Published: Monday, 21th October 2024
The cost of living in Iceland is 2.26 times less expensive as compared to Canada.
On this page, you will find side-by-side cost comparison between Iceland and Canada. We have created 172 cost-of-living indicators. We average the prices of all those indicators and take a mathematically calculated approach to determine which country is more expensive to live in between Iceland and Canada.
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Indicators | Iceland | Canada |
---|---|---|
1 BHK Apartment in City Center | 200,000 ISK (1,420 USD) | 2,300 CAD (1,679 USD) |
2 BHK Apartment in City Center | 300,000 ISK (2,130 USD) | 3,000 CAD (2,190 USD) |
3 BHK Apartment in City Center | 400,000 ISK (2,840 USD) | 4,200 CAD (3,066 USD) |
1 BHK Apartment outside City Center | 150,000 ISK (1,065 USD) | 1,600 CAD (1,168 USD) |
2 BHK Apartment outside City Center | 200,000 ISK (1,420 USD) | 2,200 CAD (1,606 USD) |
3 BHK Apartment outside City Center | 300,000 ISK (2,130 USD) | 3,000 CAD (2,190 USD) |
Mortgage Rates Per Month | 4 % | 5 % |
Realtor Commission | 2 % | 5 % |
Property Taxes | 0.2 to 1.65 % | 0.5 to 2.5 % |
The average housing cost in Iceland is 1.09 times less expensive than Canada.
Indicators | Iceland | Canada |
---|---|---|
Basic Home Furnishing | 300,000 ISK (2,130 USD) | 5,000 CAD (3,650 USD) |
Electricity Cost Per Month | 20,000 ISK (142 USD) | 150 CAD (109.50 USD) |
Heating Cost Per Month | 25,000 ISK (177.50 USD) | 120 CAD (87.60 USD) |
Cooling Cost Per Month | 10,000 ISK (71 USD) | 100 CAD (73 USD) |
Water Supply Cost Per Month | 5,000 ISK (35.50 USD) | 80 CAD (58.40 USD) |
If you lived in Iceland, instead of Canada, you would have to pay 35.75% less for Utilities.
The basic home furnishing in Iceland costs 1.71 times less compared to Canada.
Indicators | Iceland | Canada |
---|---|---|
Standard Wifi Cost Per Month | 10,000 ISK (71 USD) | 70 CAD (51.10 USD) |
Mobile Phone Basic Plan Cost Per Month | 5,000 ISK (35.50 USD) | 60 CAD (43.80 USD) |
Landline Basic Plan Cost Per Month | 3,000 ISK (21.30 USD) | 40 CAD (29.20 USD) |
Cable TV Basic Plan Cost Per Month | 8,000 ISK (56.80 USD) | 100 CAD (73 USD) |
The internet and communication costs 6.34% less in Iceland compared to Canada.
Indicators | Iceland | Canada |
---|---|---|
Long Grain Rice (1 KG) | 500 ISK (3.55 USD) | 4 CAD (2.92 USD) |
Milk (1 Liter) | 250 ISK (1.78 USD) | 1.50 CAD (1.09 USD) |
Water (1 Liter) | 50 ISK (0.36 USD) | 1 CAD (0.73 USD) |
Bread (500 gm) | 150 ISK (1.07 USD) | 3 CAD (2.19 USD) |
Eggs (1 Dozen) | 500 ISK (3.55 USD) | 4 CAD (2.92 USD) |
Cheese (1 KG) | 1,200 ISK (8.52 USD) | 8 CAD (5.84 USD) |
Chicken Breast (1 KG) | 1,000 ISK (7.10 USD) | 12 CAD (8.76 USD) |
In Iceland, the cost of 1 Liter Water and 1 Liter Milk is 1.17 times more expensive than the cost in Canada.
If you lived in Iceland, instead of Canada, you would have to pay 5.97% more for Groceries.
