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

Name: Canada
Address: CA

Monthly Cost of Living

A single person spends $1,712 per month in Iceland vs $2,316 in Canada, rent included.

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

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

Iceland is roughly 26% cheaper than Canada on average – the gap runs across housing, groceries, transport, and services.

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

Meal at Budget Restaurant

$26.20 ISK 3,231

$18.44 CA$25.53

42.08%

Three-Course Dinner for Two, Mid-Range

$129 ISK 15.9K

$74.5 CA$103

73.34%

Fast Food Meal (McDonalds, etc)

$19.99 ISK 2,465

$10.88 CA$15.07

83.73%

Cappuccino

$6.03 ISK 744

$3.90 CA$5.39

54.62%

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

$3.36 ISK 414

$2.16 CA$2.99

55.56%

Water (0.33 liter bottle)

$2.60 ISK 321

$1.73 CA$2.40

50.29%

Local Beer (0.5 liter draught)

$11.97 ISK 1,476

$5.74 CA$7.94

108.54%

Imported Beer (0.33 liter bottle)

$10.31 ISK 1,272

$6.05 CA$8.37

70.41%

Milk (1 liter)

$1.92 ISK 237

$2.20 CA$3.05

-12.73%

White Bread (500g)

$4.22 ISK 520

$2.75 CA$3.81

53.45%

Rice (white) (1kg)

$3.43 ISK 423

$3.66 CA$5.07

-6.28%

Eggs

$6.39 ISK 788

$3.63 CA$5.03

76.03%

Local Cheese (1kg)

$18.18 ISK 2,242

$11.72 CA$16.22

55.12%

Chicken Fillets (1kg)

$24.14 ISK 2,976

$12.28 CA$17.01

96.58%

Beef Round Steak (1kg)

$42.49 ISK 5,239

$14.88 CA$20.60

185.55%

Apples (1kg)

$3.14 ISK 387

$4.14 CA$5.73

-24.15%

Banana (1kg)

$2.41 ISK 297

$1.45 CA$2.01

66.21%

Oranges (1kg)

$2.87 ISK 354

$3.79 CA$5.25

-24.27%

Tomato (1kg)

$4.93 ISK 608

$4.09 CA$5.66

20.54%

Potato (1kg)

$3.55 ISK 437

$2.73 CA$3.78

30.04%

Onion (1kg)

$2.24 ISK 277

$2.77 CA$3.83

-19.13%

Lettuce (1 head)

$3.12 ISK 385

$2.62 CA$3.62

19.08%

Water (1.5 liter bottle)

$2.25 ISK 278

$1.87 CA$2.59

20.32%

Cigarettes 20 Pack (Marlboro, Camel)

$14.40 ISK 1,775

$14.79 CA$20.48

-2.64%

Wine (Bottle)

$23.05 ISK 2,842

$13.08 CA$18.11

76.22%

Local Beer (0.5 liter bottle)

$3.61 ISK 445

$3.03 CA$4.19

19.14%

Imported Beer (0.33 liter bottle)

$3.08 ISK 379

$3.41 CA$4.72

-9.68%

One-way Ticket (Public Transport)

$5.17 ISK 637

$2.52 CA$3.49

105.16%

Public Transport Monthly Pass (Regular Price)

$82.8 ISK 10.2K

$77.9 CA$108

6.28%

Taxi Start (Normal Tariff)

$6.54 ISK 806

$3.49 CA$4.83

87.39%

Taxi (Normal Tariff) (1km)

$2.26 ISK 279

$1.48 CA$2.04

52.70%

Taxi 1hour Waiting (Normal Tariff)

$84.8 ISK 10.5K

$28.25 CA$39.12

200.25%

Gasoline (1 liter)

$2.53 ISK 312

$1.15 CA$1.59

120.00%

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

$47.3K ISK 5.8M

$25.4K CA$35.2K

86.09%

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

$53.9K ISK 6.6M

$20.6K CA$28.6K

161.09%

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

$88.9 ISK 11.0K

$155 CA$214

-42.60%

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

$28.02 ISK 3,455

$45.76 CA$63.4

-38.77%

Internet (50+ Mbps, Unlimited Data)

$87.8 ISK 10.8K

$62.2 CA$86.1

41.31%

Gym Membership (Monthly)

$80.8 ISK 9,966

$43.67 CA$60.5

85.09%

Tennis Court (1 Hour on Weekend)

$37.38 ISK 4,609

$18.14 CA$25.11

106.06%

Cinema Ticket

$17.80 ISK 2,194

$11.38 CA$15.76

56.41%

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

$356 ISK 44.0K

$798 CA$1,104

-55.31%

International Primary School, 1 Child (Yearly)

$30.7K ISK 3.8M

$12.1K CA$16.8K

153.19%

Jeans (Levis 501 Or Similar)

$141 ISK 17.4K

$56.8 CA$78.7

148.11%

Summer Dress (H&M, Zara, etc)

$63.7 ISK 7,853

$42.19 CA$58.4

50.96%

Sport Shoes (Adidas, Nike)

$171 ISK 21.1K

$87.9 CA$122

94.93%

Men's Leather Business Shoes

$255 ISK 31.5K

$106 CA$147

139.69%

1-bedroom Apartment, City Center (Monthly)

$2,220 ISK 273.7K

$1,359 CA$1,882

63.30%

1-bedroom Apartment, Outside City Center (Monthly)

$1,975 ISK 243.6K

$1,204 CA$1,667

64.12%

3-bedroom Apartment, City Center (Monthly)

$3,128 ISK 385.6K

$2,136 CA$2,957

46.44%

3-bedroom Apartment, Outside City Center (Monthly)

$2,669 ISK 329.1K

$1,860 CA$2,575

43.52%

Buy Apartment in City Center (m2)

$7,489 ISK 923.4K

$4,642 CA$6,427

61.35%

Buy Apartment Outside City Center (m2)

$6,310 ISK 778.0K

$3,852 CA$5,333

63.82%

Average Monthly Net Salary (After Tax)

$4,699 ISK 579.4K

$3,029 CA$4,194

55.16%

20-Year Fixed Mortgage Interest Rate (Annual %)

9.88

6.33

56.08%

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

Last update for Iceland: June 1, 2026

Last update for Canada: May 31, 2026

Cost Breakdown

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

Average salary: $4,897 in Iceland vs $2,972 in Canada. 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

Iceland vs Canada: 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.