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 One-Week (7-Day) Tours from Panama City, The Best 2-Week 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 $101Toronto $249
The average daily cost (per person) in Panama City is $101, while the average daily cost in Toronto is $249. 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 : $12
- Transfers from PTY Airport to Playa Bonita or Gamboa and Back: $20
- Transfers from Airport to Panama City: $40
- Transfer from Tocumen Airport to hotels in Gamboa or Viceversa: $30
- Transfer from Tocumen Airport to Panama City Hotels : $25
- Transfer from Tocumen Airport to Colon Cruise Port: $160
- Transfer from Playa Bonita or Gamboa to PTY Airport: $35
- Transfer from Panama City Hotel to Tocumen Airport: $23
- Transfer from Panama Airport to Colon Cruise Terminal: $110
- Transfer from PTY/Panama City to Cruise Terminal or to the Marina: $32
- Transfer Tocumen International Airport - Playa Blanca, Rio Hato, Buena Ventura: $75
- Transfer Panama City to Amador Cruise Port : $30
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…: $816
- Niagara Falls: Private Transfer to/from Toronto Airport: $700
- Pearson Airport to Blue Mountain Resort Transfer: $666
- Low cost Transfer: Toronto Downtown to Niagara Falls (Lake): $657
- Guided layover and stopover tour with transfers.: $500
- Pvt. Transfer St. Catharines Airport to Pearson Int Airport: $476
- Toronto Pearson Airport (YYZ) Transfer to Niagara Falls: $442
- Toronto Pearson Airport (YYZ) Transfer to Port Hope: $439
- Private Transfer to and from Kitchener Waterloo Region - Toronto Pearson Airport: $294
- Toronto Pearson Airport (YYZ) Transfer to Hamilton: $281
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 $112
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$8.24
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:
- Panamanian Dinner and Folkloric Show Ticket with Pickup: $60
- Panama Evening Food Tour: $60
- Panama City FOOD Tour: $65
- E-Tickets Emotions Dinner Theater Live Show Admission: $75
- Afro-Panamanian Cooking Class with Meal: $75
- Street Food Tour with 24 Tastings: $75
- Cooking Class in Panama City with 10 Recipes & Bottomless Drinks: $95
- 4-Hour Guided Panamanian Cooking Class and Markets Experience: $95
- Panama: 10-Recipe Boozy Panamanian Cooking Class + Dinner: $95
- Folkloric Dance & Typical Dinner at Sabroso Panamá: $110
- The Real Panamanian Private Food Tour through Panama City: $205
- Street Food Tour in Panama with a Local Guide: $263
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)$56
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: $46
- Great White North Food Tour: $54
- Great White North Toronto Food Tour: $55
- Pasta Making Cooking Class at a Local Distillery: $61
- Toronto Delicious Donut Adventure and Walking Food Tour: $65
- Toronto Premier Dinner Cruise on Odyssey in Toronto Harbour: $66
- St Lawrence Market Food Tour with 6 Food Tastings: $71
- Kensington Market 'Taste the World' Food Tour: $72
- Must-Do Toronto Food Tour by Toronto's First Food Tour Company: $73
- St Lawrence Market Food Tour with 6 Tastings: $78
- French Bistro Cooking Class in Toronto (Includes 3-Course Meal): $80
- Niagara Falls Evening Tour with Boat, Journey, Dinner & Fireworks: $81
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.
- Gatun Lake Panamá Wildlife Adventure Guided Experience: $159
- Horseback riding and Agri-Tour in Colon Private tour: $75
- Panama City Tour and Panama Canal – Miraflores Locks Experience: $30
- Panama Viejo and Casco Antiguo Tour: $115
- Panama a quick and memorable tour: $68
- San Blas Islands, 4-Island Tour All-Inclusive Welcome Cocktail: $149
- #1 Walking Tour of Casco Viejo Panama with Lunch included : $70
- “Bike Tour Casco Viejo and Panama City Discover the Essence: $40
- “Panama at Your Rhythm: Private Tour with Canal, Old Town and More”: $67
- "Bridge of the Americas Stand-Up Paddle Private 2 hours Tour " : $100
- 1st Mysteries and FreeMasons Tour: $38
- 2 Days 1 Night San Blas Adventure in Pamana: $260
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$36
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Harbour Dinner Cruise$26
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Bata Shoe Museum (2)$7.26
Tours and Activities in Toronto
For Toronto, here are a few prices for actual activities, tours, and tickets provided by various companies:
- Casual Tour of Toronto by Land, Sky and Sea: $111
- 1 Day City Sightseeing Tour at Toronto City: $69
- 1-Hour Private Guided Photography Tour in Toronto: $296
- 1-Hour Toronto Harbour Tour with Live Narration: $25
- 14-Minute Helicopter Tour Over Toronto: $240
- 3hr Shared Sailing Adventure: $177
- 60-Minute Toronto Sightseeing Harbour Tour: $28
- 7-Minute Helicopter Tour over Toronto: $135
- Action Film and Television Locations Half Day Tour in Toronto: $150
- Admission Ticket: Explore Canada in Miniature Scale: $33
- Algonquin Park Hiking: Adventure Tour from Toronto: $151
- Algonquin Park and Ragged Falls Hike and Canoe Adventure: $104
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:
- Distillery District Historic Walking Tour: $20
- Nickel 9 Distillery Tour and Tasting: $25
- Illuminarium Toronto in the Distillery District: $26
- Distillery & Old Town Private Walking Tour: $28
- Short Distillery District Segway Tour: $35
- 30-Minute Distillery District Segway Tour: $36
- Toronto Distillery & Old Town Walking Tour With A Guide: $42
- Toronto Distillery District Self-Guided Walking Tour: $43
- Pub Crawl Toronto: $44
- Pub Crawl Toronto: $44
- Distillery District Breakfast Walking Tour: $53
- Distillery District Breakfast Tour: $54
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.