Panama City vs Toronto - Cost of Living Comparison

Updated: October 14, 2025

	Panama City	Toronto
🚶 Cost of living one person	$1560	$2464
👨‍👩‍👧‍👦 Cost of living Family	$3547	$5417
🏠 One person rent	$943	$1477
🏘️ Family rent	$1558	$2341
🍽️ Food expenses	$429	$612
🚐 Transport expenses	$78.4	$241
💳 Monthly salary after tax	$982	$3342
😷 Air quality	Excellent	Excellent
✈️ Airport proximity	7 km	5 km
🎓 Higher education	43	86
😀 Quality of life	71	99
🏙️ Population	410K	2.79M

The cost of living in Panama City is 37% less expensive than in Toronto. Cities ranked 3737th and 918th ($1560 vs $2464) in the list of the most expensive cities in the world and ranked 1st and 2nd in Panama and Canada, respectively. Check Panama vs Canada comparison.

The average after-tax salary is enough to cover living expenses for 0.6 months in Panama City compared to 1.4 months in Toronto. Panama City ranked 1st best city to live in Panama vs Toronto ranked 1st in Canada, while ranked 3765th and 6th among best cities to live in the world.

Salary adjustment calculator
the estimated difference in money purchasing power

Cost of living in Panama City vs Toronto infographic

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Prices in Panama City vs Toronto

Prices for goods and services in Panama City and Toronto are partly crowdsourced by our visitors, just like yourself. Please consider telling us about your city.

	Panama City	Toronto
Eating Out
🍱 Lunch Menu	$10.6	$16.8
🥂 Dinner in a Restaurant, for 2	$45.7	$76.4
🥪 Fast food meal, equiv. McDonald's	$8.08	$10.8
🍻 Beer in a Pub, 0.5 L or 16 fl oz	$2.93	$6.59
☕ Cappuccino	$4.03	$4.19
🥤 Pepsi / Coke, 0.5 L or 16.9 fl oz	$1.69	$2.02
Rent & Utilities
🏙️ 1 bedroom apartment in Downtown, 40 m2 or 430 ft2	$1015	$1544
🏡 Cheap 1 bedroom apartment, 40 m2 or 430 ft2	$759	$1290
🏙️ 3 bedroom apartment in Downtown, 80 m2 or 860 ft2	$1675	$2463
🏡 Cheap 3 bedroom apartment, 80 m2 or 860 ft2	$1306	$2085
🔌 Utility Bill one person, electricity, heating, water, etc.	$86.4	$85.8
🔌 Utility Bill for a Family, electricity, heating, water, etc.	$133	$130
🌐 Internet plan, 50 Mbps+ 1 month unlimited	$45.5	$49.8
🏦 Mortgage Interest Rate for 20 Years	6.41%	4.5%
🏙️ Apartment price to Buy in city Center, 1 m2 or 10 ft2	$2662	$8820
🏡 House price to Buy in Suburbs, 1 m2 or 10 ft2	$1618	$7326
Transportation
🚌 Local transport ticket	$0.35	$2.34
🎟️ Monthly ticket local transport	$23.2	$111
🚕 Taxi Ride, 8 km or 5 mi	$20.5	$16
⛽ Gas / Petrol, 1 L or 0.26 gal	$0.97	$1.04
Groceries
🥛 Milk, 1 L or 1 qt	$1.79	$2.67
🍞 Bread, 0.5 kg or 1.1 lb	$2.25	$2.44
🍚 Rice, 1 kg or 2.2 lb	$2.11	$3.14
🥚 Eggs, x12	$3.17	$3.42
🧀 Cheese, 1 kg or 2.2 lb	$11.7	$15.4
🐔 Chicken Breast, 1 kg or 2.2 lb	$6.81	$13.7
🥩 Round Steak, 1 kg or 2.2 lb	$9.86	$16.5
🍏 Apples, 1 kg or 2.2 lb	$3.27	$4.11
🍌 Banana, 1 kg or 2.2 lb	$1.52	$1.2
🍊 Oranges, 1 kg or 2.2 lb	$3.27	$3.63
🍅 Tomato, 1 kg or 2.2 lb	$3.05	$4.07
🥔 Potato, 1 kg or 2.2 lb	$2.34	$2.73
🧅 Onion, 1 kg or 2.2 lb	$3.26	$2.54
🌊 Water, 1 L or 1 qt	$1.05	$1.21
🍹 Coca-Cola / Pepsi, 2 L or 67.6 fl oz	$2.44	$2.33
🍾 Wine (mid-priced), 750 mL bottle	$11.2	$13.5
🍺 Beer, 0.5 L or 16 fl oz	$1.38	$2.46
🚬 Cigarette pack	$5.92	$13.9
💊 Cold medicince, 1 week	$8.17	$11.5
🧴 Hair Shampoo	$8.06	$5.96
🧻 Toilet paper, 4 rolls	$2.98	$3.45
👄 Toothpaste, 1 tube	$3.05	$3.69
Other
🏋️ Gym Membership, 1 month	$42.6	$48.5
🎫 Cinema Ticket, 1 person	$7.32	$11.9
👩‍⚕️ Doctor's visit	$58.4	$72.7
💇 Haircut, simple	$14.3	$23.4
👖 Brand Jeans	$54	$55.3
👟 Brand Sneakers	$91.3	$81.7
👶 Daycare or Preschool, 1 month	$477	$1020
🏫 International Primary School, 1 year	$15637	$17676

