Last update: Oct 2026

Cost of Living Comparison Between Reykjavik and Labrador City

For one person, living is cheaper in Labrador City: $2,361 a month against $4,023 in Reykjavik, rent and utilities included – about $19,900 less a year. Rent and utilities account for most of the difference.

193

Cost of Living Index in Reykjavik
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Reykjavik Living Index
115

Cost of Living Index in Labrador City
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Labrador City Living Index

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Reykjavik

🇮🇸 Iceland

$4,023

/mo nomad

Labrador City

🇨🇦 Canada

$2,361

/mo nomad

Monthly Cost of Living

How much you'll spend in Reykjavik and in Labrador City

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

Monthly costs for one person with rent: $4,023 in Reykjavik versus $2,361 in Labrador City.

Reykjavik $4,023
Labrador City $2,361

Estimated couple costs with rent: $5,708 in Reykjavik versus $3,438 in Labrador City.

Reykjavik $5,708
Labrador City $3,438

Monthly costs for a family of three with rent: $7,393 in Reykjavik versus $4,514 in Labrador City.

Reykjavik $7,393
Labrador City $4,514

Living in Reykjavik is roughly 70% more expensive than in Labrador City, and outside of rent the biggest gap is in groceries.

Both cities are pricier than the global median: Reykjavik 197% above, Labrador City 74% above.

Meal at Budget Restaurant

$31.00 ISK 3,760

$29.93 CA$42.31

3.58%

Three-Course Dinner for Two, Mid-Range

$123 ISK 14.9K

$68.8 CA$97.2

79.17%

Fast Food Meal (McDonalds, etc)

$27.21 ISK 3,300

$12.75 CA$18.02

113.41%

Cappuccino

$6.90 ISK 837

$3.50 CA$4.95

97.14%

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

$3.30 ISK 401

$4.12 CA$5.83

-19.90%

Water (0.33 liter bottle)

$3.16 ISK 384

$2.16 CA$3.05

46.30%

Local Beer (0.5 liter draught)

$13.84 ISK 1,678

$5.37 CA$7.59

157.73%

Imported Beer (0.33 liter bottle)

$12.46 ISK 1,512

$5.64 CA$7.97

120.92%

Milk (1 liter)

$2.06 ISK 250

$2.07 CA$2.93

-0.48%

White Bread (500g)

$4.11 ISK 498

$2.41 CA$3.41

70.54%

Rice (white) (1kg)

$3.68 ISK 446

$3.23 CA$4.56

13.93%

Eggs

$7.27 ISK 882

$2.86 CA$4.05

154.20%

Local Cheese (1kg)

$21.79 ISK 2,643

$9.73 CA$13.76

123.95%

Chicken Fillets (1kg)

$23.95 ISK 2,905

$11.22 CA$15.86

113.46%

Beef Round Steak (1kg)

$41.43 ISK 5,025

$14.41 CA$20.37

187.51%

Apples (1kg)

$3.42 ISK 414

$3.68 CA$5.20

-7.07%

Banana (1kg)

$2.84 ISK 344

$1.29 CA$1.82

120.16%

Oranges (1kg)

$3.23 ISK 391

$3.74 CA$5.28

-13.64%

Tomato (1kg)

$6.46 ISK 783

$3.80 CA$5.37

70.00%

Potato (1kg)

$4.05 ISK 491

$2.44 CA$3.45

65.98%

Onion (1kg)

$1.66 ISK 202

$2.20 CA$3.11

-24.55%

Lettuce (1 head)

$3.86 ISK 468

$2.45 CA$3.46

57.55%

Water (1.5 liter bottle)

$1.84 ISK 223

$1.62 CA$2.28

13.58%

Cigarettes 20 Pack (Marlboro, Camel)

$13.96 ISK 1,693

$14.02 CA$19.82

-0.43%

Wine (Bottle)

$23.76 ISK 2,882

$12.78 CA$18.06

85.92%

Local Beer (0.5 liter bottle)

$3.54 ISK 430

$2.57 CA$3.63

37.74%

Imported Beer (0.33 liter bottle)

$3.44 ISK 418

$3.08 CA$4.36

11.69%

One-way Ticket (Public Transport)

$5.81 ISK 705

$2.25 CA$3.18

158.22%

Public Transport Monthly Pass (Regular Price)

$95.3 ISK 11.6K

$62.0 CA$87.7

53.68%

Taxi Start (Normal Tariff)

$6.72 ISK 815

$2.92 CA$4.13

130.14%

Taxi (Normal Tariff) (1km)

$2.81 ISK 340

$1.48 CA$2.09

89.86%

Taxi 1hour Waiting (Normal Tariff)

$81.3 ISK 9,866

$22.79 CA$32.22

256.91%

Gasoline (1 liter)

$2.12 ISK 257

$1.18 CA$1.67

79.66%

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

$68.9K ISK 8.4M

$28.2K CA$39.8K

144.58%

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

$55.8K ISK 6.8M

$19.0K CA$26.9K

193.35%

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

$95.8 ISK 11.6K

$133 CA$187

-27.73%

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

$33.11 ISK 4,016

$38.45 CA$54.4

-13.89%

Internet (50+ Mbps, Unlimited Data)

$87.2 ISK 10.6K

$91.7 CA$130

-4.98%

Gym Membership (Monthly)

$101 ISK 12.3K

$40.01 CA$56.6

152.64%

Tennis Court (1 Hour on Weekend)

$50.7 ISK 6,155

$18.16 CA$25.68

179.41%

Cinema Ticket

$19.85 ISK 2,407

$11.21 CA$15.84

77.07%

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

$1,195 ISK 144.9K

$736 CA$1,041

62.22%

International Primary School, 1 Child (Yearly)

