Last update: Oct 2026

Cost of Living Comparison Between Canada and Panama

Name: Panama
Address: PA

For one person, living is cheaper in Panama: $1,590 a month against $2,288 in Canada, rent and utilities included – about $8,400 less a year. Rent and utilities account for most of the difference.

111

Cost of Living Index in Canada
Learn more

Canada Living Index
78

Cost of Living Index in Panama
Learn more

Panama Living Index

Jump to prices

🇨🇦 Canada

$2,288

/mo nomad

🇵🇦 Panama

$1,590

/mo nomad

Monthly Cost of Living

How much you'll spend in Canada and in Panama

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 Panama actually costs, broken down by who's living it.

A single person spends $2,288 per month in Canada vs $1,590 in Panama, rent included.

Canada $2,288
Panama $1,590

A couple spends around $3,318 per month in Canada vs $2,415 in Panama, rent included.

Canada $3,318
Panama $2,415

A family of three spends $4,348 per month in Canada vs $3,241 in Panama, rent included.

Canada $4,348
Panama $3,241

The cost of living in Canada is about 44% higher than in Panama on average.

Both Canada and Panama are pricier than the global median – Canada by 69%, Panama by 18%.

Meal at Budget Restaurant

$17.44 CA$24.66

$7.80 PAB 7.80

123.59%

Three-Course Dinner for Two, Mid-Range

$68.8 CA$97.3

$44.15 PAB 44.15

55.90%

Fast Food Meal (McDonalds, etc)

$10.70 CA$15.13

$7.87 PAB 7.87

35.96%

Cappuccino

$3.83 CA$5.42

$3.86 PAB 3.86

-0.78%

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

$2.03 CA$2.87

$1.60 PAB 1.60

26.87%

Water (0.33 liter bottle)

$1.64 CA$2.32

$1.40 PAB 1.40

17.14%

Local Beer (0.5 liter draught)

$5.43 CA$7.68

$2.24 PAB 2.24

142.41%

Imported Beer (0.33 liter bottle)

$5.74 CA$8.12

$3.96 PAB 3.96

44.95%

Milk (1 liter)

$2.14 CA$3.03

$1.80 PAB 1.80

18.89%

White Bread (500g)

$2.64 CA$3.73

$2.29 PAB 2.29

15.28%

Rice (white) (1kg)

$3.46 CA$4.89

$2.91 PAB 2.91

18.90%

Eggs

$3.53 CA$5.00

$2.49 PAB 2.49

41.77%

Local Cheese (1kg)

$10.70 CA$15.12

$12.07 PAB 12.07

-11.35%

Chicken Fillets (1kg)

$11.86 CA$16.77

$7.22 PAB 7.22

64.27%

Beef Round Steak (1kg)

$14.84 CA$20.98

$10.43 PAB 10.43

42.28%

Apples (1kg)

$4.04 CA$5.71

$4.18 PAB 4.18

-3.35%

Banana (1kg)

$1.37 CA$1.94

$1.42 PAB 1.42

-3.52%

Oranges (1kg)

$3.72 CA$5.26

$3.61 PAB 3.61

3.05%

Tomato (1kg)

$3.99 CA$5.65

$3.86 PAB 3.86

3.37%

Potato (1kg)

$2.63 CA$3.72

$2.64 PAB 2.64

-0.38%

Onion (1kg)

$2.38 CA$3.36

$3.14 PAB 3.14

-24.20%

Lettuce (1 head)

$2.51 CA$3.55

$2.28 PAB 2.28

10.09%

Water (1.5 liter bottle)

$1.75 CA$2.47

$1.57 PAB 1.57

11.46%

Cigarettes 20 Pack (Marlboro, Camel)

$14.07 CA$19.90

$5.87 PAB 5.87

139.69%

Wine (Bottle)

$13.32 CA$18.83

$10.15 PAB 10.15

31.23%

Local Beer (0.5 liter bottle)

$2.86 CA$4.05

$1.34 PAB 1.34

113.43%

Imported Beer (0.33 liter bottle)

$3.16 CA$4.47

$2.40 PAB 2.40

31.67%

One-way Ticket (Public Transport)

$2.50 CA$3.53

$0.44 PAB 0.44

468.18%

Public Transport Monthly Pass (Regular Price)

$71.5 CA$101

$21.23 PAB 21.23

236.83%

Taxi Start (Normal Tariff)

$3.09 CA$4.38

$2.49 PAB 2.49

24.10%

Taxi (Normal Tariff) (1km)

$1.43 CA$2.03

$1.78 PAB 1.78

-19.66%

Taxi 1hour Waiting (Normal Tariff)

$26.16 CA$36.98

$22.40 PAB 22.40

16.79%

Gasoline (1 liter)

$1.18 CA$1.67

$1.18 PAB 1.18

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

$28.0K CA$39.6K

$21.6K PAB 21.6K

29.88%

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

$18.8K CA$26.6K

$22.4K PAB 22.4K

-16.06%

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

$148 CA$210

$118 PAB 118

25.79%

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

$42.44 CA$60.0

$26.75 PAB 26.75

58.65%

Internet (50+ Mbps, Unlimited Data)

