Last update: Oct 2026

Cost of Living Comparison Between Toronto and Panama City

For one person, living is cheaper in Panama City: $1,837 a month against $2,530 in Toronto, rent and utilities included – about $8,300 less a year. Rent and utilities account for most of the difference.

125

Cost of Living Index in Toronto
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Toronto Living Index
90

Cost of Living Index in Panama City
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Panama City Living Index

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Toronto

🇨🇦 Canada

$2,530

/mo nomad

Panama City

🇵🇦 Panama

$1,837

/mo nomad

Monthly Cost of Living

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

A single person spends $2,530 per month in Toronto vs $1,837 in Panama City, rent included.

Toronto $2,530
Panama City $1,837

A couple spends around $3,646 per month in Toronto vs $2,825 in Panama City, rent included.

Toronto $3,646
Panama City $2,825

A family of three spends $4,761 per month in Toronto vs $3,812 in Panama City, rent included.

Toronto $4,761
Panama City $3,812

Toronto costs about 38% more than Panama City, and outside of rent the biggest gap is in transport.

Both Toronto and Panama City sit above the global median – Toronto by 89%, Panama City by 37%.

Meal at Budget Restaurant

$17.67 CA$25.19

$11.34 PAB 11.34

55.82%

Three-Course Dinner for Two, Mid-Range

$77.4 CA$110

$47.85 PAB 47.85

61.71%

Fast Food Meal (McDonalds, etc)

$10.47 CA$14.93

$8.07 PAB 8.07

29.74%

Cappuccino

$4.08 CA$5.81

$4.02 PAB 4.02

1.49%

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

$2.12 CA$3.02

$1.94 PAB 1.94

9.28%

Water (0.33 liter bottle)

$1.76 CA$2.51

$1.62 PAB 1.62

8.64%

Local Beer (0.5 liter draught)

$6.17 CA$8.80

$3.26 PAB 3.26

89.26%

Imported Beer (0.33 liter bottle)

$6.89 CA$9.82

$3.99 PAB 3.99

72.68%

Milk (1 liter)

$2.43 CA$3.46

$1.83 PAB 1.83

32.79%

White Bread (500g)

$2.75 CA$3.92

$2.57 PAB 2.57

7.00%

Rice (white) (1kg)

$2.23 CA$3.18

$3.33 PAB 3.33

-33.03%

Eggs

$3.45 CA$4.91

$2.69 PAB 2.69

28.25%

Local Cheese (1kg)

$8.93 CA$12.73

$12.33 PAB 12.33

-27.58%

Chicken Fillets (1kg)

$11.44 CA$16.31

$6.69 PAB 6.69

71.00%

Beef Round Steak (1kg)

$14.61 CA$20.83

$10.40 PAB 10.40

40.48%

Apples (1kg)

$3.75 CA$5.34

$4.16 PAB 4.16

-9.86%

Banana (1kg)

$1.15 CA$1.64

$1.84 PAB 1.84

-37.50%

Oranges (1kg)

$3.55 CA$5.06

$4.18 PAB 4.18

-15.07%

Tomato (1kg)

$4.28 CA$6.10

$4.08 PAB 4.08

4.90%

Potato (1kg)

$1.85 CA$2.63

$3.50 PAB 3.50

-47.14%

Onion (1kg)

$1.67 CA$2.38

$4.37 PAB 4.37

-61.78%

Lettuce (1 head)

$2.22 CA$3.16

$2.34 PAB 2.34

-5.13%

Water (1.5 liter bottle)

$1.21 CA$1.72

$1.75 PAB 1.75

-30.86%

Cigarettes 20 Pack (Marlboro, Camel)

$13.88 CA$19.78

$6.06 PAB 6.06

129.04%

Wine (Bottle)

$14.25 CA$20.31

$11.72 PAB 11.72

21.59%

Local Beer (0.5 liter bottle)

$2.20 CA$3.13

$1.37 PAB 1.37

60.58%

Imported Beer (0.33 liter bottle)

$2.42 CA$3.45

$2.84 PAB 2.84

-14.79%

One-way Ticket (Public Transport)

$2.42 CA$3.44

$0.36 PAB 0.36

572.22%

Public Transport Monthly Pass (Regular Price)

$111 CA$158

$20.96 PAB 20.96

428.34%

Taxi Start (Normal Tariff)

$2.90 CA$4.13

$2.52 PAB 2.52

15.08%

Taxi (Normal Tariff) (1km)

$1.26 CA$1.80

$1.79 PAB 1.79

-29.61%

Taxi 1hour Waiting (Normal Tariff)

$22.03 CA$31.40

$22.01 PAB 22.01

0.09%

Gasoline (1 liter)

