Last update: Oct 2026

Cost of Living Comparison Between Terrace and Panama City

For one person, living costs are similar in Terrace and in Panama City: $1,887 and $1,855 a month, rent and utilities included.

91

Cost of Living Index in Terrace
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Terrace Living Index
90

Cost of Living Index in Panama City
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Panama City Living Index

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Terrace

🇨🇦 Canada

$1,887

/mo nomad

Panama City

🇵🇦 Panama

$1,855

/mo nomad

Monthly Cost of Living

How much you'll spend in Terrace and in Panama City

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

A single person spends $1,887 per month in Terrace vs $1,855 in Panama City, rent included.

Terrace $1,887
Panama City $1,855

A couple spends around $2,853 per month in Terrace vs $2,804 in Panama City, rent included.

Terrace $2,853
Panama City $2,804

A family of three spends $3,819 per month in Terrace vs $3,753 in Panama City, rent included.

Terrace $3,819
Panama City $3,753

Terrace costs about 2% more than Panama City, and outside of rent the biggest gap is in eating out.

Both Terrace and Panama City sit above the global median – Terrace by 40%, Panama City by 37%.

Meal at Budget Restaurant

$17.53 CA$24.78

$11.63 PAB 11.63

50.73%

Three-Course Dinner for Two, Mid-Range

$79.9 CA$113

$47.92 PAB 47.92

66.69%

Fast Food Meal (McDonalds, etc)

$9.87 CA$13.95

$7.96 PAB 7.96

23.99%

Cappuccino

$3.93 CA$5.55

$4.22 PAB 4.22

-6.87%

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

$2.09 CA$2.95

$2.01 PAB 2.01

3.98%

Water (0.33 liter bottle)

$1.62 CA$2.29

$1.56 PAB 1.56

3.85%

Local Beer (0.5 liter draught)

$5.19 CA$7.34

$3.39 PAB 3.39

53.10%

Imported Beer (0.33 liter bottle)

$6.15 CA$8.69

$3.94 PAB 3.94

56.09%

Milk (1 liter)

$2.25 CA$3.19

$1.85 PAB 1.85

21.62%

White Bread (500g)

$2.63 CA$3.72

$2.56 PAB 2.56

2.73%

Rice (white) (1kg)

$5.10 CA$7.21

$3.48 PAB 3.48

46.55%

Eggs

$3.60 CA$5.10

$2.69 PAB 2.69

33.83%

Local Cheese (1kg)

$8.81 CA$12.45

$12.57 PAB 12.57

-29.91%

Chicken Fillets (1kg)

$15.36 CA$21.71

$6.83 PAB 6.83

124.89%

Beef Round Steak (1kg)

$13.51 CA$19.10

$10.58 PAB 10.58

27.69%

Apples (1kg)

$4.06 CA$5.73

$4.18 PAB 4.18

-2.87%

Banana (1kg)

$1.21 CA$1.72

$1.83 PAB 1.83

-33.88%

Oranges (1kg)

$2.99 CA$4.23

$4.20 PAB 4.20

-28.81%

Tomato (1kg)

$3.67 CA$5.20

$4.03 PAB 4.03

-8.93%

Potato (1kg)

$3.14 CA$4.44

$3.48 PAB 3.48

-9.77%

Onion (1kg)

$3.13 CA$4.43

$4.22 PAB 4.22

-25.83%

Lettuce (1 head)

$2.37 CA$3.36

$2.41 PAB 2.41

-1.66%

Water (1.5 liter bottle)

$1.01 CA$1.43

$1.69 PAB 1.69

-40.24%

Cigarettes 20 Pack (Marlboro, Camel)

$11.27 CA$15.94

$6.14 PAB 6.14

83.55%

Wine (Bottle)

$13.44 CA$18.99

$11.30 PAB 11.30

18.94%

Local Beer (0.5 liter bottle)

$2.09 CA$2.96

$1.42 PAB 1.42

47.18%

Imported Beer (0.33 liter bottle)

$1.78 CA$2.52

$2.73 PAB 2.73

-34.80%

One-way Ticket (Public Transport)

$1.38 CA$1.95

$0.33 PAB 0.33

318.18%

Public Transport Monthly Pass (Regular Price)

$31.40 CA$44.40

$21.23 PAB 21.23

47.90%

Taxi Start (Normal Tariff)

$3.30 CA$4.66

$2.52 PAB 2.52

30.95%

Taxi (Normal Tariff) (1km)

$1.50 CA$2.12

$1.86 PAB 1.86

-19.35%

Taxi 1hour Waiting (Normal Tariff)

$20.03 CA$28.31

$21.78 PAB 21.78

-8.03%

Gasoline (1 liter)

$1.22 CA$1.72

$1.25 PAB 1.25

-2.40%

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

$27.8K CA$39.3K

$21.2K PAB 21.2K

30.92%

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

$18.7K CA$26.5K

$21.0K PAB 21.0K

-10.94%

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

$93.2 CA$132

$130 PAB 130

-28.19%

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

$38.92 CA$55.0

$28.13 PAB 28.13

38.36%

Internet (50+ Mbps, Unlimited Data)

$58.3 CA$82.5

$48.21 PAB 48.21

21.01%

Gym Membership (Monthly)

$40.14 CA$56.7

$45.78 PAB 45.78

-12.32%

Tennis Court (1 Hour on Weekend)

