Last update: Oct 2026

Cost of Living Comparison Between Canada and Iceland

Name: Iceland
Address: IS

For one person, living is cheaper in Canada: $2,310 a month against $3,897 in Iceland, rent and utilities included – about $19,000 less a year. Rent and utilities account for about half of the difference.

111

Cost of Living Index in Canada
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Canada Living Index
187

Cost of Living Index in Iceland
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Iceland Living Index

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🇨🇦 Canada

$2,310

/mo nomad

🇮🇸 Iceland

$3,897

/mo nomad

Monthly Cost of Living

How much you'll spend in Canada and in Iceland

Real prices from locals and on-the-ground checks – rent, groceries, transit and the daily extras. Here's what a month in Canada and in Iceland actually costs, broken down by who's living it.

A single person spends $2,310 per month in Canada vs $3,897 in Iceland, rent included.

Canada $2,310
Iceland $3,897

A couple spends around $3,356 per month in Canada vs $5,533 in Iceland, rent included.

Canada $3,356
Iceland $5,533

A family of three spends $4,403 per month in Canada vs $7,168 in Iceland, rent included.

Canada $4,403
Iceland $7,168

The regional cost range is wider in Iceland ($179–$4,040) than in Canada ($889–$3,737), so city choice matters more there.

The cost of living in Canada is roughly 41% lower than in Iceland on average.

Both Canada and Iceland are pricier than the global median – Canada by 70%, Iceland by 186%.

Meal at Budget Restaurant

$18.16 CA$25.52

$28.48 ISK 3,469

-36.24%

Three-Course Dinner for Two, Mid-Range

$71.2 CA$100

$123 ISK 15.0K

-42.12%

Fast Food Meal (McDonalds, etc)

$10.81 CA$15.19

$23.70 ISK 2,887

-54.39%

Cappuccino

$3.78 CA$5.31

$6.09 ISK 742

-37.93%

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

$2.11 CA$2.97

$3.11 ISK 379

-32.15%

Water (0.33 liter bottle)

$1.66 CA$2.33

$2.95 ISK 359

-43.73%

Local Beer (0.5 liter draught)

$5.62 CA$7.89

$12.19 ISK 1,485

-53.90%

Imported Beer (0.33 liter bottle)

$5.72 CA$8.04

$12.42 ISK 1,513

-53.95%

Milk (1 liter)

$2.17 CA$3.06

$2.03 ISK 247

6.90%

White Bread (500g)

$2.60 CA$3.66

$3.99 ISK 486

-34.84%

Rice (white) (1kg)

$3.65 CA$5.13

$3.45 ISK 420

5.80%

Eggs

$3.63 CA$5.10

$7.17 ISK 873

-49.37%

Local Cheese (1kg)

$10.76 CA$15.12

$20.65 ISK 2,516

-47.89%

Chicken Fillets (1kg)

$11.90 CA$16.72

$24.78 ISK 3,019

-51.98%

Beef Round Steak (1kg)

$15.42 CA$21.67

$42.17 ISK 5,138

-63.43%

Apples (1kg)

$4.03 CA$5.66

$3.01 ISK 367

33.89%

Banana (1kg)

$1.38 CA$1.95

$2.67 ISK 326

-48.31%

Oranges (1kg)

$3.88 CA$5.44

$3.15 ISK 383

23.17%

Tomato (1kg)

$4.08 CA$5.74

$5.93 ISK 722

-31.20%

Potato (1kg)

$2.57 CA$3.61

$3.86 ISK 470

-33.42%

Onion (1kg)

$2.48 CA$3.48

$1.85 ISK 226

34.05%

Lettuce (1 head)

$2.65 CA$3.72

$3.59 ISK 437

-26.18%

Water (1.5 liter bottle)

$1.71 CA$2.41

$1.89 ISK 230

-9.52%

Cigarettes 20 Pack (Marlboro, Camel)

$14.32 CA$20.12

$14.17 ISK 1,727

1.06%

Wine (Bottle)

$13.49 CA$18.95

$22.52 ISK 2,744

-40.10%

Local Beer (0.5 liter bottle)

$2.84 CA$3.99

$3.65 ISK 444

-22.19%

Imported Beer (0.33 liter bottle)

$3.30 CA$4.64

$3.33 ISK 406

-0.90%

One-way Ticket (Public Transport)

$2.55 CA$3.59

$5.51 ISK 672

-53.72%

Public Transport Monthly Pass (Regular Price)

$71.9 CA$101

$94.7 ISK 11.5K

-24.04%

Taxi Start (Normal Tariff)

$3.18 CA$4.47

$6.77 ISK 825

-53.03%

Taxi (Normal Tariff) (1km)

$1.54 CA$2.16

$2.87 ISK 350

-46.34%

Taxi 1hour Waiting (Normal Tariff)

$26.69 CA$37.50

$79.3 ISK 9,666

-66.36%

Gasoline (1 liter)

$1.24 CA$1.75

$2.35 ISK 286

-47.23%

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

$27.9K CA$39.2K

$69.7K ISK 8.5M

-60.00%

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

$21.1K CA$29.6K

$56.0K ISK 6.8M

-62.40%

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

$147 CA$207

$103 ISK 12.6K

43.00%

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

$41.80 CA$58.7

$32.44 ISK 3,953

28.85%

Internet (50+ Mbps, Unlimited Data)

