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 $1,803 per month in Iceland vs $2,217 in Canada, rent included.

A couple spends around $2,687 per month in Iceland vs $3,254 in Canada, rent included.

A family of three spends $3,570 per month in Iceland vs $4,291 in Canada, rent included.

The cost of living in Iceland is roughly 19% lower than in Canada on average – the gap runs across housing, groceries, transport, and services.

Both Iceland and Canada are pricier than the global median – Iceland by 31%, Canada by 61%.

Meal at Budget Restaurant

$28.87 ISK 3,477

$18.28 CA$25.35

57.93%

Three-Course Dinner for Two, Mid-Range

$122 ISK 14.7K

$71.2 CA$98.8

71.30%

Fast Food Meal (McDonalds, etc)

$23.81 ISK 2,867

$10.96 CA$15.20

117.24%

Cappuccino

$6.49 ISK 781

$3.95 CA$5.47

64.30%

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

$3.32 ISK 400

$2.07 CA$2.88

60.39%

Water (0.33 liter bottle)

$3.15 ISK 379

$1.74 CA$2.42

81.03%

Local Beer (0.5 liter draught)

$12.32 ISK 1,484

$5.93 CA$8.23

107.76%

Imported Beer (0.33 liter bottle)

$12.38 ISK 1,492

$5.69 CA$7.89

117.57%

Milk (1 liter)

$2.05 ISK 247

$2.23 CA$3.09

-8.07%

White Bread (500g)

$4.00 ISK 482

$2.71 CA$3.76

47.60%

Rice (white) (1kg)

$3.61 ISK 435

$3.72 CA$5.16

-2.96%

Eggs

$6.98 ISK 841

$3.61 CA$5.01

93.35%

Local Cheese (1kg)

$20.45 ISK 2,463

$10.81 CA$14.99

89.18%

Chicken Fillets (1kg)

$25.49 ISK 3,070

$12.22 CA$16.95

108.59%

Beef Round Steak (1kg)

$41.73 ISK 5,027

$15.68 CA$21.75

166.14%

Apples (1kg)

$3.16 ISK 380

$4.25 CA$5.89

-25.65%

Banana (1kg)

$2.79 ISK 336

$1.43 CA$1.98

95.10%

Oranges (1kg)

$3.09 ISK 372

$4.02 CA$5.57

-23.13%

Tomato (1kg)

$5.95 ISK 716

$4.09 CA$5.67

45.48%

Potato (1kg)

$3.89 ISK 469

$2.68 CA$3.72

45.15%

Onion (1kg)

$1.94 ISK 234

$2.45 CA$3.40

-20.82%

Lettuce (1 head)

$3.75 ISK 452

$2.67 CA$3.70

40.45%

Water (1.5 liter bottle)

$1.94 ISK 234

$1.80 CA$2.50

7.78%

Cigarettes 20 Pack (Marlboro, Camel)

$14.21 ISK 1,712

$14.46 CA$20.05

-1.73%

Wine (Bottle)

$23.35 ISK 2,812

$13.58 CA$18.84

71.94%

Local Beer (0.5 liter bottle)

$3.75 ISK 452

$2.84 CA$3.94

32.04%

Imported Beer (0.33 liter bottle)

$3.38 ISK 407

$3.26 CA$4.52

3.68%

One-way Ticket (Public Transport)

$5.71 ISK 688

$2.46 CA$3.41

132.11%

Public Transport Monthly Pass (Regular Price)

$94.5 ISK 11.4K

$75.2 CA$104

25.70%

Taxi Start (Normal Tariff)

$6.59 ISK 794

$3.15 CA$4.37

109.21%

Taxi (Normal Tariff) (1km)

$2.87 ISK 346

$1.54 CA$2.14

86.36%

Taxi 1hour Waiting (Normal Tariff)

$74.2 ISK 8,933

$27.55 CA$38.21

169.18%

Gasoline (1 liter)

$2.29 ISK 276

$1.16 CA$1.61

97.41%

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

$50.4K ISK 6.1M

$28.4K CA$39.3K

77.50%

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

$55.2K ISK 6.7M

$19.5K CA$27.0K

183.70%

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

$99.0 ISK 11.9K

$155 CA$215

-36.09%

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

$32.11 ISK 3,867

$43.47 CA$60.3

-26.13%

Internet (50+ Mbps, Unlimited Data)

$87.1 ISK 10.5K

$60.4 CA$83.8

44.16%

Gym Membership (Monthly)

$89.8 ISK 10.8K

$41.15 CA$57.1

118.25%

Tennis Court (1 Hour on Weekend)

$51.5 ISK 6,207

$19.79 CA$27.45

160.43%

Cinema Ticket

$19.34 ISK 2,329

$11.53 CA$15.98

67.74%

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

$958 ISK 115.4K

$786 CA$1,089

22.00%

International Primary School, 1 Child (Yearly)

$31.6K ISK 3.8M

$14.8K CA$20.6K

113.09%

Jeans (Levis 501 Or Similar)

$157 ISK 18.9K

$55.0 CA$76.3

185.29%

Summer Dress (H&M, Zara, etc)

$49.70 ISK 5,986

$41.25 CA$57.2

20.48%

Sport Shoes (Adidas, Nike)

$171 ISK 20.6K

$88.1 CA$122

94.25%

Men's Leather Business Shoes

$239 ISK 28.8K

$106 CA$147

125.38%

1-bedroom Apartment, City Center (Monthly)

$2,439 ISK 293.8K

$1,295 CA$1,797

88.28%

1-bedroom Apartment, Outside City Center (Monthly)

$1,988 ISK 239.5K

$1,168 CA$1,619

70.28%

3-bedroom Apartment, City Center (Monthly)

$3,409 ISK 410.6K

$2,044 CA$2,835

66.79%

3-bedroom Apartment, Outside City Center (Monthly)

$2,698 ISK 325.0K

$1,779 CA$2,467

51.67%

Buy Apartment in City Center (m2)

$7,754 ISK 933.9K

$4,786 CA$6,638

61.99%

Buy Apartment Outside City Center (m2)

$6,360 ISK 766.1K

$3,973 CA$5,510

60.08%

Average Monthly Net Salary (After Tax)

$4,935 ISK 594.4K

$3,078 CA$4,270

60.30%

20-Year Fixed Mortgage Interest Rate (Annual %)

9.3

4.86

91.36%

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

Last update for Iceland: September 6, 2026

Last update for Canada: September 8, 2026

Cost Breakdown

Average rent: $559 in Iceland vs $1,228 in Canada. For reference, capital cities sit at $2,489 in Reykjavik and $1,496 in Ottawa.

Average salary: $5,043 in Iceland vs $2,981 in Canada. The income gap affects purchasing power and how far your budget stretches in each country.

Cost Highlights

Rent is 120% higher in Canada.

Dining out costs 20% more in Iceland.

Public transport is 216% more expensive in Canada.

Salaries are 69% 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

Iceland vs Canada: Cost of Living - Frequently Asked Questions

Iceland is the cheaper option – living costs run roughly 19% 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 19% 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.