Last update: Oct 2026

Cost of Living Comparison Between Iceland and Canada

Name: Canada
Address: CA

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.

187

Cost of Living Index in Iceland
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Iceland Living Index
111

Cost of Living Index in Canada
Learn more

Canada Living Index

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🇮🇸 Iceland

$3,897

/mo nomad

🇨🇦 Canada

$2,310

/mo nomad

Monthly Cost of Living

How much you'll spend in Iceland and in Canada

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

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

Iceland $3,897
Canada $2,310

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

Iceland $5,533
Canada $3,356

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

Iceland $7,168
Canada $4,403

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 Iceland is about 69% higher than in Canada on average.

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

Meal at Budget Restaurant

$28.48 ISK 3,469

$18.16 CA$25.52

56.83%

Three-Course Dinner for Two, Mid-Range

$123 ISK 15.0K

$71.2 CA$100

72.78%

Fast Food Meal (McDonalds, etc)

$23.70 ISK 2,887

$10.81 CA$15.19

119.24%

Cappuccino

$6.09 ISK 742

$3.78 CA$5.31

61.11%

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

$3.11 ISK 379

$2.11 CA$2.97

47.39%

Water (0.33 liter bottle)

$2.95 ISK 359

$1.66 CA$2.33

77.71%

Local Beer (0.5 liter draught)

$12.19 ISK 1,485

$5.62 CA$7.89

116.90%

Imported Beer (0.33 liter bottle)

$12.42 ISK 1,513

$5.72 CA$8.04

117.13%

Milk (1 liter)

$2.03 ISK 247

$2.17 CA$3.06

-6.45%

White Bread (500g)

$3.99 ISK 486

$2.60 CA$3.66

53.46%

Rice (white) (1kg)

$3.45 ISK 420

$3.65 CA$5.13

-5.48%

Eggs

$7.17 ISK 873

$3.63 CA$5.10

97.52%

Local Cheese (1kg)

$20.65 ISK 2,516

$10.76 CA$15.12

91.91%

Chicken Fillets (1kg)

$24.78 ISK 3,019

$11.90 CA$16.72

108.24%

Beef Round Steak (1kg)

$42.17 ISK 5,138

$15.42 CA$21.67

173.48%

Apples (1kg)

$3.01 ISK 367

$4.03 CA$5.66

-25.31%

Banana (1kg)

$2.67 ISK 326

$1.38 CA$1.95

93.48%

Oranges (1kg)

$3.15 ISK 383

$3.88 CA$5.44

-18.81%

Tomato (1kg)

$5.93 ISK 722

$4.08 CA$5.74

45.34%

Potato (1kg)

$3.86 ISK 470

$2.57 CA$3.61

50.19%

Onion (1kg)

$1.85 ISK 226

$2.48 CA$3.48

-25.40%

Lettuce (1 head)

$3.59 ISK 437

$2.65 CA$3.72

35.47%

Water (1.5 liter bottle)

$1.89 ISK 230

$1.71 CA$2.41

10.53%

Cigarettes 20 Pack (Marlboro, Camel)

$14.17 ISK 1,727

$14.32 CA$20.12

-1.05%

Wine (Bottle)

$22.52 ISK 2,744

$13.49 CA$18.95

66.94%

Local Beer (0.5 liter bottle)

$3.65 ISK 444

$2.84 CA$3.99

28.52%

Imported Beer (0.33 liter bottle)

$3.33 ISK 406

$3.30 CA$4.64

0.91%

One-way Ticket (Public Transport)

$5.51 ISK 672

$2.55 CA$3.59

116.08%

Public Transport Monthly Pass (Regular Price)

$94.7 ISK 11.5K

$71.9 CA$101

31.66%

Taxi Start (Normal Tariff)

$6.77 ISK 825

$3.18 CA$4.47

112.89%

Taxi (Normal Tariff) (1km)

$2.87 ISK 350

$1.54 CA$2.16

86.36%

Taxi 1hour Waiting (Normal Tariff)

$79.3 ISK 9,666

$26.69 CA$37.50

197.23%

Gasoline (1 liter)

$2.35 ISK 286

$1.24 CA$1.75

89.52%

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

$69.7K ISK 8.5M

$27.9K CA$39.2K

150.02%

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

$56.0K ISK 6.8M

$21.1K CA$29.6K

165.94%

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

$103 ISK 12.6K

$147 CA$207

-30.07%

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

$32.44 ISK 3,953

$41.80 CA$58.7

-22.39%

Internet (50+ Mbps, Unlimited Data)