$60.2 CA$84.6

$87.9 ISK 10.7K

-31.46%

Gym Membership (Monthly)

$39.01 CA$54.8

$92.3 ISK 11.2K

-57.74%

Tennis Court (1 Hour on Weekend)

$19.06 CA$26.78

$52.4 ISK 6,382

-63.61%

Cinema Ticket

$11.21 CA$15.75

$19.09 ISK 2,326

-41.28%

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

$721 CA$1,013

$947 ISK 115.4K

-23.87%

International Primary School, 1 Child (Yearly)

$14.8K CA$20.9K

$26.4K ISK 3.2M

-43.73%

Jeans (Levis 501 Or Similar)

$55.3 CA$77.7

$149 ISK 18.2K

-62.91%

Summer Dress (H&M, Zara, etc)

$38.95 CA$54.7

$47.82 ISK 5,827

-18.55%

Sport Shoes (Adidas, Nike)

$87.4 CA$123

$172 ISK 20.9K

-49.16%

Men's Leather Business Shoes

$101 CA$142

$234 ISK 28.5K

-56.75%

1-bedroom Apartment, City Center (Monthly)

$1,290 CA$1,813

$2,575 ISK 313.8K

-49.89%

1-bedroom Apartment, Outside City Center (Monthly)

$1,130 CA$1,588

$2,041 ISK 248.7K

-44.63%

3-bedroom Apartment, City Center (Monthly)

$2,036 CA$2,861

$3,504 ISK 426.9K

-41.89%

3-bedroom Apartment, Outside City Center (Monthly)

$1,731 CA$2,432

$2,712 ISK 330.4K

-36.18%

Buy Apartment in City Center (m2)

$4,769 CA$6,700

$7,617 ISK 928.1K

-37.39%

Buy Apartment Outside City Center (m2)

$3,730 CA$5,240

$6,338 ISK 772.2K

-41.15%

Average Monthly Net Salary (After Tax)

$3,070 CA$4,313

$4,789 ISK 583.5K

-35.91%

20-Year Fixed Mortgage Interest Rate (Annual %)

4.87

9.29

-47.58%

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

Last update for Canada: October 26, 2026

Last update for Iceland: October 25, 2026

Monthly budget structure

Share of the monthly basket for one person, rent included.

Accommodation & Living

Canada

$1.1K 48.9%

Iceland

$2K 52.4% 80.6% $911

Groceries & Markets

Canada

$371 16.1%

Iceland

$611 15.7% 64.6% $240

Eating Out

Canada

$278 12%

Iceland

$482 12.4% 73.6% $204

Monthly Utilities & Internet

Canada

$249 10.8%

Iceland

$223 5.7% 10.4% $26

Clothing & Footwear

Canada

$127 5.5%

Iceland

$271 7% 113% $144

Getting Around

Canada

$93 4%

Iceland

$138 3.5% 48.2% $45

Sport & Entertainment

Canada

$61 2.7%

Iceland

$130 3.4% 112% $69

Cost Breakdown

Average rent: $1,250 in Canada vs $2,368 in Iceland. For reference, capital cities sit at $1,434 in Ottawa and $2,585 in Reykjavik.

Average salary: $2,968 in Canada vs $4,949 in Iceland. The income gap affects purchasing power and how far your budget stretches in each country.

Cost Highlights

Rent is 89% higher in Iceland.

Dining out costs 86% more in Iceland.

Public transport is 23% more expensive in Iceland.

Salaries are 67% higher in Iceland.

Good to know

🇨🇦 Canada

🇮🇸 Iceland

🕒 Local time

04:07 4:07 AM

08:07 8:07 AM

4 h ahead of Canada

🌤 Weather

👥 Population

36,991,981

364,260

💱 Currency

Canadian Dollar CAD $

Icelandic Króna ISK kr

📈 Exchange rate

1 CAD = 0.712 USD

1 CAD = 0.64 EUR

1,000 ISK = 8.21 USD

1,000 ISK = 7.37 EUR

Exchange rates and currency converter

ISK, USD, EUR to CAD – Canadian Dollar Converter

🇺🇸 United States Dollar ($)

🇨🇦 Canadian Dollar ($)

Canadian Dollar exchange rates as of October 28, 2026: 1 USD = 1.4 CAD (1 CAD = 0.712 USD). 1 EUR = 1.56 CAD (1 CAD = 0.64 EUR).

Icelandic Króna exchange rates as of October 28, 2026: 1 USD = 122 ISK (1,000 ISK = 8.21 USD). 1 EUR = 136 ISK (1,000 ISK = 7.37 EUR).

USD to CAD in detail →

On the map

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Between locations

Canada Iceland 3,860 km ≈ 5 h nonstop flight

From you

Canada
Iceland

Distances are measured in a straight line. Your location is detected approximately.

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

Canada is the cheaper option – living costs run roughly 41% lower on average.

Housing costs more in Iceland: a central one-bedroom averages $2,368 versus $1,250 in Canada.

Groceries, public transport, and eating out all cost less in Canada, adding to the overall 69% price gap.

Canada is the budget-friendly choice for expats. But cost isn’t everything: visa policies, language, healthcare quality, and job markets all weigh in too.