Last update: Oct 2026

Cost of Living Comparison Between Panama and Toronto

For one person, living is cheaper in Panama: $1,604 a month against $2,530 in Toronto, rent and utilities included – about $11,100 less a year. Rent and utilities account for most of the difference.

77

Cost of Living Index in Panama
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Panama Living Index
125

Cost of Living Index in Toronto
Learn more

Toronto Living Index

Jump to prices

🇵🇦 Panama

$1,604

/mo nomad

Toronto

🇨🇦 Canada

$2,530

/mo nomad

🙂 Solo nomad: Panama is 25.5% cheaper than Toronto without rent, and 36.6% cheaper with rent.

🙂 Family of 3: Panama is 26.8% cheaper than Toronto without rent, and 30.6% cheaper with rent.

Meal at Budget Restaurant

$7.86 PAB 7.86

$17.67 CA$25.19

-55.52%

Three-Course Dinner for Two, Mid-Range

$44.75 PAB 44.75

$77.4 CA$110

-42.17%

Fast Food Meal (McDonalds, etc)

$7.89 PAB 7.89

$10.47 CA$14.93

-24.64%

Cappuccino

$3.84 PAB 3.84

$4.08 CA$5.81

-5.88%

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

$1.59 PAB 1.59

$2.12 CA$3.02

-25.00%

Water (0.33 liter bottle)

$1.41 PAB 1.41

$1.76 CA$2.51

-19.89%

Local Beer (0.5 liter draught)

$2.19 PAB 2.19

$6.17 CA$8.80

-64.51%

Imported Beer (0.33 liter bottle)

$4.04 PAB 4.04

$6.89 CA$9.82

-41.36%

Milk (1 liter)

$1.85 PAB 1.85

$2.43 CA$3.46

-23.87%

White Bread (500g)

$2.32 PAB 2.32

$2.75 CA$3.92

-15.64%

Rice (white) (1kg)

$2.99 PAB 2.99

$2.23 CA$3.18

34.08%

Eggs

$2.48 PAB 2.48

$3.45 CA$4.91

-28.12%

Local Cheese (1kg)

$12.28 PAB 12.28

$8.93 CA$12.73

37.51%

Chicken Fillets (1kg)

$6.94 PAB 6.94

$11.44 CA$16.31

-39.34%

Beef Round Steak (1kg)

$10.11 PAB 10.11

$14.61 CA$20.83

-30.80%

Apples (1kg)

$4.18 PAB 4.18

$3.75 CA$5.34

11.47%

Banana (1kg)

$1.48 PAB 1.48

$1.15 CA$1.64

28.70%

Oranges (1kg)

$3.65 PAB 3.65

$3.55 CA$5.06

2.82%

Tomato (1kg)

$3.73 PAB 3.73

$4.28 CA$6.10

-12.85%

Potato (1kg)

$2.50 PAB 2.50

$1.85 CA$2.63

35.14%

Onion (1kg)

$3.29 PAB 3.29

$1.67 CA$2.38

97.01%

Lettuce (1 head)

$2.34 PAB 2.34

$2.22 CA$3.16

5.41%

Water (1.5 liter bottle)

$1.57 PAB 1.57

$1.21 CA$1.72

29.75%

Cigarettes 20 Pack (Marlboro, Camel)

$6.08 PAB 6.08

$13.88 CA$19.78

-56.20%

Wine (Bottle)

$9.88 PAB 9.88

$14.25 CA$20.31

-30.67%

Local Beer (0.5 liter bottle)

$1.39 PAB 1.39

$2.20 CA$3.13

-36.82%

Imported Beer (0.33 liter bottle)

$2.42 PAB 2.42

$2.42 CA$3.45

One-way Ticket (Public Transport)

$0.43 PAB 0.43

$2.42 CA$3.44

-82.23%

Public Transport Monthly Pass (Regular Price)

$20.96 PAB 20.96

$111 CA$158

-81.07%

Taxi Start (Normal Tariff)

$2.43 PAB 2.43

$2.90 CA$4.13

-16.21%

Taxi (Normal Tariff) (1km)

$1.82 PAB 1.82

$1.26 CA$1.80

44.44%

Taxi 1hour Waiting (Normal Tariff)

$21.79 PAB 21.79

$22.03 CA$31.40

-1.09%

Gasoline (1 liter)