$1.22 CA$1.74

$1.25 PAB 1.25

-2.40%

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

$27.6K CA$39.4K

$21.5K PAB 21.5K

28.30%

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

$19.8K CA$28.3K

$21.2K PAB 21.2K

-6.47%

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

$122 CA$174

$131 PAB 131

-7.09%

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

$32.03 CA$45.66

$27.68 PAB 27.68

15.72%

Internet (50+ Mbps, Unlimited Data)

$47.92 CA$68.3

$48.59 PAB 48.59

-1.38%

Gym Membership (Monthly)

$38.90 CA$55.5

$46.11 PAB 46.11

-15.64%

Tennis Court (1 Hour on Weekend)

$23.24 CA$33.12

$35.01 PAB 35.01

-33.62%

Cinema Ticket

$12.61 CA$17.97

$8.73 PAB 8.73

44.44%

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

$834 CA$1,189

$551 PAB 551

51.47%

International Primary School, 1 Child (Yearly)

$23.3K CA$33.3K

$9,560 PAB 9,560

144.13%

Jeans (Levis 501 Or Similar)

$52.6 CA$75.0

$67.6 PAB 67.6

-22.20%

Summer Dress (H&M, Zara, etc)

$40.26 CA$57.4

$48.03 PAB 48.03

-16.18%

Sport Shoes (Adidas, Nike)

$96.2 CA$137

$94.9 PAB 94.9

1.38%

Men's Leather Business Shoes

$123 CA$175

$113 PAB 113

8.85%

1-bedroom Apartment, City Center (Monthly)

$1,598 CA$2,278

$1,238 PAB 1,238

29.12%

1-bedroom Apartment, Outside City Center (Monthly)

$1,435 CA$2,045

$873 PAB 873

64.33%

3-bedroom Apartment, City Center (Monthly)

$2,657 CA$3,787

$2,197 PAB 2,197

20.93%

3-bedroom Apartment, Outside City Center (Monthly)

$2,096 CA$2,988

$1,538 PAB 1,538

36.27%

Buy Apartment in City Center (m2)

$8,033 CA$11.5K

$3,116 PAB 3,116

157.82%

Buy Apartment Outside City Center (m2)

$6,557 CA$9,347

$1,725 PAB 1,725

280.21%

Average Monthly Net Salary (After Tax)

$3,743 CA$5,335

$934 PAB 934

300.58%

20-Year Fixed Mortgage Interest Rate (Annual %)

4.47

6.39

-30.05%

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

Last update for Toronto: October 4, 2026

Last update for Panama City: October 3, 2026

Monthly budget structure

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

Accommodation & Living

Toronto

$1.4K 55.4%

Panama City

$873 47.2% 39.1% $562

Groceries & Markets

Toronto

$340 13.1%

Panama City

$324 17.5% 4.7% $16

Eating Out

Toronto

$282 10.9%

Panama City

$202 10.9% 28.5% $80

Monthly Utilities & Internet

Toronto

$202 7.8%

Panama City

$207 11.2% 2.8% $5.6

Clothing & Footwear

Toronto

$140 5.4%

Panama City

$146 7.9% 3.7% $5.2

Getting Around

Toronto

$130 5%

Panama City

$34 1.8% 73.9% $96

Sport & Entertainment

Toronto

$64 2.5%

Panama City

$64 3.4% 0.9% $0.6

Cost Breakdown

A central one-bedroom costs $1,598 in Toronto versus $1,238 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 301% higher in Toronto, 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 $77.0 in Toronto versus $48.00 in Panama City. Monthly groceries follow the same trend: $340 vs $324 – making Panama City the more affordable choice for daily food spending.

Good to know

🇨🇦 Toronto

🇵🇦 Panama City

🕒 Local time

09:02 9:02 AM

08:02 8:02 AM

1 h behind Toronto

🌤 Weather

👥 Population

2,731,571

1,086,990 Capital

💱 Currency

Canadian Dollar CAD $

Panamanian Balboa PAB B/.

📈 Exchange rate

1 CAD = 0.702 USD

1 CAD = 0.626 EUR

1 PAB = 1 USD

1 PAB = 0.892 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 10, 2026: 1 USD = 1.43 CAD (1 CAD = 0.702 USD). 1 EUR = 1.6 CAD (1 CAD = 0.626 EUR).

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).

USD to CAD in detail →

On the map

Lowest

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Between locations

Toronto Panama City 3,860 km ≈ 5 h nonstop flight

From you

Toronto
Panama 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

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

Yes – Toronto is pricier by about 38%, and outside of rent the gap shows up most in transport.

For a comfortable life, plan on about $3,795 per month in Toronto and $2,756 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 5% more in Toronto, 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 $77.0 in Toronto 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 $1,837, than in Toronto at $2,530. In Panama City it covers expenses comfortably, while in Toronto 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, Toronto makes more sense. Both are solid long-term options with distinct trade-offs.