Which place is cheaper, Toronto or Panama City?
These are the overall average travel costs for the two destinations. These travel costs come from the actual spending of real travelers.
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Should you visit Panama City or Toronto?
Which is cheaper to visit? Which is more expensive for vacation?
Which city is more affordable and which is best for your travel style? If you're trying to figure out where to go next, comparing the travel costs between Panama City and Toronto can help you decide which place is right for you.
Where Should I go: Panama City or Toronto?
Panama City
Panama City is the cosmopolitan capital city of the country of Panama. With a population of almost 900,000 and almost 1.5 million in the metropolitan area, it's a very diverse city with expat residents from all over the world. You don't have to search far to find someone who speaks English, and many Panamanians are quite helpful and friendly.
Toronto
The capital of Ontario and the most populated city in Canada, Toronto is a very popular travel destination for any number of reasons. It's positioned along the coast of Lake Ontario and has a population of more than 2.6 million with 6.2 million in the Greater Toronto Area. It's a very international and diverse city, with a very rich cultural history. More than half of the city's population was not born in Canada, and there are more than eighty different ethnic neighborhoods sprinkled throughout the city. The city is a center for music, theater, film, and television. It has countless museums, festivals, and sights that attract more than 25 million tourists every year.
For some great organized tour ideas, see The Best Budget Tours to Panama, The Best One-Week (7-Day) Tours from Panama City, The Best Northern Lights Tours in Canada, and The Best Luxury Tours to Canada.
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Panama City Prices
Panama PricesToronto Prices
Canada Prices -
Average Daily Cost Per person, per dayPanama City $102Toronto $245
The average daily cost (per person) in Panama City is $102, while the average daily cost in Toronto is $245. These costs include accommodation (assuming double occupancy, so the traveler is sharing the room), food, transportation, and entertainment. While every person is different, these costs are an average of past travelers in each destination. What follows is a categorical breakdown of travel costs for Panama City and Toronto in more detail.
Accommodation
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Accommodation Hotel or hostel for one personPanama City $35Toronto $86
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Accommodation Typical double-occupancy roomPanama City $70Toronto $172
Compare Hotels in Panama City and Toronto
Looking for a hotel in Panama City or Toronto? Prices vary by location, date, season, and the level of luxury. See below for options and compare which is best for your budget and travel style.
Kayak helps you find the best prices for hotels, flights, and rental cars for destinations around the world. Compare prices for multiple destinations when planning your next trip.
Our Analysis
We've analyzed the average and typical hotel prices based on guest reviews, star ratings, and hotel amenities here: Panama City Hotel Prices and Toronto Hotel Prices.
Local Transportation
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Local Transportation Taxis, local buses, subway, etc.Panama City $11Toronto $32
Hired Cars and Shuttles in Panama City
Also for Panama City, here are a few examples of actual transportation services:
- Travel in Comfort Airport Transfer Pty: $30
- Transfers to Riu Playa Blanca, The Buenaventura Golf, Rio hato: $45
- Transfers from PTY Airport to Playa Bonita or Gamboa and Back: $27
- Transfers: $37
- Transfer from Tocumen Airport to Playa Blanca Hotels: $85
- Transfer from Tocumen Airport to Colon Cruise Port: $160
- Transfer from PTY/Panama City to Cruise Terminal or Back: $32
- Transfer Tocumen International Airport - Playa Blanca, Rio Hato, Buena Ventura: $75
- Transfer Tocumen Airport (PTY) to Playa Bonita (Westin and Dreams): $38
- Transfer Panama City to Columbus Cruise Port: $50
- Transfer Panama City to Amador Cruise Port: $35
- Transfer Hotel/Airport to Resorts in Playa - return or return: $125
Typical Local Transportation Prices in Toronto
Some typical examples of transportation costs in Toronto are as follows:
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Airport Shuttle$26
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Train: 2 Day Passes$16
Hired Cars and Shuttles in Toronto
Also for Toronto, here are a few examples of actual transportation services:
- Toronto Pearson Airport (YYZ) Transfer to Downtown Montreal: $1,618
- Toronto Pearson Airport (YYZ) Transfer to Kingston: $856
- Private Transfer to Kingston City or Queen's Unive…: $801
- Niagara Falls: Private Transfer to/from Toronto Airport: $688
- Pearson Airport to Blue Mountain Resort Transfer: $654
- Toronto Pearson Airport (YYZ) Transfer to Niagara Falls: $442
- Toronto Pearson Airport (YYZ) Transfer to Port Hope: $439
- Airport Transfer Toronto to Niagara region: $291
- Toronto Pearson Airport (YYZ) Transfer to Hamilton: $281
- Niagara Falls private transfers: $274
- Toronto Pearson Airport (YYZ) to Hamilton - Round-Trip Private Transfer: $270
- Private Transfer Pearson Int. Apt to Waterloo: $261
Is it cheaper to fly into Panama City or Toronto?