Indicators | Iceland | Canada |
---|---|---|
Apples (1 KG) | 800 ISK (5.68 USD) | 4 CAD (2.92 USD) |
Bananas (1 KG) | 600 ISK (4.26 USD) | 3 CAD (2.19 USD) |
Oranges (1 KG) | 700 ISK (4.97 USD) | 4 CAD (2.92 USD) |
Tomatoes (1 KG) | 500 ISK (3.55 USD) | 4 CAD (2.92 USD) |
Potatoes (1 KG) | 400 ISK (2.84 USD) | 3 CAD (2.19 USD) |
Lemons (1 KG) | 700 ISK (4.97 USD) | 5 CAD (3.65 USD) |
Onions (1 KG) | 600 ISK (4.26 USD) | 3 CAD (2.19 USD) |
Lentils (1 KG) | 600 ISK (4.26 USD) | 5 CAD (3.65 USD) |
If you lived in Iceland, instead of Canada, you would have to pay 1.54 times more for Fruits and Vegetables.
Indicators | Iceland | Canada |
---|---|---|
Meal at a Resonable Restaurant | 3,500 ISK (24.85 USD) | 20 CAD (14.60 USD) |
Three-Course Meal for Two | 8,000 ISK (56.80 USD) | 60 CAD (43.80 USD) |
Fast Food Combo Meal | 1,500 ISK (10.65 USD) | 10 CAD (7.30 USD) |
Normal Coffee | 500 ISK (3.55 USD) | 3.50 CAD (2.55 USD) |
Soft Drink | 300 ISK (2.13 USD) | 2.50 CAD (1.82 USD) |
Pizza for One | 2,500 ISK (17.75 USD) | 15 CAD (10.95 USD) |
Take-Out Delivery Meal | 3,000 ISK (21.30 USD) | 15 CAD (10.95 USD) |
Cigarette Pack of 20 | 1,500 ISK (10.65 USD) | 15 CAD (10.95 USD) |
Dining-Out costs 43.48% more in Iceland compared to Canada.
Indicators | Iceland | Canada |
---|---|---|
Wine Mid-Range Bottle | 2,000 ISK (14.20 USD) | 15 CAD (10.95 USD) |
Glass of Wine | 1,200 ISK (8.52 USD) | 8 CAD (5.84 USD) |
Domestic Beer Half Liter | 600 ISK (4.26 USD) | 3 CAD (2.19 USD) |
Imported Beer Half Liter | 800 ISK (5.68 USD) | 4 CAD (2.92 USD) |
Domestic Alcohol 1 Liter | 3,000 ISK (21.30 USD) | 20 CAD (14.60 USD) |
Branded Alcohol 1 Liter | 4,000 ISK (28.40 USD) | 35 CAD (25.55 USD) |
If you lived in Iceland, instead of Canada, you would have to pay 1.33 times more for usual hard drinks.
Indicators | Iceland | Canada |
---|---|---|
Monthly Public Transportation Pass | 15,000 ISK (106.50 USD) | 100 CAD (73 USD) |
Single Public Transportation Ticket | 400 ISK (2.84 USD) | 3 CAD (2.19 USD) |
Single Train Ticket | Yet to Update () | 100 CAD (73 USD) |
Domestic Airplane Ticket | 30,000 ISK (213 USD) | 300 CAD (219 USD) |
Taxi Start Fare | 800 ISK (5.68 USD) | 4 CAD (2.92 USD) |
Taxi Rate Per Kilometer | 200 ISK (1.42 USD) | 2 CAD (1.46 USD) |
Car Rental Per Day | 10,000 ISK (71 USD) | 70 CAD (51.10 USD) |
Parking Fees in City Center Per Hour | 500 ISK (3.55 USD) | 5 CAD (3.65 USD) |
Parking Fees outside City Center Per Hour | 300 ISK (2.13 USD) | 2 CAD (1.46 USD) |
If you lived in Iceland, instead of Canada, you would have to pay 1.05 times less for transportation.