$26.2K ISK 3.2M

$13.0K CA$18.4K

101.06%

Jeans (Levis 501 Or Similar)

$148 ISK 18.0K

$52.4 CA$74.1

182.72%

Summer Dress (H&M, Zara, etc)

$66.8 ISK 8,096

$37.89 CA$53.6

76.17%

Sport Shoes (Adidas, Nike)

$187 ISK 22.6K

$84.2 CA$119

121.70%

Men's Leather Business Shoes

$253 ISK 30.6K

$103 CA$145

145.53%

1-bedroom Apartment, City Center (Monthly)

$2,579 ISK 312.8K

$1,235 CA$1,746

108.78%

1-bedroom Apartment, Outside City Center (Monthly)

$2,080 ISK 252.3K

$1,104 CA$1,561

88.44%

3-bedroom Apartment, City Center (Monthly)

$3,455 ISK 419.0K

$1,968 CA$2,782

75.54%

3-bedroom Apartment, Outside City Center (Monthly)

$2,752 ISK 333.8K

$1,710 CA$2,417

60.97%

Buy Apartment in City Center (m2)

$7,933 ISK 962.2K

$4,188 CA$5,920

89.43%

Buy Apartment Outside City Center (m2)

$6,377 ISK 773.5K

$3,561 CA$5,034

79.09%

Average Monthly Net Salary (After Tax)

$4,695 ISK 569.5K

$3,269 CA$4,622

43.61%

20-Year Fixed Mortgage Interest Rate (Annual %)

8.81

6.39

37.87%

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

Last update for Reykjavik: October 20, 2026

Last update for Labrador City: October 17, 2026

Monthly budget structure

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

Accommodation & Living

Reykjavik

$2.1K 51.7%

Labrador City

$1.1K 46.7% 46.9% $976

Groceries & Markets

Reykjavik

$619 15.4%

Labrador City

$343 14.5% 44.6% $276

Eating Out

Reykjavik

$532 13.2%

Labrador City

$383 16.2% 28.1% $149

Clothing & Footwear

Reykjavik

$294 7.3%

Labrador City

$125 5.3% 57.6% $170

Monthly Utilities & Internet

Reykjavik

$216 5.4%

Labrador City

$263 11.1% 21.6% $47

Sport & Entertainment

Reykjavik

$141 3.5%

Labrador City

$62 2.6% 55.7% $78

Getting Around

Reykjavik

$139 3.5%

Labrador City

$81 3.4% 41.6% $58

Cost Breakdown

A one-bedroom apartment in the center runs $2,579 in Reykjavik and $1,235 in Labrador City. Housing cost is often the main lever when comparing two cities.

Reykjavik pays 44% more on average. The extra income cushions the higher costs, though housing choices and lifestyle decide how much of the gap is truly closed.

Dining out: $123 in Reykjavik vs $69.0 in Labrador City for a mid-range dinner for two. Groceries echo the gap at $619 vs $343 per month, with Labrador City cheaper across the board.

Good to know

🇮🇸 Reykjavik

🇨🇦 Labrador City

🕒 Local time

05:21 5:21 AM

02:21 2:21 AM

3 h behind Reykjavik

🌤 Weather

👥 Population

136,894 Capital

7,400

💱 Currency

Icelandic Króna ISK kr

Canadian Dollar CAD $

📈 Exchange rate

1,000 ISK = 8.24 USD

1,000 ISK = 7.33 EUR

1 CAD = 0.707 USD

1 CAD = 0.629 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 21, 2026: 1 USD = 121 ISK (1,000 ISK = 8.24 USD). 1 EUR = 136 ISK (1,000 ISK = 7.33 EUR).

Canadian Dollar exchange rates as of October 21, 2026: 1 USD = 1.41 CAD (1 CAD = 0.707 USD). 1 EUR = 1.59 CAD (1 CAD = 0.629 EUR).

USD to ISK in detail →

On the map

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Highest

Between locations

Reykjavik Labrador City 2,810 km ≈ 4 h nonstop flight

From you

Reykjavik
Labrador City

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

Reykjavik vs Labrador City: Cost of Living - Frequently Asked Questions

Labrador City is cheaper overall, especially in groceries, eating out, and clothing. The 70% gap adds up to real monthly savings that compound significantly over time.

Average pay runs 44% higher in Reykjavik, which matters when comparing affordability. Whether that higher income actually nets you more depends on your spending habits and housing choices.

Rent for a central apartment: $2,579 in Reykjavik versus $1,235 in Labrador City. Housing is usually the single largest factor when comparing overall living costs between the two.

Dining out is cheaper in Labrador City – a meal for two runs $69.0 versus $123 in Reykjavik. If you eat out regularly, this makes a real dent in your monthly spending.

All in, you'll spend $4,023 per month in Reykjavik versus $2,361 in Labrador City – a 70% gap that adds up to real savings over time for anyone picking the cheaper option.

At $2,361 in Labrador City versus $4,023 in Reykjavik, a $2,500 budget is realistic in Labrador City but tight or insufficient in Reykjavik. The gap between the two cities makes Labrador City the clear choice for anyone on this budget.

For families, Labrador City is more practical. Housing and childcare are both notably cheaper than in Reykjavik, and the savings on those two alone free up budget for education, activities, and family trips.

Safety-wise, Reykjavik and Labrador City are on par. Petty crime is typical for cities this size, and most residents feel comfortable going about their daily routines in either place.

Expats usually find Labrador City gentler on the wallet – expenses run 70% less than in Reykjavik. Beyond cost, consider language, visa policies, and how big the international community is in each city.