$58.5 CA$82.7

$46.56 PAB 46.56

25.60%

Gym Membership (Monthly)

$40.65 CA$57.5

$48.98 PAB 48.98

-17.01%

Tennis Court (1 Hour on Weekend)

$18.99 CA$26.84

$29.75 PAB 29.75

-36.17%

Cinema Ticket

$11.25 CA$15.90

$7.95 PAB 7.95

41.51%

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

$753 CA$1,064

$553 PAB 553

36.25%

International Primary School, 1 Child (Yearly)

$14.3K CA$20.2K

$8,030 PAB 8,030

77.56%

Jeans (Levis 501 Or Similar)

$52.5 CA$74.2

$54.6 PAB 54.6

-3.83%

Summer Dress (H&M, Zara, etc)

$38.23 CA$54.0

$42.81 PAB 42.81

-10.70%

Sport Shoes (Adidas, Nike)

$87.8 CA$124

$89.0 PAB 89.0

-1.38%

Men's Leather Business Shoes

$103 CA$146

$105 PAB 105

-1.95%

1-bedroom Apartment, City Center (Monthly)

$1,236 CA$1,747

$939 PAB 939

31.62%

1-bedroom Apartment, Outside City Center (Monthly)

$1,120 CA$1,583

$701 PAB 701

59.69%

3-bedroom Apartment, City Center (Monthly)

$1,996 CA$2,822

$1,709 PAB 1,709

16.82%

3-bedroom Apartment, Outside City Center (Monthly)

$1,714 CA$2,423

$1,258 PAB 1,258

36.19%

Buy Apartment in City Center (m2)

$4,503 CA$6,365

$2,911 PAB 2,911

54.69%

Buy Apartment Outside City Center (m2)

$3,888 CA$5,497

$1,643 PAB 1,643

136.65%

Average Monthly Net Salary (After Tax)

$2,921 CA$4,129

$831 PAB 831

251.66%

20-Year Fixed Mortgage Interest Rate (Annual %)

4.87

6.37

-23.55%

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

Last update for Canada: October 13, 2026

Last update for Panama: October 11, 2026

Monthly budget structure

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

Accommodation & Living

Canada

$1.1K 48.9%

Panama

$701 44.1% 37.4% $419

Groceries & Markets

Canada

$366 16%

Panama

$303 19.1% 17.1% $63

Eating Out

Canada

$271 11.9%

Panama

$163 10.3% 39.7% $108

Monthly Utilities & Internet

Canada

$249 10.9%

Panama

$191 12% 23.3% $58

Clothing & Footwear

Canada

$127 5.5%

Panama

$131 8.3% 3.5% $4.5

Getting Around

Canada

$92 4%

Panama

$34 2.2% 62.5% $57

Sport & Entertainment

Canada

$63 2.8%

Panama

$65 4.1% 2.7% $1.7

Cost Breakdown

Average rent: $1,199 in Canada vs $336 in Panama. For reference, capital cities sit at $1,473 in Ottawa and $1,257 in Panama City.

Average salary: $2,892 in Canada vs $686 in Panama. The income gap affects purchasing power and how far your budget stretches in each country.

Cost Highlights

Rent is 257% higher in Canada.

Dining out costs 125% more in Canada.

Public transport is 1833% more expensive in Canada.

Salaries are 322% higher in Canada, and purchasing power comes out stronger in Canada.

Good to know

🇨🇦 Canada

🇵🇦 Panama

🕒 Local time

17:02 5:02 PM

16:02 4:02 PM

1 h behind Canada

🌤 Weather

👥 Population

36,991,981

4,098,587

💱 Currency

Canadian Dollar CAD $

Panamanian Balboa PAB B/.

📈 Exchange rate

1 CAD = 0.707 USD

1 CAD = 0.629 EUR

1 PAB = 1 USD

1 PAB = 0.89 EUR

Exchange rates and currency converter

PAB, USD, EUR to CAD – Canadian Dollar Converter

🇺🇸 United States Dollar ($)

🇨🇦 Canadian Dollar ($)

Canadian Dollar exchange rates as of October 18, 2026: 1 USD = 1.41 CAD (1 CAD = 0.707 USD). 1 EUR = 1.59 CAD (1 CAD = 0.629 EUR).

Panamanian Balboa exchange rates as of October 18, 2026: 1 USD = 1 PAB (1 PAB = 1 USD). 1 EUR = 1.12 PAB (1 PAB = 0.89 EUR).

USD to CAD in detail →

On the map

Lowest

Highest

Between locations

Canada Panama 4,070 km ≈ 6 h nonstop flight

From you

Canada
Panama

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 Panama: Cost of Living - Frequently Asked Questions

Panama is the cheaper option – living costs run roughly 44% lower on average.

Housing costs more in Canada: a central one-bedroom averages $1,199 versus $336 in Panama.

Groceries, public transport, and eating out all cost less in Panama, adding to the overall 44% price gap.

$2,000 buys a comfortable lifestyle in Panama, but in Canada it only works with careful planning outside the capital. Same money, very different lives.

Panama 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.