Indicators | Iceland | Canada |
---|---|---|
Reasonable Vehicle Purchase Cost | 4,000,000 ISK (28,400 USD) | 30,000 CAD (21,900 USD) |
Vehicle Registration Cost | 15,000 ISK (106.50 USD) | 150 CAD (109.50 USD) |
Driving License Fees | 5,000 ISK (35.50 USD) | 90 CAD (65.70 USD) |
Car Insurance Cost | 40,000 ISK (284 USD) | 200 CAD (146 USD) |
Car Maintenance Cost | 15,000 ISK (106.50 USD) | 100 CAD (73 USD) |
Car Loan Interest Rates | 5 % | 6 % |
Fuel Per Liter | 250 ISK (1.78 USD) | 1.60 CAD (1.17 USD) |
Fuel Per Gallon | 1,200 ISK (8.52 USD) | 6 CAD (4.38 USD) |
Average Toll Fees | 1,000 ISK 7.10 USD | 20 CAD 14.60 USD |
You would have to pay 1.30 times more for Vehicle purchase, daily operation and maintenance in Iceland compared to that of Canada.
Indicators | Iceland | Canada |
---|---|---|
Doctor Visit | 5,000 ISK (35.50 USD) | 150 CAD (109.50 USD) |
Specialist Visit | 10,000 ISK (71 USD) | 250 CAD (182.50 USD) |
Dentist Visit | 8,000 ISK (56.80 USD) | 200 CAD (146 USD) |
Eye Exam | 3,000 ISK (21.30 USD) | 150 CAD (109.50 USD) |
Mental Health Counseling | 8,000 ISK (56.80 USD) | 150 CAD (109.50 USD) |
Preventive Health Screening | 4,000 ISK (28.40 USD) | 200 CAD (146 USD) |
Physical Therapy | 6,000 ISK (42.60 USD) | 100 CAD (73 USD) |
Emergency Room Visit | 15,000 ISK (106.50 USD) | 500 CAD (365 USD) |
Hospital Stay Per Night | 25,000 ISK (177.50 USD) | 1,000 CAD (730 USD) |
Vaccinations | 2,500 ISK (17.75 USD) | 100 CAD (73 USD) |
Prescription Medication | 1,500 ISK (10.65 USD) | 50 CAD (36.50 USD) |
Over the Counter Medication | 800 ISK (5.68 USD) | 20 CAD (14.60 USD) |
Health Insurance Premiums | 20,000 ISK (142 USD) | 250 CAD (182.50 USD) |
Health Insurance Deductibles | 5,000 ISK (35.50 USD) | 500 CAD (365 USD) |
If you lived in Iceland, instead of Canada, you would have to pay 3.27 times less for Health and Medical Treatment.
Indicators | Iceland | Canada |
---|---|---|
Cosmetic Procedures | 30,000 ISK (213 USD) | 200 CAD (146 USD) |
Spa Treatment | 10,000 ISK (71 USD) | 150 CAD (109.50 USD) |
Manicure Pedicure Cost | 3,000 ISK (21.30 USD) | 50 CAD (36.50 USD) |
Optical Glasses Cost | 10,000 ISK (71 USD) | 200 CAD (146 USD) |
Contact Lenses Cost | 5,000 ISK (35.50 USD) | 150 CAD (109.50 USD) |
Haircuts | 2,000 ISK (14.20 USD) | 25 CAD (18.25 USD) |
Hair Coloring | 6,000 ISK (42.60 USD) | 75 CAD (54.75 USD) |
Shampoo Price | 500 ISK (3.55 USD) | 6 CAD (4.38 USD) |
Toothpaste Price | 200 ISK (1.42 USD) | 3 CAD (2.19 USD) |
If you lived in Iceland, instead of Canada, you would have to pay 1.32 times less for Personal Care Items and Treatment.