Prices for flights to both Toronto and Panama City change regularly based on dates and travel demand. We suggest you find the best prices for your next trip on Kayak, because you can compare the cost of flights across multiple airlines for your prefered dates.
Food
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Food Meals for one dayPanama City $36Toronto $108
Typical Food Prices in Panama City
Here are some examples of typical meal expenses from previous travelers to Panama City:
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Sandwich$8.27
Food Tours and Cooking Classes in Panama City
For Panama City, here are some samples of tours and activities related to meals and dining experiences:
- Panama City Market Food Tour & Lunch by Paradox Experience: $50
- Panamanian Ravioli Masterclass + Dinner in Panama City center: $55
- Panama City FOOD Tour: $65
- 3.5 -hour Afropanamanian Cooking Experience in Panama: $70
- 4-Hour Guided Panamanian Cooking Class and Markets Experience: $95
- Street Food Tour Panama City (25+ tastings) By Paradox Experience: $95
- 4h Cooking Class in 10 Recipes & Bottomless Drinks: $95
- The Real Panamanian Private Food Tour through Panama City: $245
Typical Food Prices in Toronto
For Toronto, here are some examples of average food and meal prices for travelers:
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Lunch at St. Lawrence Market for Two$23
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Dinner at Mill Street Brewery (for 2)$55
Food Tours and Cooking Classes in Toronto
For Toronto, here are some samples of tours and activities related to meals and dining experiences:
- Premium Harbor Cruise with Lunch, Brunch, or Dinner: $51
- Great White North Food Tour + Distillery District & Old Town: $53
- Pasta Making Cooking Class With Local Chef: $60
- Fun Sushi Making Cooking Class at a Trendy Venue in Toronto: $60
- Toronto Premier Dinner Cruise on Odyssey in Toronto Harbour: $64
- Toronto : Best Street Food Tour With A Local Guide: $68
- Toronto Best Private St Lawrence Market Food Tour: $70
- Niagara Falls Night Tour, Boat, Journey, Dinner & Tower: $72
- Authentic Food Tour with Local & International Flavors: $75
- 2 Hour Express Toronto Food Tour: Flavors of Kensington Market: $75
- Kensington Market 'Taste the World' Food Tour: $77
- Great Canadian Food Tour- St. Lawrence Market + The Distillery: $78
Entertainment
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Entertainment Entrance tickets, shows, etc.Panama City $66Toronto $31
Tours and Activities in Panama City
Also, here are some specific examples of entertainment, tickets, and activities for Panama City.