Cost of living in other countries

Cost of living

Cost of Living in the nearest cities

Cities near Panama City

Distance	City	Cost of living
8.1 km or 5 mi	Balboa	$1400
16 km or 9.9 mi	Tocumen	$1377
26 km or 16 mi	Pacora	$1371
34 km or 21 mi	La Chorrera	$981
59 km or 37 mi	Colon	$1188
108 km or 67 mi	Penonome	$1150
154 km or 96 mi	Chitre	$1150
190 km or 118 mi	Santiago de Veraguas	$1122
321 km or 199 mi	Turbo	$721
329 km or 204 mi	David	$925
398 km or 247 mi	Monteria	$663
403 km or 250 mi	Limon	$1288
406 km or 252 mi	Santa Cruz de Lorica	$715
452 km or 281 mi	Sincelejo	$547
463 km or 288 mi	Cartagena	$1105
483 km or 300 mi	Quibdo	$708
494 km or 307 mi	Cartago	$1241
513 km or 319 mi	San Jose	$1398
518 km or 322 mi	Heredia	$1335
521 km or 324 mi	Magangue	$667
526 km or 327 mi	Bello	$881
529 km or 329 mi	Alajuela	$1303
530 km or 329 mi	Medellin	$1030
534 km or 332 mi	Envigado	$950
558 km or 347 mi	Soledad	$883
559 km or 348 mi	Barranquilla	$843
595 km or 370 mi	Puntarenas	$821
617 km or 383 mi	Cartago	$679
617 km or 383 mi	Cienaga	$831
623 km or 387 mi	Manizales	$678
627 km or 390 mi	Santa Teresa	$1236
627 km or 390 mi	Pereira	$730
631 km or 392 mi	Santa Marta	$929
632 km or 393 mi	Buenaventura	$782
636 km or 395 mi	Minca	$847
651 km or 404 mi	Salento	$655
652 km or 405 mi	Armenia	$667
657 km or 408 mi	Tulua	$511
658 km or 409 mi	Barrancabermeja	$1082
675 km or 419 mi	Liberia	$953

Cities near Toronto

Distance	City	Cost of living
20 km or 13 mi	Vaughan	$2241
23 km or 14 mi	Mississauga	$2326
24 km or 15 mi	Richmond Hill	$2463
26 km or 16 mi	Markham	$2242
31 km or 19 mi	Brampton	$2033
34 km or 21 mi	Oakville	$2379
35 km or 22 mi	Ajax	$2449
46 km or 28 mi	Halton Hills	$2012
50 km or 31 mi	Oshawa	$1564
51 km or 32 mi	Burlington	$2193
54 km or 34 mi	New Tecumseth	$1995
56 km or 35 mi	St. Catharines	$2038
60 km or 37 mi	Hamilton	$2103
65 km or 40 mi	Orangeville	$1869
67 km or 41 mi	Niagara Falls	$1894
71 km or 44 mi	Niagara Falls	$1947
71 km or 44 mi	Guelph	$1998
77 km or 48 mi	Welland	$1705
81 km or 50 mi	Grand Island	$2049
81 km or 51 mi	Lockport	$2044
82 km or 51 mi	North Tonawanda	$2045
82 km or 51 mi	Cambridge	$2010
84 km or 52 mi	Barrie	$1443
89 km or 56 mi	Brantford	$1844
90 km or 56 mi	Amherst	$2096
92 km or 57 mi	Kitchener	$2071
94 km or 58 mi	Waterloo	$1928
96 km or 59 mi	Buffalo	$2187
100 km or 62 mi	Cheektowaga	$2124
100 km or 62 mi	Clarence	$2082
103 km or 64 mi	West Seneca	$2109
103 km or 64 mi	Orillia	$1936
105 km or 65 mi	Lancaster	$2083
111 km or 69 mi	Peterborough	$1971
112 km or 70 mi	Hamburg	$1868
114 km or 71 mi	Orchard Park	$2021
132 km or 82 mi	Stratford	$1683
146 km or 91 mi	Greece	$2036
146 km or 91 mi	Chili	$2031
148 km or 92 mi	Gates	$2043