Last update: Oct 2026

Cost of Living Comparison Between Panama and Canada

Name: Canada
Address: CA

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.

78

Cost of Living Index in Panama
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Panama Living Index
111

Cost of Living Index in Canada
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Canada Living Index

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🇵🇦 Panama

$1,590

/mo nomad

🇨🇦 Canada

$2,288

/mo nomad

Monthly Cost of Living

How much you'll spend in Panama 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 Panama and in Canada actually costs, broken down by who's living it.

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

Panama $1,590
Canada $2,288

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

Panama $2,415
Canada $3,318

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

Panama $3,241
Canada $4,348

The cost of living in Panama is roughly 31% lower than in Canada on average.

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

Meal at Budget Restaurant

$7.80 PAB 7.80

$17.44 CA$24.66

-55.28%

Three-Course Dinner for Two, Mid-Range

$44.15 PAB 44.15

$68.8 CA$97.3

-35.86%

Fast Food Meal (McDonalds, etc)

$7.87 PAB 7.87

$10.70 CA$15.13

-26.45%

Cappuccino

$3.86 PAB 3.86

$3.83 CA$5.42

0.78%

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

$1.60 PAB 1.60

$2.03 CA$2.87

-21.18%

Water (0.33 liter bottle)

$1.40 PAB 1.40

$1.64 CA$2.32

-14.63%

Local Beer (0.5 liter draught)

$2.24 PAB 2.24

$5.43 CA$7.68

-58.75%

Imported Beer (0.33 liter bottle)

$3.96 PAB 3.96

$5.74 CA$8.12

-31.01%

Milk (1 liter)

$1.80 PAB 1.80

$2.14 CA$3.03

-15.89%

White Bread (500g)

$2.29 PAB 2.29

$2.64 CA$3.73

-13.26%

Rice (white) (1kg)

$2.91 PAB 2.91

$3.46 CA$4.89

-15.90%

Eggs

$2.49 PAB 2.49

$3.53 CA$5.00

-29.46%

Local Cheese (1kg)

$12.07 PAB 12.07

$10.70 CA$15.12

12.80%

Chicken Fillets (1kg)

$7.22 PAB 7.22

$11.86 CA$16.77

-39.12%

Beef Round Steak (1kg)

$10.43 PAB 10.43

$14.84 CA$20.98

-29.72%

Apples (1kg)

$4.18 PAB 4.18

$4.04 CA$5.71

3.47%

Banana (1kg)

$1.42 PAB 1.42

$1.37 CA$1.94

3.65%

Oranges (1kg)

$3.61 PAB 3.61

$3.72 CA$5.26

-2.96%

Tomato (1kg)

$3.86 PAB 3.86

$3.99 CA$5.65

-3.26%

Potato (1kg)

$2.64 PAB 2.64

$2.63 CA$3.72

0.38%

Onion (1kg)

$3.14 PAB 3.14

$2.38 CA$3.36

31.93%

Lettuce (1 head)

$2.28 PAB 2.28

$2.51 CA$3.55

-9.16%

Water (1.5 liter bottle)

$1.57 PAB 1.57

$1.75 CA$2.47

-10.29%

Cigarettes 20 Pack (Marlboro, Camel)

$5.87 PAB 5.87

$14.07 CA$19.90

-58.28%

Wine (Bottle)

$10.15 PAB 10.15

$13.32 CA$18.83

-23.80%

Local Beer (0.5 liter bottle)

$1.34 PAB 1.34

$2.86 CA$4.05

-53.15%

Imported Beer (0.33 liter bottle)

$2.40 PAB 2.40

$3.16 CA$4.47

-24.05%

One-way Ticket (Public Transport)

$0.44 PAB 0.44

$2.50 CA$3.53

-82.40%

Public Transport Monthly Pass (Regular Price)

$21.23 PAB 21.23

$71.5 CA$101

-70.31%

Taxi Start (Normal Tariff)

$2.49 PAB 2.49

$3.09 CA$4.38

-19.42%

Taxi (Normal Tariff) (1km)

$1.78 PAB 1.78

$1.43 CA$2.03

24.48%

Taxi 1hour Waiting (Normal Tariff)

$22.40 PAB 22.40

$26.16 CA$36.98

-14.37%

Gasoline (1 liter)

