Cost of living comparison
compared to
Iceland vs. Toronto Cost of Living Summary
Iceland is 48.4% more expensive than Toronto.
- Restaurants
-
pay 66.3% more in Iceland
- Groceries
-
pay 35.0% more in Iceland
- Transportation
-
pay 72.9% more in Iceland
- Housing
-
pay 24.2% more in Iceland
- Childcare
-
pay 2.1% more in Iceland
- Entertainment and Sports
-
pay 40.1% more in Iceland
- Clothing
-
pay 98.0% more in Iceland
The cost of clothing, transportation, restaurants, entertainment and sports, groceries, and housing in Iceland are more expensive than in Toronto. Notably, clothing is significantly more expensive in Iceland.
Iceland vs. Toronto Cost Breakdown
If you lived in Iceland instead of Toronto, you would:
pay 66.3% more for restaurants
|
Toronto
|
Iceland
|
||
|---|---|---|---|
| Basic meal with drink at inexpensive restaurant |
$17.93
CA$24.71
|
$26.52
ISK3,352
|
|
|
Fast food combo meal
McDonalds, or similar
|
$10.76
CA$14.82
|
$21.32
ISK2,694
|
|
| Bottle of Coca-Cola (11 fl. oz) |
$1.99
CA$2.74
|
$3.11
ISK393
|
|
| Bottle of water (11 fl. oz) |
$1.67
CA$2.30
|
$2.72
ISK344
|
|
Toronto vs. Iceland - Cost of restaurants
pay 35.0% more for groceries
|
Toronto
|
Iceland
|
||
|---|---|---|---|
|
Bread
1 loaf
|
$2.63
CA$3.63
|
$3.80
ISK481
|
|
| Local cheese (8 oz) |
$7.42
CA$10.22
|
$9.44
ISK1,193
|
|
| Milk (1 gallon) |
$9.77
CA$13.47
|
$7.78
ISK983
|
|
|
Eggs
1 dozen
|
$3.46
CA$4.77
|
$6.71
ISK848
|
|
| Boneless chicken breast (1 lb) |
$5.59
CA$7.70
|
$11.22
ISK1,418
|
|
| Apples (1 lb) |
$1.81
CA$2.49
|
$1.50
ISK189
|
|
| Bananas (1 lb) |
$0.56
CA$0.77
|
$1.15
ISK145
|
|
| Oranges (1 lb) |
$1.61
CA$2.22
|
$1.41
ISK179
|
|
| Tomatoes (1 lb) |
$1.84
CA$2.53
|
$2.34
ISK296
|
|
| Potatoes (1 lb) |
$1.12
CA$1.54
|
$1.65
ISK208
|
|
| Onions (1 lb) |
$1.22
CA$1.68
|
$1.09
ISK138
|
|
Toronto vs. Iceland - Cost of groceries
pay 72.9% more for transportation
|
Toronto
|
Iceland
|
||
|---|---|---|---|
| Gasoline (1 gallon) |
$3.87
CA$5.34
|
$9.65
ISK1,220
|
|
| Monthly public transit pass |
$111.89
CA$154.17
|
$79.56
ISK10,056
|
|
| New Volkswagen Golf 1.4 (standard edition) |
$24,369.83
CA$33,580.41
|
$49,144.25
ISK6,211,833
|
|
| Taxi trip in downtown area (5 miles) |
$15.06
CA$20.75
|
$25.55
ISK3,230
|
|
Toronto vs. Iceland - Cost of transportation
pay 24.2% more for housing
|
Toronto
|
Iceland
|
||
|---|---|---|---|
|
Internet connection
50 mbps or faster, cable/dsl
|
$54.05
CA$74.48
|
$95.65
ISK12,090
|
|
| 1-Bedroom apartment in downtown area |
$1,729.20
CA$2,382.75
|
$2,289.17
ISK289,351
|
|
| 1-Bedroom apartment outside city center |
$1,499.57
CA$2,066.33
|
$1,830.04
ISK231,318
|
|
|
Utilities for two
(700 sq ft apartment)
including electric, gas, water, heating
|
$99.56
CA$137.19
|
$65.15
ISK8,235
|
|
Toronto vs. Iceland - Cost of housing
pay 2.1% more for childcare
|
Toronto
|
Iceland
|
||
|---|---|---|---|
| Private preschool for 1 child, monthly |
$1,022.26
CA$1,408.62
|
$334.67
ISK42,302
|
|
| Middle school for 1 child, two semesters |
$17,912.33
CA$24,682.30
|
$30,711.08
ISK3,881,881
|
|
Toronto vs. Iceland - Cost of childcare
pay 40.1% more for entertainment and sports
|
Toronto
|
Iceland
|
||
|---|---|---|---|
| Domestic/local beer (1 pint) |
$6.46
CA$8.89
|
$11.14
ISK1,408
|
|
| Cappuccino in mid-range area |
$3.93
CA$5.41
|
$5.62
ISK711
|
|
|
Pack of cigarettes
Marlboro or similar
|
$14.34
CA$19.77
|
$13.90
ISK1,756
|
|
| Monthly membership at local gym |
$55.25
CA$76.13
|
$78.17
ISK9,881
|
|
| Movie ticket to theater/cinema |
$11.48
CA$15.81
|
$16.75
ISK2,118
|
|
Toronto vs. Iceland - Cost of entertainment and sports
pay 98.0% more for clothing
|
Toronto
|
Iceland
|
||
|---|---|---|---|
|
Regular jeans
Levi's brand
|
$58.05
CA$79.99
|
$130.91
ISK16,546
|
|
|
Regular dress
from H&M or similar store
|
$38.89
CA$53.59
|
$61.83
ISK7,815
|
|
|
Running shoes
Nike or Adidas
|
$84.20
CA$116.02
|
$163.81
ISK20,706
|
|
| Men's business shoes (leather) |
$111.43
CA$153.54
|
$237.31
ISK29,996
|
|
Toronto vs. Iceland - Cost of clothing
The statistics used to build this comparison are calculated using data from users just like you.
We average the price of thousands of data points entered by users across the world.
Learn more about our data sources. Page last updated: December 2025
Change currency:
Compare countries by overall cost of living
See the
cost of living in Canada vs. Iceland.
This provides a comparison of the average cost of living from cities within Canada and Iceland.
Help us improve these prices
MyLifeElsewhere is a collaborative project. Please enter price information for your location to help assist us in making these comparisons more accurate.
Learn more
ASK THE ELSEWHERE COMMUNITY
Join the Elsewhere community and ask a question about Iceland or Toronto. It's a free, question-and-answer based forum to discuss what life is like in countries and cities around the world.