MPAC: Ontario’s properties worth more than $3 trillion
Most of the recent increases came from residential projects.
Toronto was one of the municipalities responsible for the growth.
Ontario’s property inventory continued to grow in 2022, with more than $37.8 billion in new assessments, which includes new construction and improvements to existing properties. According to the Municipal Property Assessment Corporation (MPAC), residential homes made up over $28.6 billion of the increase, while commercial and industrial properties comprised $4.6 billion.
The assessed value of Ontario’s 5.5 million properties is now estimated to be more than $3.08 trillion. MPAC summarizes these changes in the annual assessment rolls that they delivered to Ontario’s municipalities.
Condos slow down
Over the course of the year, Ontario added more than 48,000 residential homes. While the number of new detached homes increased 10.5 per cent year over year (25,727, up from 23,279), the number of new residential condominiums dropped by 37.4 per cent (7,097, down from 11,331). There was also a small increase in new townhouses, coming in at approximately 1.3 per cent (10,484, up from 10,350).
“The slowdown we see in new residential condominiums is attributed to construction delays arising from changing economic considerations and supply issues,” said Nicole McNeill, MPAC’s president and CEO. “Despite this slowdown in new residential condominiums, we did see year-over-year growth in other property types.”
10 municipalities key to growth
Across Ontario, more than 55 per cent of new property value was located in 10 municipalities. Toronto led the way for another year at $8.7 billion (down from $10.7 billion in 2021) followed by Ottawa at $4.4 billion (up from $3 billion), then Mississauga at $1.2 billion (down from $1.6 billion), Vaughan at $1.1 billion (down from $2 billion), and Oakville at $1.1 billion (holding steady) for another year.
When looking at the growth rates for small municipalities (under 15,000 population), Blue Mountains had the largest overall growth this year ($140.2 million) despite a drop in new seasonal properties from the previous year (down to $29.3 million from $32.7 million). Muskoka Lakes followed with $120.3 million, then Middlesex Centre with $103.7 million, North Perth with $90.9 million and Carleton Place with $89.9 million.
