Looking to relocate, but not sure where you can get the most bang for your buck in terms of buying a home?

A new study from CIA Landlords Insurance, a UK-based insurance company, has ranked just one Canadian city as one of the world's cheapest to relocate to in 2023.

According to its research, Ottawa is the third cheapest city to buy a home in based on the cost per square metre.

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The average price to buy a home in the country's capital city is £4,227.14 (around CAD$7,000) per square metre.

That means that a three-bedroom home — which is around 110 to 120 square metres, or 1,200 to 1,300 square feet — can cost an average of $770,000 to $840,000.

That's a huge difference compared to Vancouver’s average which sits at about $1,207,733.

Ottawa sits just behind Brussels in second place and Athens, which nabbed the top spot. The average price to buy a home in Greece's capital is just £2244.71 (around CAD$3,700) per square metre.

Imagine purchasing a three-bedroom home for just over $400,000? Canadians can't relate.

Ottawa also ranked high on CIA's list of the world's biggest average house sizes, revealing that it's a city where people can get the most space for their money.

The capital ranked fourth with an average home size of 181 square metres (about 1,948 square feet), which costs around £765,112.34 (CAD$1,263,651.89).

Canberra, Australia, took the top spot with an average home size of 214 square metres (2,303 square feet), which costs about £1,102,493.76 (CAD$1,820,867.67).

Would you move to Canada's capital city based on these prices?