$16.45 CA$23.26

$34.92 PAB 34.92

-52.89%

Cinema Ticket

$8.91 CA$12.60

$8.67 PAB 8.67

2.77%

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

$733 CA$1,037

$544 PAB 544

34.75%

International Primary School, 1 Child (Yearly)

$13.4K CA$18.9K

$9,697 PAB 9,697

38.19%

Jeans (Levis 501 Or Similar)

$36.65 CA$51.8

$66.8 PAB 66.8

-45.09%

Summer Dress (H&M, Zara, etc)

$30.29 CA$42.82

$49.14 PAB 49.14

-38.36%

Sport Shoes (Adidas, Nike)

$79.8 CA$113

$93.9 PAB 93.9

-15.00%

Men's Leather Business Shoes

$104 CA$147

$112 PAB 112

-6.98%

1-bedroom Apartment, City Center (Monthly)

$992 CA$1,402

$1,257 PAB 1,257

-21.11%

1-bedroom Apartment, Outside City Center (Monthly)

$845 CA$1,194

$875 PAB 875

-3.43%

3-bedroom Apartment, City Center (Monthly)

$1,556 CA$2,200

$2,155 PAB 2,155

-27.81%

3-bedroom Apartment, Outside City Center (Monthly)

$1,325 CA$1,874

$1,564 PAB 1,564

-15.24%

Buy Apartment in City Center (m2)

$4,127 CA$5,835

$3,122 PAB 3,122

32.19%

Buy Apartment Outside City Center (m2)

$3,426 CA$4,843

$1,709 PAB 1,709

100.41%

Average Monthly Net Salary (After Tax)

$3,096 CA$4,376

$916 PAB 916

237.96%

20-Year Fixed Mortgage Interest Rate (Annual %)

5.05

6.39

-20.97%

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

Last update for Terrace: October 11, 2026

Last update for Panama City: October 10, 2026

Monthly budget structure

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

Accommodation & Living

Terrace

$845 44.8%

Panama City

$875 47.2% 3.6% $30

Groceries & Markets

Terrace

$364 19.3%

Panama City

$325 17.5% 10.6% $38

Eating Out

Terrace

$270 14.3%

Panama City

$207 11.1% 23.4% $63

Monthly Utilities & Internet

Terrace

$191 10.1%

Panama City

$206 11.1% 8.2% $16

Clothing & Footwear

Terrace

$113 6%

Panama City

$145 7.8% 28.3% $32

Sport & Entertainment

Terrace

$58 3.1%

Panama City

$63 3.4% 8.9% $5.1

Getting Around

Terrace

$48 2.5%

Panama City

$34 1.9% 27.9% $13

Cost Breakdown

A central one-bedroom costs $992 in Terrace versus $1,257 in Panama City. Rent is usually the largest line item in a monthly budget, so the gap here sets the tone for the overall comparison.

Salaries run about 238% higher in Terrace, which partly offsets the higher cost of living there. Purchasing power depends on which expenses matter most to you.

A mid-range dinner for two costs $80.0 in Terrace versus $48.00 in Panama City. Monthly groceries follow the same trend: $364 vs $325 – making Panama City the more affordable choice for daily food spending.

Good to know

🇨🇦 Terrace

🇵🇦 Panama City

🕒 Local time

04:32 4:32 AM

06:32 6:32 AM

2 h ahead of Terrace

🌤 Weather

👥 Population

19,443

1,086,990 Capital

💱 Currency

Canadian Dollar CAD $

Panamanian Balboa PAB B/.

📈 Exchange rate

1 CAD = 0.707 USD

1 CAD = 0.629 EUR

1 PAB = 1 USD

1 PAB = 0.89 EUR

Exchange rates and currency converter

PAB, USD, EUR to CAD – Canadian Dollar Converter

🇺🇸 United States Dollar ($)

🇨🇦 Canadian Dollar ($)

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).

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).

USD to CAD in detail →

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Between locations

Terrace Panama City 6,650 km ≈ 9 h nonstop flight

From you

Terrace
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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

Terrace vs Panama City: Cost of Living - Frequently Asked Questions

Yes – Terrace is pricier by about 2%, and outside of rent the gap shows up most in eating out.

For a comfortable life, plan on about $2,831 per month in Terrace and $2,783 in Panama City. That covers rent, food, utilities, transport, and enough left over to feel settled – not just surviving.

Rent is clearly cheaper in Panama City, especially for central apartments. Housing is actually the single biggest factor behind the overall cost gap between these two cities.

Groceries cost about 12% more in Terrace, though it depends on what you buy. Local produce may be comparable; imported and premium items show the biggest price gap.

A mid-range dinner for two costs $80.0 in Terrace and $48.00 in Panama City. That's a good indicator of the overall restaurant and café pricing gap between the two cities.

A $2,500 monthly budget goes further in Panama City, where all-in costs run around $1,855, than in Terrace at $1,887. In Panama City it covers expenses comfortably, while in Terrace it requires careful planning or may not stretch far enough.

Families tend to lean toward Panama City – lower housing and cheaper childcare make a real difference, especially on a single income or when paying for private education.

If budget matters most, go with Panama City. If higher salaries, better infrastructure, or specific career opportunities are the priority, Terrace makes more sense. Both are solid long-term options with distinct trade-offs.