This is where you'll find the best value for a home in Ontario

A new report has revealed the best place in Ontario to buy a house. (Pexels)

TORONTO — A new report has revealed the best place in Ontario to buy a house.

According to a report released this week from Zoocasa, a real estate agency that offers market analysis, Bancroft currently offers the best value, location and potential for appreciation over time.

Bancroft is located about 250 kilometres north-east of Toronto.

Why did Bancroft top the list?

According to Zoocasa, the average selling price across all residential property types in 2020 was $292,733, which is 47 per cent below the national average.

Bancroft has long been known for being in prime Ontario cottage country and in close proximity to Algonquin Provincial Park.

Zoocasa says with the major shift to remote work, the town offers even more incentives for those looking to make the switch to a more relaxed lifestyle.

The three-year growth percentage on residential property is 78 per cent, meaning the average person in Bancroft has seen the value of their home jump on average by $128,533.

The next area on Zoocasa's list is Woodstock and Ingersoll.

According to Zoocasa, the average price for a residential property in 2020 was $433,383, which is 22 per cent below the national average.

The three-year growth percentage in this region is 67 per cent, meaning the average appreciation is $173,383.

Coming in third place, is London and St. Thomas.

The average selling price of a home in this area is $436,433 and the three-year appreciation 77 per cent, Zoocasa says.

Toronto, unsurprisingly, ranks much lower on the list.

According to Zoocasa, the average selling price of a Toronto home in 2020 was $915,001. The three-year appreciation value is 14 per cent.

Zoocasa analyzed dozens of Canadian cities to determine which ones they believed offered the best value.

If you're thinking of a move out of province, other Canadian cities that topped Zoocasa's list include Greater Moncton, Montreal, and Winnipeg.

To view the full list, click here.