$1.18 PAB 1.18

$1.18 CA$1.67

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

$21.6K PAB 21.6K

$28.0K CA$39.6K

-23.00%

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

$22.4K PAB 22.4K

$18.8K CA$26.6K

19.13%

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

$118 PAB 118

$148 CA$210

-20.50%

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

$26.75 PAB 26.75

$42.44 CA$60.0

-36.97%

Internet (50+ Mbps, Unlimited Data)

$46.56 PAB 46.56

$58.5 CA$82.7

-20.38%

Gym Membership (Monthly)

$48.98 PAB 48.98

$40.65 CA$57.5

20.49%

Tennis Court (1 Hour on Weekend)

$29.75 PAB 29.75

$18.99 CA$26.84

56.66%

Cinema Ticket

$7.95 PAB 7.95

$11.25 CA$15.90

-29.33%

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

$553 PAB 553

$753 CA$1,064

-26.61%

International Primary School, 1 Child (Yearly)

$8,030 PAB 8,030

$14.3K CA$20.2K

-43.68%

Jeans (Levis 501 Or Similar)

$54.6 PAB 54.6

$52.5 CA$74.2

3.98%

Summer Dress (H&M, Zara, etc)

$42.81 PAB 42.81

$38.23 CA$54.0

11.98%

Sport Shoes (Adidas, Nike)

$89.0 PAB 89.0

$87.8 CA$124

1.40%

Men's Leather Business Shoes

$105 PAB 105

$103 CA$146

1.99%

1-bedroom Apartment, City Center (Monthly)

$939 PAB 939

$1,236 CA$1,747

-24.02%

1-bedroom Apartment, Outside City Center (Monthly)

$701 PAB 701

$1,120 CA$1,583

-37.38%

3-bedroom Apartment, City Center (Monthly)

$1,709 PAB 1,709

$1,996 CA$2,822

-14.40%

3-bedroom Apartment, Outside City Center (Monthly)

$1,258 PAB 1,258

$1,714 CA$2,423

-26.57%

Buy Apartment in City Center (m2)

$2,911 PAB 2,911

$4,503 CA$6,365

-35.36%

Buy Apartment Outside City Center (m2)

$1,643 PAB 1,643

$3,888 CA$5,497

-57.74%

Average Monthly Net Salary (After Tax)

$831 PAB 831

$2,921 CA$4,129

-71.56%

20-Year Fixed Mortgage Interest Rate (Annual %)

6.37

4.87

30.80%

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

Last update for Panama: October 11, 2026

Last update for Canada: October 13, 2026

Monthly budget structure

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

Accommodation & Living

Panama

$701 44.1%

Canada

$1.1K 48.9% 59.7% $419

Groceries & Markets

Panama

$303 19.1%

Canada

$366 16% 20.7% $63

Monthly Utilities & Internet

Panama

$191 12%

Canada

$249 10.9% 30.3% $58

Eating Out

Panama

$163 10.3%

Canada

$271 11.9% 65.8% $108

Clothing & Footwear

Panama

$131 8.3%

Canada

$127 5.5% 3.4% $4.5

Sport & Entertainment

Panama

$65 4.1%

Canada

$63 2.8% 2.7% $1.7

Getting Around

Panama

$34 2.2%

Canada

$92 4% 167% $57

Cost Breakdown

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

Average salary: $686 in Panama vs $2,892 in Canada. 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

🇵🇦 Panama

🇨🇦 Canada

🕒 Local time

15:13 3:13 PM

16:13 4:13 PM

1 h ahead of Panama

🌤 Weather

👥 Population

4,098,587

36,991,981

💱 Currency

Panamanian Balboa PAB B/.

Canadian Dollar CAD $

📈 Exchange rate

1 PAB = 1 USD

1 PAB = 0.89 EUR

1 CAD = 0.707 USD

1 CAD = 0.629 EUR

Exchange rates and currency converter

CAD, USD, EUR to PAB – Panamanian Balboa Converter

🇺🇸 United States Dollar ($)

🇵🇦 Panamanian Balboa (B/.)

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).

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).

USD to PAB in detail →

On the map

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Between locations

Panama Canada 4,070 km ≈ 6 h nonstop flight

From you

Panama
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

Panama vs Canada: 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.