Canada vs Iceland — Full Cost of Living Comparison (2026)
Updated March 2026
Canada has a cost of living index of 91.0 with average 1BR rent around $1,550/mo, while Iceland sits at 113.0 with rent near $1,700/mo. Below is the full side-by-side breakdown for digital nomads, expats and remote workers weighing a move.
| Metric | Canada | Iceland | Winner |
|---|---|---|---|
| Mortgage Interest Rate | 5.80% | 9.00% | Canada |
| Savings Account Interest Rate | 4.20% | 8.50% | Iceland |
| Credit Card Interest Rate (APR) | 20.5% | 17.0% | Iceland |
| Average Rent (1BR City Centre) | US$1,550/mo | US$1,700/mo | Canada |
| Real Estate Price (per m²) | US$5,400/m² | US$5,400/m² |
Summary
Canada has a lower mortgage rate than Iceland at 5.80% vs 9.00%. Rental costs in Canada average $1,550/month compared to $1,700 in Iceland, while the cost of living index sits at 91.0 versus 113.0. Overall, Canada looks more favourable across the headline numbers.
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How we calculate this
Cost of living, rent, mortgage, savings and tax figures combine official sources (World Bank, central banks, national statistics offices) with crowdsourced price data, refreshed regularly. Full breakdown: read our methodology.
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