- "Bridge of the Americas Stand-Up Paddle Private 2 hours Tour ": $100
- 1- or 2-Night Experience in San Blas Islands: $260
- 1st Mysteries and FreeMasons Tour: $38
- 2 Days Island Hopping Adventure San Blas Islands - Private Cabin: $265
- 2 Hours Private Luxury Tour in a Convertible Car in Panama City: $255
- 2-Day San Blas Adventure from Panama City with WiFi: $260
- 4 Hours Private Tour in Panama City Highlights: $70
- 4-Hour Guided Tour of Panama Canal & Old Town & More: $150
- 4-hour tour in Panama: $105
- 5 Hours Private Panama City Tour: $200
- 5 hours Whale Watching Experience from Panama City: $100
- 5hour tour of Panama City and Panama Canal - Shared or Private: $65
Typical Entertainment Prices in Toronto
Below are a few sample prices from actual travelers for Toronto's activities, tours, and tickets:
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Art Gallery of Ontario for Two$15
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CN Tower at night for Two$35
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Harbour Dinner Cruise$26
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Bata Shoe Museum (2)$7.13
Tours and Activities in Toronto
For Toronto, here are a few prices for actual activities, tours, and tickets provided by various companies:
- 1-Hour Toronto Harbour Tour with Live Narration: $29
- 20 km Helicopter Tour over Toronto: $152
- 3hr Discover Sailing Adventure: $196
- 50 Minute Harbour Tour with Skyline Views: $26
- 60-Minute Toronto Sightseeing Harbour Tour: $28
- Adventures in Abstract Paint Pouring: $29
- Algonquin Park: Adventure Tour from Toronto: $159
- Algonquin Provincial Park Day Tour from Toronto: $157
- Bata Shoe Museum Admission Ticket: $11
- Best of Toronto City Tour with Boat Cruise & CN Tower Entry: $182
- Best of Toronto Small Group Tour with CN Tower and Boat Cruise: $109
- Best of Private Walking Tour with a Local: $49
Alcohol
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Alcohol Drinks for one dayPanama City $18Toronto $22
Sample the Local Flavors in Toronto
Some specific costs for nightlife related activities in Toronto:
- Toronto Distillery District: Whisky Exploration Game and Tour: $7.39
- Astounding Bar Crawl: Take On Toronto: $15
- Distillery District Historic Walking Tour: $20
- Toronto Distillery District Walking Tour: $21
- Distillery & Old Town Private Walking Tour: $27
- Toronto Distillery & Old Town Walking Tour With A Guide: $28
- Guided Tasting Activity at Sake Brewery: $29
- Short Distillery District Segway Tour: $34
- Pub Crawl Toronto: $43
- Distillery District Breakfast Walking Tour: $52
- Private Corktown and Distillery District Tour: $58
- Distillery District Beer and Cheese Tasting Tour: $67
When we compare the travel costs of actual travelers between Panama City and Toronto, we can see that Toronto is more expensive. And not only is Panama City much less expensive, but it is actually a significantly cheaper destination. Since Panama City is in Central America and Toronto is in North America, this is one of the main reasons why the costs are so different, as different regions of the world tend to have overall different travel costs. So, traveling to Panama City would let you spend less money overall. Or, you could decide to spend more money in Panama City and be able to afford a more luxurious travel style by staying in nicer hotels, eating at more expensive restaurants, taking tours, and experiencing more activities. The same level of travel in Toronto would naturally cost you much more money, so you would probably want to keep your budget a little tighter in Toronto than you might in Panama City.
If you're trying to decide if either of these two destinations are within your price range, also see Is Panama City Expensive? and Is Toronto Expensive?.
Which is Bigger, Panama City or Toronto?
Toronto has a larger population, and is about 10 times larger than the population of Panama City. When comparing the sizes of Panama City and Toronto, keep in mind that a larger population does not always imply the destination has more attractions or better activities. So, always research the type of place that you want to visit along with the activities and attractions that interest you.
Budget Your Trip is all about finding out how much everything costs so that you can travel cheaper and longer. Created by avid travelers Laurie and Bryan, our goal is to help you plan your next trip on the right budget. With average daily travel costs that are calculated from the budgets of real travelers, plus an analysis of hotel and tour prices, you can find out how much money you need to plan your next adventure. We also have plenty of travel advice, accommodation reviews, and activity suggestions.