Cost of living comparison

compared to

Toronto vs. Reykjavik Cost of Living Summary

Toronto is 25.9% more expensive than Reykjavik.

Restaurants: pay 22.7% less in Toronto
Groceries: pay 3.0% less in Toronto
Transportation: pay 19.6% less in Toronto
Housing: pay 2.1% more in Toronto
Childcare: pay 3.8 times more in Toronto
Entertainment and Sports: pay 19.1% less in Toronto
Clothing: pay 35.5% less in Toronto

The cost of childcare and housing in Toronto are more expensive than in Reykjavik. Expenses including clothing, restaurants, transportation, entertainment and sports, and groceries are lower in Toronto. Notably, childcare is significantly more expensive in Toronto.

Toronto vs. Reykjavik Cost Breakdown

If you lived in Toronto instead of Reykjavik, you would:

Display currency: USD

pay 22.7% less for restaurants

	Reykjavik	Toronto
Basic meal with drink at inexpensive restaurant	$20.00 ISK2,796	$20.12 CA$29.06	+0.6%
Fast food combo meal McDonalds, or similar	$18.02 ISK2,519	$10.78 CA$15.57	-40.2%
Bottle of Coca-Cola (11 fl. oz)	$3.15 ISK441	$2.20 CA$3.18	-30.3%
Bottle of water (11 fl. oz)	$2.19 ISK305	$1.73 CA$2.50	-20.9%
Average			-22.7%

Reykjavik vs. Toronto - Cost of restaurants

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pay 3.0% less for groceries

	Reykjavik	Toronto
Bread 1 loaf	$3.61 ISK505	$2.82 CA$4.08	-21.9%
Local cheese (8 oz)	$7.76 ISK1,084	$5.64 CA$8.15	-27.2%
Milk (1 gallon)	$6.40 ISK895	$12.09 CA$17.46	+88.7%
Eggs 1 dozen	$5.76 ISK805	$3.38 CA$4.89	-41.2%
Boneless chicken breast (1 lb)	$9.45 ISK1,321	$5.59 CA$8.08	-40.8%
Apples (1 lb)	$1.40 ISK196	$1.76 CA$2.54	+25.2%
Bananas (1 lb)	$1.01 ISK141	$0.62 CA$0.89	-39.0%
Oranges (1 lb)	$1.22 ISK170	$1.61 CA$2.32	+31.9%
Tomatoes (1 lb)	$2.22 ISK311	$1.79 CA$2.58	-19.7%
Potatoes (1 lb)	$1.43 ISK201	$1.08 CA$1.56	-24.6%
Onions (1 lb)	$0.93 ISK131	$1.27 CA$1.83	+35.9%
Average			-3.0%

Reykjavik vs. Toronto - Cost of groceries

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pay 19.6% less for transportation

	Reykjavik	Toronto
Gasoline (1 gallon)	$8.50 ISK1,188	$4.38 CA$6.33	-48.5%
Monthly public transit pass	$74.95 ISK10,477	$112.08 CA$161.93	+49.5%
New Volkswagen Golf 1.4 (standard edition)	$42,450.45 ISK5,933,724	$24,490.95 CA$35,383.31	-42.3%
Taxi trip in downtown area (5 miles)	$24.05 ISK3,362	$15.09 CA$21.80	-37.3%
Average			-19.6%

Reykjavik vs. Toronto - Cost of transportation

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pay 2.1% more for housing

	Reykjavik	Toronto
Internet connection 50 mbps or faster, cable/dsl	$69.87 ISK9,766	$51.33 CA$74.16	-26.5%
1-Bedroom apartment in downtown area	$1,971.17 ISK275,530	$1,807.04 CA$2,610.73	-8.3%
1-Bedroom apartment outside city center	$1,803.44 ISK252,085	$1,526.54 CA$2,205.47	-15.4%
Utilities for two (700 sq ft apartment) including electric, gas, water, heating	$53.95 ISK7,542	$85.64 CA$123.73	+58.7%
Average			+2.1%

Reykjavik vs. Toronto - Cost of housing

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pay 3.8 times more for childcare

	Reykjavik	Toronto
Private preschool for 1 child, monthly	$252.14 ISK35,244	$1,179.39 CA$1,703.93	+367.8%
Middle school for 1 child, two semesters	$5,993.99 ISK837,840	$17,423.23 CA$25,172.21	+190.7%
Average			+279.2%

Reykjavik vs. Toronto - Cost of childcare

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pay 19.1% less for entertainment and sports

	Reykjavik	Toronto
Domestic/local beer (1 pint)	$10.81 ISK1,511	$5.75 CA$8.30	-46.8%
Cappuccino in mid-range area	$5.31 ISK742	$4.04 CA$5.83	-23.9%
Pack of cigarettes Marlboro or similar	$12.25 ISK1,712	$14.37 CA$20.76	+17.4%
Monthly membership at local gym	$69.95 ISK9,777	$49.00 CA$70.79	-29.9%
Movie ticket to theater/cinema	$14.77 ISK2,065	$12.93 CA$18.68	-12.5%
Average			-19.1%

Reykjavik vs. Toronto - Cost of entertainment and sports

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pay 35.5% less for clothing

	Reykjavik	Toronto
Regular jeans Levi's brand	$108.97 ISK15,232	$59.77 CA$86.35	-45.2%
Regular dress from H&M or similar store	$49.72 ISK6,950	$39.77 CA$57.46	-20.0%
Running shoes Nike or Adidas	$151.85 ISK21,226	$95.97 CA$138.65	-36.8%
Men's business shoes (leather)	$194.16 ISK27,139	$116.44 CA$168.22	-40.0%
Average			-35.5%

Reykjavik vs. Toronto - Cost of clothing

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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: January 2025

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