$87.9 ISK 10.7K

$60.2 CA$84.6

45.90%

Gym Membership (Monthly)

$92.3 ISK 11.2K

$39.01 CA$54.8

136.61%

Tennis Court (1 Hour on Weekend)

$52.4 ISK 6,382

$19.06 CA$26.78

174.82%

Cinema Ticket

$19.09 ISK 2,326

$11.21 CA$15.75

70.29%

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

$947 ISK 115.4K

$721 CA$1,013

31.36%

International Primary School, 1 Child (Yearly)

$26.4K ISK 3.2M

$14.8K CA$20.9K

77.72%

Jeans (Levis 501 Or Similar)

$149 ISK 18.2K

$55.3 CA$77.7

169.64%

Summer Dress (H&M, Zara, etc)

$47.82 ISK 5,827

$38.95 CA$54.7

22.77%

Sport Shoes (Adidas, Nike)

$172 ISK 20.9K

$87.4 CA$123

96.68%

Men's Leather Business Shoes

$234 ISK 28.5K

$101 CA$142

131.20%

1-bedroom Apartment, City Center (Monthly)

$2,575 ISK 313.8K

$1,290 CA$1,813

99.57%

1-bedroom Apartment, Outside City Center (Monthly)

$2,041 ISK 248.7K

$1,130 CA$1,588

80.62%

3-bedroom Apartment, City Center (Monthly)

$3,504 ISK 426.9K

$2,036 CA$2,861

72.09%

3-bedroom Apartment, Outside City Center (Monthly)

$2,712 ISK 330.4K

$1,731 CA$2,432

56.69%

Buy Apartment in City Center (m2)

$7,617 ISK 928.1K

$4,769 CA$6,700

59.72%

Buy Apartment Outside City Center (m2)

$6,338 ISK 772.2K

$3,730 CA$5,240

69.93%

Average Monthly Net Salary (After Tax)

$4,789 ISK 583.5K

$3,070 CA$4,313

56.02%

20-Year Fixed Mortgage Interest Rate (Annual %)

9.29

4.87

90.76%

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

Last update for Iceland: October 25, 2026

Last update for Canada: October 26, 2026

Monthly budget structure

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

Accommodation & Living

Iceland

$2K 52.4%

Canada

$1.1K 48.9% 44.6% $911

Groceries & Markets

Iceland

$611 15.7%

Canada

$371 16.1% 39.2% $240

Eating Out

Iceland

$482 12.4%

Canada

$278 12% 42.4% $204

Clothing & Footwear

Iceland

$271 7%

Canada

$127 5.5% 53.1% $144

Monthly Utilities & Internet

Iceland

$223 5.7%

Canada

$249 10.8% 11.7% $26

Getting Around

Iceland

$138 3.5%

Canada

$93 4% 32.5% $45

Sport & Entertainment

Iceland

$130 3.4%

Canada

$61 2.7% 52.9% $69

Cost Breakdown

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

Average salary: $4,949 in Iceland vs $2,968 in Canada. 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

🇮🇸 Iceland

🇨🇦 Canada

🕒 Local time

03:17 3:17 AM

23:17 11:17 PM

4 h behind Iceland

🌤 Weather

👥 Population

364,260

36,991,981

💱 Currency

Icelandic Króna ISK kr

Canadian Dollar CAD $

📈 Exchange rate

1,000 ISK = 8.21 USD

1,000 ISK = 7.36 EUR

1 CAD = 0.712 USD

1 CAD = 0.638 EUR

Exchange rates and currency converter

CAD, USD, EUR to ISK – Icelandic Króna Converter

🇺🇸 United States Dollar ($)

🇮🇸 Icelandic Króna (kr)

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 = 7.36 EUR).

Canadian Dollar exchange rates as of October 28, 2026: 1 USD = 1.4 CAD (1 CAD = 0.712 USD). 1 EUR = 1.57 CAD (1 CAD = 0.638 EUR).

USD to ISK in detail →

On the map

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Between locations

Iceland Canada 3,860 km ≈ 5 h nonstop flight

From you

Iceland
Canada

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

Iceland vs Canada: 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.