By Pepper Parr
December 19, 2023
BURLINGTON, ON
Ontario sees a record increase in the value of property inventory with $42 billion in new assessments
On December 12, 2023, MPAC – Municipal Property Assessment Corporation – delivered the 2023 assessment roll to municipalities across Ontario and shared insights on how Ontario’s property landscape changed this year.
Ontario’s property inventory grew by more than $42 billion through new construction and property improvements in 2023. Residential homes, including condominiums, accounted for more than $31 billion of this increase, while commercial and industrial properties contributed more than $6 billion, which is an increase of 31.5 per cent from 2022.
The assessed value of more than 5.6 million properties in Ontario is now estimated to be approximately $3.14 trillion. MPAC summarized these changes in the annual assessment rolls that were delivered to Ontario’s 444 municipalities last week.
Across Ontario, 10 municipalities accounted for more than 44 per cent of new property value. Toronto led the way for another year at $9.93 billion, followed by Ottawa at $3.37 billion. Vaughan, Oakville and Brampton rounded out the top five.
Important: The MPAC property assessment is not the same as your tax rate. The tax rate is based on the class of property and what its assessment is.
The Gazette will be doing an article on how the assessment and the tax rate are worked out.