$1.18 PAB 1.18

$1.22 CA$1.74

-3.28%

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

$21.5K PAB 21.5K

$27.6K CA$39.4K

-22.22%

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

$22.2K PAB 22.2K

$19.8K CA$28.3K

11.98%

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

$119 PAB 119

$122 CA$174

-2.36%

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

$27.03 PAB 27.03

$32.03 CA$45.66

-15.61%

Internet (50+ Mbps, Unlimited Data)

$47.70 PAB 47.70

$47.92 CA$68.3

-0.46%

Gym Membership (Monthly)

$48.94 PAB 48.94

$38.90 CA$55.5

25.81%

Tennis Court (1 Hour on Weekend)

$30.16 PAB 30.16

$23.24 CA$33.12

29.78%

Cinema Ticket

$7.84 PAB 7.84

$12.61 CA$17.97

-37.83%

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

$536 PAB 536

$834 CA$1,189

-35.77%

International Primary School, 1 Child (Yearly)

$8,069 PAB 8,069

$23.3K CA$33.3K

-65.43%

Jeans (Levis 501 Or Similar)

$53.5 PAB 53.5

$52.6 CA$75.0

1.69%

Summer Dress (H&M, Zara, etc)

$42.77 PAB 42.77

$40.26 CA$57.4

6.23%

Sport Shoes (Adidas, Nike)

$87.4 PAB 87.4

$96.2 CA$137

-9.16%

Men's Leather Business Shoes

$103 PAB 103

$123 CA$175

-15.93%

1-bedroom Apartment, City Center (Monthly)

$944 PAB 944

$1,598 CA$2,278

-40.91%

1-bedroom Apartment, Outside City Center (Monthly)

$697 PAB 697

$1,435 CA$2,045

-51.45%

3-bedroom Apartment, City Center (Monthly)

$1,728 PAB 1,728

$2,657 CA$3,787

-34.97%

3-bedroom Apartment, Outside City Center (Monthly)

$1,262 PAB 1,262

$2,096 CA$2,988

-39.77%

Buy Apartment in City Center (m2)

$2,941 PAB 2,941

$8,033 CA$11.5K

-63.38%

Buy Apartment Outside City Center (m2)

$1,673 PAB 1,673

$6,557 CA$9,347

-74.49%

Average Monthly Net Salary (After Tax)

$826 PAB 826

$3,743 CA$5,335

-77.95%

20-Year Fixed Mortgage Interest Rate (Annual %)

6.37

4.47

42.51%

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

Last update for Panama: October 5, 2026

Last update for Toronto: October 4, 2026

Monthly budget structure

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

Accommodation & Living

Panama

$697 44%

Toronto

$1.4K 55.4% 106% $738

Groceries & Markets

Panama

$302 19.1%

Toronto

$340 13.1% 12.5% $38

Monthly Utilities & Internet

Panama

$194 12.2%

Toronto

$202 7.8% 4.2% $8.1

Eating Out

Panama

$164 10.3%

Toronto

$282 10.9% 72.3% $118

Clothing & Footwear

Panama

$129 8.2%

Toronto

$140 5.4% 8.7% $11

Sport & Entertainment

Panama

$65 4.1%

Toronto

$64 2.5% 0.8% $0.5

Getting Around

Panama

$34 2.2%

Toronto

$130 5% 279% $95

Good to know

🇵🇦 Panama

🇨🇦 Toronto

🕒 Local time

23:56 11:56 PM

00:56 12:56 AM

1 h ahead of Panama

🌤 Weather

👥 Population

4,098,587

2,731,571

💱 Currency

Panamanian Balboa PAB B/.

Canadian Dollar CAD $

📈 Exchange rate

1 PAB = 1 USD

1 PAB = 0.892 EUR

1 CAD = 0.702 USD

1 CAD = 0.626 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 10, 2026: 1 USD = 1 PAB (1 PAB = 1 USD). 1 EUR = 1.12 PAB (1 PAB = 0.892 EUR).

Canadian Dollar exchange rates as of October 10, 2026: 1 USD = 1.43 CAD (1 CAD = 0.702 USD). 1 EUR = 1.6 CAD (1 CAD = 0.626 EUR).

USD to PAB in detail →

On the map

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Between locations

Panama Toronto 3,860 km ≈ 5 h nonstop flight

From you

Panama
Toronto

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 other spots: cost of living compared

Cost of Living Comparison Between Panama and Toronto

CAD, USD, EUR to PAB – Panamanian Balboa Converter

City Median Internet Speeds Comparison (Updated April 2026)

Panama

Toronto

Panama

Toronto

Panama vs other spots: cost of living compared

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