Last update: Oct 2026

Cost of Living Comparison Between Toronto and Panama

Name: Panama
Address: PA

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.

125

Cost of Living Index in Toronto
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Toronto Living Index
77

Cost of Living Index in Panama
Learn more

Panama Living Index

Jump to prices

Toronto

🇨🇦 Canada

$2,530

/mo nomad

🇵🇦 Panama

$1,604

/mo nomad

😐 Solo nomad: Toronto is 34.2% more expensive than Panama without rent, and 57.7% more expensive with rent.

😐 Family of 3: Toronto is 36.6% more expensive than Panama without rent, and 44.1% more expensive with rent.

Meal at Budget Restaurant

$17.67 CA$25.19

$7.86 PAB 7.86

124.81%

Three-Course Dinner for Two, Mid-Range

$77.4 CA$110

$44.75 PAB 44.75

72.92%

Fast Food Meal (McDonalds, etc)

$10.47 CA$14.93

$7.89 PAB 7.89

32.70%

Cappuccino

$4.08 CA$5.81

$3.84 PAB 3.84

6.25%

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

$2.12 CA$3.02

$1.59 PAB 1.59

33.33%

Water (0.33 liter bottle)

$1.76 CA$2.51

$1.41 PAB 1.41

24.82%

Local Beer (0.5 liter draught)

$6.17 CA$8.80

$2.19 PAB 2.19

181.74%

Imported Beer (0.33 liter bottle)

$6.89 CA$9.82

$4.04 PAB 4.04

70.54%

Milk (1 liter)

$2.43 CA$3.46

$1.85 PAB 1.85

31.35%

White Bread (500g)

$2.75 CA$3.92

$2.32 PAB 2.32

18.53%

Rice (white) (1kg)

$2.23 CA$3.18

$2.99 PAB 2.99

-25.42%

Eggs

$3.45 CA$4.91

$2.48 PAB 2.48

39.11%

Local Cheese (1kg)

$8.93 CA$12.73

$12.28 PAB 12.28

-27.28%

Chicken Fillets (1kg)

$11.44 CA$16.31

$6.94 PAB 6.94

64.84%

Beef Round Steak (1kg)

$14.61 CA$20.83

$10.11 PAB 10.11

44.51%

Apples (1kg)

$3.75 CA$5.34

$4.18 PAB 4.18

-10.29%

Banana (1kg)

$1.15 CA$1.64

$1.48 PAB 1.48

-22.30%

Oranges (1kg)

$3.55 CA$5.06

$3.65 PAB 3.65

-2.74%

Tomato (1kg)

$4.28 CA$6.10

$3.73 PAB 3.73

14.75%

Potato (1kg)

$1.85 CA$2.63

$2.50 PAB 2.50

-26.00%

Onion (1kg)

$1.67 CA$2.38

$3.29 PAB 3.29

-49.24%

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

$1.57 PAB 1.57

-22.93%

Cigarettes 20 Pack (Marlboro, Camel)

$13.88 CA$19.78

$6.08 PAB 6.08

128.29%

Wine (Bottle)

$14.25 CA$20.31

$9.88 PAB 9.88

44.23%

Local Beer (0.5 liter bottle)

$2.20 CA$3.13

$1.39 PAB 1.39

58.27%

Imported Beer (0.33 liter bottle)

$2.42 CA$3.45

$2.42 PAB 2.42

One-way Ticket (Public Transport)

$2.42 CA$3.44

$0.43 PAB 0.43

462.79%

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

$2.43 PAB 2.43

19.34%

Taxi (Normal Tariff) (1km)

$1.26 CA$1.80

$1.82 PAB 1.82

-30.77%

Taxi 1hour Waiting (Normal Tariff)

$22.03 CA$31.40

$21.79 PAB 21.79

1.10%

Gasoline (1 liter)

$1.22 CA$1.74

$1.18 PAB 1.18

3.39%

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

$27.6K CA$39.4K

$21.5K PAB 21.5K

28.56%

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

$19.8K CA$28.3K

$22.2K PAB 22.2K

-10.69%

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

$122 CA$174

$119 PAB 119

2.42%

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

$32.03 CA$45.66

$27.03 PAB 27.03

18.50%

Internet (50+ Mbps, Unlimited Data)

$47.92 CA$68.3

$47.70 PAB 47.70

0.46%

Gym Membership (Monthly)

$38.90 CA$55.5

$48.94 PAB 48.94

-20.51%

Tennis Court (1 Hour on Weekend)

$23.24 CA$33.12

$30.16 PAB 30.16

-22.94%

Cinema Ticket

$12.61 CA$17.97

$7.84 PAB 7.84

60.84%

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

$834 CA$1,189

$536 PAB 536

55.69%

International Primary School, 1 Child (Yearly)

$23.3K CA$33.3K

$8,069 PAB 8,069

189.23%

Jeans (Levis 501 Or Similar)

$52.6 CA$75.0

$53.5 PAB 53.5

-1.66%

Summer Dress (H&M, Zara, etc)

$40.26 CA$57.4

$42.77 PAB 42.77

-5.87%

Sport Shoes (Adidas, Nike)

$96.2 CA$137

$87.4 PAB 87.4

10.08%

Men's Leather Business Shoes

$123 CA$175

$103 PAB 103

18.96%

1-bedroom Apartment, City Center (Monthly)

$1,598 CA$2,278

$944 PAB 944

69.24%

1-bedroom Apartment, Outside City Center (Monthly)

$1,435 CA$2,045

$697 PAB 697

105.98%

3-bedroom Apartment, City Center (Monthly)

$2,657 CA$3,787

$1,728 PAB 1,728

53.79%

3-bedroom Apartment, Outside City Center (Monthly)

$2,096 CA$2,988

$1,262 PAB 1,262

66.03%

Buy Apartment in City Center (m2)

$8,033 CA$11.5K

$2,941 PAB 2,941

173.10%

Buy Apartment Outside City Center (m2)

$6,557 CA$9,347

$1,673 PAB 1,673

291.95%

Average Monthly Net Salary (After Tax)

$3,743 CA$5,335

$826 PAB 826

353.43%

20-Year Fixed Mortgage Interest Rate (Annual %)

4.47

6.37

-29.83%

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

Last update for Toronto: October 4, 2026

Last update for Panama: October 5, 2026

Monthly budget structure

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

Accommodation & Living

Toronto

$1.4K 55.4%

Panama

$697 44% 51.5% $738

Groceries & Markets

Toronto

$340 13.1%

Panama

$302 19.1% 11.1% $38

Eating Out

Toronto

$282 10.9%

Panama

$164 10.3% 41.9% $118

Monthly Utilities & Internet

Toronto

$202 7.8%

Panama

$194 12.2% 4% $8.1

Clothing & Footwear

Toronto

$140 5.4%

Panama

$129 8.2% 8% $11

Getting Around

Toronto

$130 5%

Panama

$34 2.2% 73.6% $95

Sport & Entertainment

Toronto

$64 2.5%

Panama

$65 4.1% 0.8% $0.5

Good to know

🇨🇦 Toronto

🇵🇦 Panama

🕒 Local time

04:19 4:19 AM

03:19 3:19 AM

1 h behind Toronto

🌤 Weather

👥 Population

2,731,571

4,098,587

💱 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

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Between locations

Toronto Panama 3,860 km ≈ 5 h nonstop flight

From you

Toronto
Panama

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

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