05 ISK 2,842

-43.25%

Local Beer (0.5 liter bottle)

$3.03 CA$4.19

$3.61 ISK 445

-16.07%

Imported Beer (0.33 liter bottle)

$3.41 CA$4.72

$3.08 ISK 379

10.71%

One-way Ticket (Public Transport)

$2.52 CA$3.49

$5.17 ISK 637

-51.26%

Public Transport Monthly Pass (Regular Price)

$77.9 CA$108

$82.8 ISK 10.2K

-5.91%

Taxi Start (Normal Tariff)

$3.49 CA$4.83

$6.54 ISK 806

-46.64%

Taxi (Normal Tariff) (1km)

$1.48 CA$2.04

$2.26 ISK 279

-34.51%

Taxi 1hour Waiting (Normal Tariff)

$28.25 CA$39.12

$84.8 ISK 10.5K

-66.69%

Gasoline (1 liter)

$1.15 CA$1.59

$2.53 ISK 312

-54.55%

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

$25.4K CA$35.2K

$47.3K ISK 5.8M

-46.26%

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

$20.6K CA$28.6K

$53.9K ISK 6.6M

-61.70%

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

$155 CA$214

$88.9 ISK 11.0K

74.21%

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

$45.76 CA$63.4

$28.02 ISK 3,455

63.31%

Internet (50+ Mbps, Unlimited Data)

$62.2 CA$86.1

$87.8 ISK 10.8K

-29.23%

Gym Membership (Monthly)

$43.67 CA$60.5

$80.8 ISK 9,966

-45.97%

Tennis Court (1 Hour on Weekend)

$18.14 CA$25.11

$37.38 ISK 4,609

-51.47%

Cinema Ticket

$11.38 CA$15.76

$17.80 ISK 2,194

-36.07%

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

$798 CA$1,104

$356 ISK 44.0K

123.75%

International Primary School, 1 Child (Yearly)

$12.1K CA$16.8K

$30.7K ISK 3.8M

-60.50%

Jeans (Levis 501 Or Similar)

$56.8 CA$78.7

$141 ISK 17.4K

-59.69%

Summer Dress (H&M, Zara, etc)

$42.19 CA$58.4

$63.7 ISK 7,853

-33.76%

Sport Shoes (Adidas, Nike)

$87.9 CA$122

$171 ISK 21.1K

-48.70%

Men's Leather Business Shoes

$106 CA$147

$255 ISK 31.5K

-58.28%

1-bedroom Apartment, City Center (Monthly)

$1,359 CA$1,882

$2,220 ISK 273.7K

-38.76%

1-bedroom Apartment, Outside City Center (Monthly)

$1,204 CA$1,667

$1,975 ISK 243.6K

-39.07%

3-bedroom Apartment, City Center (Monthly)

$2,136 CA$2,957

$3,128 ISK 385.6K

-31.71%

3-bedroom Apartment, Outside City Center (Monthly)

$1,860 CA$2,575

$2,669 ISK 329.1K

-30.32%

Buy Apartment in City Center (m2)

$4,642 CA$6,427

$7,489 ISK 923.4K

-38.02%

Buy Apartment Outside City Center (m2)

$3,852 CA$5,333

$6,310 ISK 778.0K

-38.96%

Average Monthly Net Salary (After Tax)

$3,029 CA$4,194

$4,699 ISK 579.4K

-35.55%

20-Year Fixed Mortgage Interest Rate (Annual %)

6.33

9.88

-35.93%

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

Last update for Canada: May 31, 2026

Last update for Iceland: June 1, 2026

Cost Breakdown

Average rent: $1,281 in Canada vs $534 in Iceland. For reference, capital cities sit at $1,500 in Ottawa and $2,175 in Reykjavik.

Average salary: $2,972 in Canada vs $4,897 in Iceland. The income gap affects purchasing power and how far your budget stretches in each country.

Cost Highlights

Rent is 140% higher in Canada.

Dining out costs 24% more in Iceland.

Public transport is 261% more expensive in Canada.

Salaries are 65% higher in Iceland, giving Iceland stronger purchasing power.

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 14% 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 14% 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.