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 $2,319 per month in Canada vs $1,713 in Iceland, rent included.

A couple spends around $3,378 per month in Canada vs $2,544 in Iceland, rent included.

A family of three spends $4,437 per month in Canada vs $3,375 in Iceland, rent included.

The cost of living in Canada is about 35% 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 74%, Iceland by 28%.

Meal at Budget Restaurant

$18.63 CA$26.11

$26.73 ISK 3,331

-30.30%

Three-Course Dinner for Two, Mid-Range

$74.0 CA$104

$129 ISK 16.1K

-42.77%

Fast Food Meal (McDonalds, etc)

$10.92 CA$15.31

$19.72 ISK 2,457

-44.62%

Cappuccino

$3.76 CA$5.28

$6.00 ISK 748

-37.33%

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

$2.19 CA$3.07

$3.30 ISK 412

-33.64%

Water (0.33 liter bottle)

$1.74 CA$2.43

$2.64 ISK 329

-34.09%

Local Beer (0.5 liter draught)

$5.93 CA$8.31

$12.00 ISK 1,495

-50.58%

Imported Beer (0.33 liter bottle)

$5.95 CA$8.35

$10.46 ISK 1,304

-43.12%

Milk (1 liter)

$2.28 CA$3.20

$1.96 ISK 244

16.33%

White Bread (500g)

$2.67 CA$3.74

$4.14 ISK 516

-35.51%

Rice (white) (1kg)

$3.78 CA$5.30

$3.48 ISK 434

8.62%

Eggs

$3.50 CA$4.90

$6.59 ISK 821

-46.89%

Local Cheese (1kg)

$11.70 CA$16.40

$18.61 ISK 2,319

-37.13%

Chicken Fillets (1kg)

$12.30 CA$17.24

$24.58 ISK 3,063

-49.96%

Beef Round Steak (1kg)

$15.44 CA$21.65

$43.45 ISK 5,414

-64.46%

Apples (1kg)

$4.28 CA$6.00

$3.02 ISK 377

41.72%

Banana (1kg)

$1.45 CA$2.04

$2.48 ISK 309

-41.53%

Oranges (1kg)

$4.01 CA$5.62

$2.87 ISK 358

39.72%

Tomato (1kg)

$4.27 CA$5.98

$4.93 ISK 614

-13.39%

Potato (1kg)

$2.69 CA$3.77

$3.61 ISK 449

-25.48%

Onion (1kg)

$2.65 CA$3.71

$2.21 ISK 276

19.91%

Lettuce (1 head)

$2.64 CA$3.70

$3.16 ISK 393

-16.46%

Water (1.5 liter bottle)

$1.89 CA$2.65

$2.21 ISK 275

-14.48%

Cigarettes 20 Pack (Marlboro, Camel)

$14.77 CA$20.71

$14.04 ISK 1,749

5.20%

Wine (Bottle)

$13.32 CA$18.67

$21.88 ISK 2,726

-39.12%

Local Beer (0.5 liter bottle)

$2.96 CA$4.15

$3.78 ISK 470

-21.69%

Imported Beer (0.33 liter bottle)

$3.28 CA$4.59

$3.05 ISK 379

7.54%

One-way Ticket (Public Transport)

$2.62 CA$3.67

$5.37 ISK 669

-51.21%

Public Transport Monthly Pass (Regular Price)

$78.1 CA$110

$84.5 ISK 10.5K

-7.61%

Taxi Start (Normal Tariff)

$3.42 CA$4.79

$6.28 ISK 782

-45.54%

Taxi (Normal Tariff) (1km)

$1.50 CA$2.10

$2.25 ISK 281

-33.33%

Taxi 1hour Waiting (Normal Tariff)

$29.07 CA$40.76

$86.0 ISK 10.7K

-66.19%

Gasoline (1 liter)

$1.20 CA$1.68

$2.53 ISK 315

-52.57%

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

$25.5K CA$35.7K

$47.5K ISK 5.9M

-46.32%

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

$20.6K CA$28.8K

$53.4K ISK 6.7M

-61.48%

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

$152 CA$212

$89.9 ISK 11.2K

68.55%

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

$46.70 CA$65.5

$27.33 ISK 3,406

70.87%

Internet (50+ Mbps, Unlimited Data)

$61.8 CA$86.7

$86.2 ISK 10.7K

-28.24%

Gym Membership (Monthly)

$43.36 CA$60.8

$81.5 ISK 10.2K

-46.82%

Tennis Court (1 Hour on Weekend)

$18.05 CA$25.31

$37.90 ISK 4,723

-52.37%

Cinema Ticket

$11.51 CA$16.13

$17.71 ISK 2,207

-35.01%

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

$806 CA$1,130

$345 ISK 43.0K

133.37%

International Primary School, 1 Child (Yearly)

$12.1K CA$17.0K

$30.3K ISK 3.8M

-59.97%

Jeans (Levis 501 Or Similar)

$55.4 CA$77.6

$140 ISK 17.4K

-60.40%

Summer Dress (H&M, Zara, etc)

$41.80 CA$58.6

$64.7 ISK 8,064

-35.41%

Sport Shoes (Adidas, Nike)

$89.7 CA$126

$172 ISK 21.5K

-47.96%

Men's Leather Business Shoes

$106 CA$149

$251 ISK 31.3K

-57.82%

1-bedroom Apartment, City Center (Monthly)

$1,329 CA$1,864

$2,180 ISK 271.6K

-39.02%

1-bedroom Apartment, Outside City Center (Monthly)

$1,207 CA$1,692

$2,031 ISK 253.1K

-40.59%

3-bedroom Apartment, City Center (Monthly)

$2,112 CA$2,961

$3,177 ISK 395.8K

-33.52%

3-bedroom Apartment, Outside City Center (Monthly)

$1,833 CA$2,570

$2,700 ISK 336.4K

-32.10%

Buy Apartment in City Center (m2)

$4,639 CA$6,503

$7,642 ISK 952.2K

-39.30%

Buy Apartment Outside City Center (m2)

$3,849 CA$5,396

$6,054 ISK 754.3K

-36.43%

Average Monthly Net Salary (After Tax)

$2,948 CA$4,133

$4,559 ISK 568.0K

-35.33%

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: July 14, 2026

Last update for Iceland: July 11, 2026

Cost Breakdown

Average rent: $1,281 in Canada vs $531 in Iceland. For reference, capital cities sit at $1,481 in Ottawa and $2,254 in Reykjavik.

Average salary: $2,904 in Canada vs $4,859 in Iceland. The income gap affects purchasing power and how far your budget stretches in each country.

Cost Highlights

Rent is 141% higher in Canada.

Dining out costs 24% more in Iceland.

Public transport is 242% more expensive in Canada.

Salaries are 67% 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 16% 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 16% 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.