If you're hoping to finally get on that property ladder, you should apparently look no further than Guelph.

The spot near Toronto has been named as the best city in Canada to buy a home in a new study released by MoneySense.

$527,300 The average Guelph house price, according to MoneySense

The report assessed municipalities based on factors including the ratio of average income to average housing prices, unemployment rates, and value for dollar.

Guelph beat out London, Ont. and B.C.'s Victoria in the top three spots.

The city, which is only around an hour's drive from Toronto, currently has an average house price of $527,300. That's less than half of Toronto's average for May 2020, according to Toronto Storeys.

Via MoneySense