Indicators | Iceland | Canada |
---|---|---|
Pair of Nike Running Shoes | 15,000 ISK (106.50 USD) | 150 CAD (109.50 USD) |
Men's Shirt | 5,000 ISK (35.50 USD) | 60 CAD (43.80 USD) |
Women's Dress | 10,000 ISK (71 USD) | 100 CAD (73 USD) |
Summer Dress | 5,000 ISK (35.50 USD) | 80 CAD (58.40 USD) |
Men's Suit | 40,000 ISK (284 USD) | 500 CAD (365 USD) |
Men's Jeans | 7,000 ISK (49.70 USD) | 80 CAD (58.40 USD) |
Women's Jeans | 6,000 ISK (42.60 USD) | 80 CAD (58.40 USD) |
Men's Formal Shoes | 7,000 ISK (49.70 USD) | 120 CAD (87.60 USD) |
Women's Formal Shoes | 7,000 ISK (49.70 USD) | 120 CAD (87.60 USD) |
Men's Casual Shoes | 5,000 ISK (35.50 USD) | 90 CAD (65.70 USD) |
Women's Casual Shoes | 4,000 ISK (28.40 USD) | 90 CAD (65.70 USD) |
Underwear For Men | 1,000 ISK (7.10 USD) | 20 CAD (14.60 USD) |
Underwear For Women | 1,200 ISK (8.52 USD) | 25 CAD (18.25 USD) |
Socks For Men | 300 ISK (2.13 USD) | 10 CAD (7.30 USD) |
Socks For Women | 400 ISK (2.84 USD) | 12 CAD (8.76 USD) |
Wintercoat for Adults | 8,000 ISK (56.80 USD) | 150 CAD (109.50 USD) |
Sportswear | 6,000 ISK (42.60 USD) | 80 CAD (58.40 USD) |
If you lived in Iceland, instead of Canada, you would have to pay 1.42 times less for Clothing and Footwear for Adults.
Indicators | Iceland | Canada |
---|---|---|
Children's Jeans | 3,500 ISK (24.85 USD) | 40 CAD (29.20 USD) |
Children's Normal Sneakers | 4,000 ISK (28.40 USD) | 50 CAD (36.50 USD) |
Children's Winter Coat | 6,000 ISK (42.60 USD) | 80 CAD (58.40 USD) |
Daycare for Infant | 25,000 ISK (177.50 USD) | 1,200 CAD (876 USD) |
Daycare for Toddler | 20,000 ISK (142 USD) | 1,000 CAD (730 USD) |
Childcare for Sick Days | 1,500 ISK (10.65 USD) | 80 CAD (58.40 USD) |
Early Childhood Education Programs | 6,000 ISK (42.60 USD) | 1,000 CAD (730 USD) |
Extra Curricular Activities | 3,000 ISK (21.30 USD) | 150 CAD (109.50 USD) |
Summer Camp for Kids | 8,000 ISK (56.80 USD) | 1,000 CAD (730 USD) |
If you lived in Iceland, instead of Canada, you would have to pay 6.14 times less for Childcare and kids clothing.
Indicators | Iceland | Canada |
---|---|---|
PreSchool Fees | 30,000 ISK (213 USD) | 800 CAD (584 USD) |
Primary School Fees | 40,000 ISK (284 USD) | 1,500 CAD (1,095 USD) |
Secondary School Fees | 60,000 ISK (426 USD) | 2,000 CAD (1,460 USD) |
Private School Fees | 80,000 ISK (568 USD) | 10,000 CAD (7,300 USD) |
University Tuition Fees | 150,000 ISK (1,065 USD) | 7,000 CAD (5,110 USD) |
University Private Tuition Fees | 200,000 ISK (1,420 USD) | 15,000 CAD (10,950 USD) |
After School Activities | 5,000 ISK (35.50 USD) | 200 CAD (146 USD) |
Special Education Services | 7,000 ISK (49.70 USD) | 800 CAD (584 USD) |
Tutoring | 5,000 ISK (35.50 USD) | 60 CAD (43.80 USD) |
Textbooks Cost | 4,000 ISK (28.40 USD) | 300 CAD (219 USD) |
School Supplies | 2,000 ISK (14.20 USD) | 150 CAD (109.50 USD) |
If you lived in Iceland, instead of Canada, you would have to pay 6.67 times less for school and education.
