The top five Ontario cities where homes are selling the most above their asking price have been revealed and surprisingly, Toronto didn't make the list.

A new report released by Zoocasa this week calculated the percentage difference between the average sold price and the average list price in 29 cities across Ontario for the month of September.

According to the report, the calculations reveal the largest difference in the list price and sold price is occurring in markets where the average home price is below $1 million. 

The report found that Ottawa tops the list for homes selling over asking, with a 27 per cent difference on average. 

The average listing price of a home in Ottawa in September was $523,842 but the average selling price was $669,874.

Next on the list was Whitby, where the average list price was $938,831 and the selling price was $1,092,945. 

Windsor, Oshawa and Ajax were next on the list. Homes in those regions sold between 16 and 13 per cent above asking in September.

"Three of the top five markets are located in the Durham Region, long considered a hot alternative to the City of Toronto, at a commutable distance," the report said.

The report found that in September, housing in Toronto sold on average seven per cent under asking. The average price was $1,191,064 and the selling price was $1,033,373.

To view the full report click here.