Cost of living comparison

Toronto, Canada

compared to

Reykjavik, Iceland

Reykjavik vs. Toronto Cost of Living Summary

Reykjavik is 18.0% more expensive than Toronto.

Restaurants: pay 34.1% more in Reykjavik
Groceries: pay 18.9% more in Reykjavik
Transportation: pay 48.5% more in Reykjavik
Housing: pay 6.6% more in Reykjavik
Childcare: pay 72.1% less in Reykjavik
Entertainment and Sports: pay 32.3% more in Reykjavik
Clothing: pay 58.0% more in Reykjavik

The cost of clothing, transportation, restaurants, entertainment and sports, groceries, and housing in Reykjavik are more expensive than in Toronto.

Reykjavik vs. Toronto Cost Breakdown

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

Display currency: USD

pay 34.1% more for restaurants

	Toronto	Reykjavik
Basic meal with drink at inexpensive restaurant	$20.12 CA$28.93	$20.00 ISK2,632	-0.6%
Fast food combo meal McDonalds, or similar	$10.78 CA$15.50	$18.02 ISK2,371	+67.2%
Bottle of Coca-Cola (11 fl. oz)	$2.20 CA$3.16	$3.15 ISK415	+43.5%
Bottle of water (11 fl. oz)	$1.73 CA$2.49	$2.19 ISK288	+26.4%
Average			+34.1%

Toronto vs. Reykjavik - Cost of restaurants

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pay 18.9% more for groceries

	Toronto	Reykjavik
Bread 1 loaf	$2.82 CA$4.06	$3.61 ISK475	+28.0%
Local cheese (8 oz)	$5.64 CA$8.12	$7.76 ISK1,021	+37.4%
Milk (1 gallon)	$12.09 CA$17.38	$6.40 ISK843	-47.0%
Eggs 1 dozen	$3.38 CA$4.86	$5.76 ISK757	+70.2%
Boneless chicken breast (1 lb)	$5.59 CA$8.05	$9.45 ISK1,243	+68.9%
Apples (1 lb)	$1.76 CA$2.53	$1.40 ISK185	-20.1%
Bananas (1 lb)	$0.62 CA$0.88	$1.01 ISK133	+64.0%
Oranges (1 lb)	$1.61 CA$2.31	$1.22 ISK160	-24.2%
Tomatoes (1 lb)	$1.79 CA$2.57	$2.22 ISK293	+24.5%
Potatoes (1 lb)	$1.08 CA$1.55	$1.43 ISK189	+32.7%
Onions (1 lb)	$1.27 CA$1.83	$0.93 ISK123	-26.4%
Average			+18.9%

Toronto vs. Reykjavik - Cost of groceries

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pay 48.5% more for transportation

	Toronto	Reykjavik
Gasoline (1 gallon)	$4.38 CA$6.30	$8.50 ISK1,119	+94.2%
Monthly public transit pass	$112.08 CA$161.19	$74.95 ISK9,863	-33.1%
New Volkswagen Golf 1.4 (standard edition)	$24,490.95 CA$35,221.67	$42,450.45 ISK5,585,630	+73.3%
Taxi trip in downtown area (5 miles)	$15.09 CA$21.70	$24.05 ISK3,165	+59.4%
Average			+48.5%

Toronto vs. Reykjavik - Cost of transportation

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pay 6.6% more for housing

	Toronto	Reykjavik
Internet connection 50 mbps or faster, cable/dsl	$51.33 CA$73.82	$69.87 ISK9,193	+36.1%
1-Bedroom apartment in downtown area	$1,807.04 CA$2,598.80	$1,971.17 ISK259,367	+9.1%
1-Bedroom apartment outside city center	$1,526.54 CA$2,195.39	$1,803.44 ISK237,297	+18.1%
Utilities for two (700 sq ft apartment) including electric, gas, water, heating	$85.64 CA$123.16	$53.95 ISK7,099	-37.0%
Average			+6.6%

Toronto vs. Reykjavik - Cost of housing

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pay 72.1% less for childcare

	Toronto	Reykjavik
Private preschool for 1 child, monthly	$1,179.39 CA$1,696.14	$252.14 ISK33,177	-78.6%
Middle school for 1 child, two semesters	$17,423.23 CA$25,057.22	$5,993.99 ISK788,690	-65.6%
Average			-72.1%

Toronto vs. Reykjavik - Cost of childcare

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pay 32.3% more for entertainment and sports

	Toronto	Reykjavik
Domestic/local beer (1 pint)	$5.75 CA$8.27	$10.81 ISK1,422	+88.1%
Cappuccino in mid-range area	$4.04 CA$5.80	$5.31 ISK698	+31.5%
Pack of cigarettes Marlboro or similar	$14.37 CA$20.67	$12.25 ISK1,611	-14.8%
Monthly membership at local gym	$49.00 CA$70.47	$69.95 ISK9,204	+42.7%
Movie ticket to theater/cinema	$12.93 CA$18.60	$14.77 ISK1,944	+14.2%
Average			+32.3%

Toronto vs. Reykjavik - Cost of entertainment and sports

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pay 58.0% more for clothing

	Toronto	Reykjavik
Regular jeans Levi's brand	$59.77 CA$85.96	$108.97 ISK14,339	+82.3%
Regular dress from H&M or similar store	$39.77 CA$57.20	$49.72 ISK6,542	+25.0%
Running shoes Nike or Adidas	$95.97 CA$138.01	$151.85 ISK19,981	+58.2%
Men's business shoes (leather)	$116.44 CA$167.45	$194.16 ISK25,547	+66.7%
Average			+58.0%

Toronto vs. Reykjavik - 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: March 2025

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