Indicators | Iceland | Canada |
---|---|---|
Movie Ticket (Single) | 1,000 ISK (7.10 USD) | 15 CAD (10.95 USD) |
Theater Ticket (Single) | 2,000 ISK (14.20 USD) | 50 CAD (36.50 USD) |
Concert Ticket (Single) | 2,500 ISK (17.75 USD) | 80 CAD (58.40 USD) |
Sports Event Ticket (Single) | 1,500 ISK (10.65 USD) | 60 CAD (43.80 USD) |
Gym Membership | 6,000 ISK (42.60 USD) | 60 CAD (43.80 USD) |
Swimming Pool Access | 5,000 ISK (35.50 USD) | 40 CAD (29.20 USD) |
Museum Entry Ticket | 1,000 ISK (7.10 USD) | 15 CAD (10.95 USD) |
Zoo Entry Ticket | 1,500 ISK (10.65 USD) | 20 CAD (14.60 USD) |
Amusement Park Entry Ticket | 2,000 ISK (14.20 USD) | 50 CAD (36.50 USD) |
Bowling | 1,000 ISK (7.10 USD) | 20 CAD (14.60 USD) |
Mini Golf | 1,500 ISK (10.65 USD) | 25 CAD (18.25 USD) |
Video Games | 5,000 ISK (35.50 USD) | 70 CAD (51.10 USD) |
Streaming Services | 1,000 ISK (7.10 USD) | 15 CAD (10.95 USD) |
Outdoor Equipment Rental | 1,000 ISK (7.10 USD) | 30 CAD (21.90 USD) |
Theme Park Annual Pass | 50,000 ISK (355 USD) | 300 CAD (219 USD) |
If you lived in Iceland, instead of Canada, you would have to pay 1.07 times less for entertainment, recreation and fun activities.
Indicators | Iceland | Canada |
---|---|---|
Language Classes | 5,000 ISK (35.50 USD) | 400 CAD (292 USD) |
Parenting Classes | 5,000 ISK (35.50 USD) | 300 CAD (219 USD) |
Art Classes | 3,000 ISK (21.30 USD) | 40 CAD (29.20 USD) |
Fitness Classes | 6,000 ISK (42.60 USD) | 20 CAD (14.60 USD) |
Music Lessons | 4,000 ISK (28.40 USD) | 60 CAD (43.80 USD) |
Dance Lessons | 4,000 ISK (28.40 USD) | 60 CAD (43.80 USD) |
Reading Materials for Classes | 1,000 ISK (7.10 USD) | 20 CAD (14.60 USD) |
Educational Software | 3,000 ISK (21.30 USD) | 150 CAD (109.50 USD) |
If you lived in Iceland, instead of Canada, you would have to pay 3.48 times less for Private Classes.
Indicators | Iceland | Canada |
---|---|---|
Average Gross Monthly Salary | 450,000 ISK (3,195 USD) | 5,000 CAD (3,650 USD) |
Average Net Monthly Salary | 350,000 ISK (2,485 USD) | 4,000 CAD (2,920 USD) |
Minimum Wages | 6,666.67 ISK per hour (47.33 USD) | 0.53 CAD per hour (0.39 USD) |
Average Bonus | 40,000 ISK (284 USD) | 2,000 CAD (1,460 USD) |
Income Tax Rate | 0 to 24 % | 0 to 15 % |
Social Security Contributions | 7 % | 5 % |
Pension Contributions | 8 % | 5 % |
Cost of Living Index | 12 | 70 |
Median Household Income | 400,000 ISK (2,840 USD) | 75,000 CAD (54,750 USD) |
If you lived in Iceland, you would earn 7.09 times less salary as compared to Canada.
Indicators | Iceland | Canada |
---|---|---|
Legal Consultation Per Hour Rate | 10,000 ISK (71 USD) | 300 CAD (219 USD) |
Accounting Services Per Hour Rate | 7,000 ISK (49.70 USD) | 150 CAD (109.50 USD) |
IT Support Services Per Hour Rate | 5,000 ISK (35.50 USD) | 120 CAD (87.60 USD) |
Technician Services Per Hour Rate | 4,000 ISK (28.40 USD) | 100 CAD (73 USD) |
Professional Services cost 2.65 times less in Iceland, as compared to Canada.
We hope you enjoyed the detailed guide on the cost of living comparsion between Iceland and Canada.
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