Ontario sees a record increase in the value of property inventory with $42 billion in new assessments

PICKERING, ON, Dec. 14, 2023 /CNW/ - 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 this 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 (up from $8.7 billion in 2022) followed by Ottawa at $3.37 billion (down from $4.4 billion), then Vaughan at $1.58 billion (up from $1.1 billion), Oakville at $1.55 billion (up from $1.1 billion), and Brampton at $1.35 billion up from $974 million).

When looking at the growth rates for municipalities with populations less than 15,000, Southwold had the largest overall growth this year ($286.2 million). Blue Mountains followed with $166.7 million, then Muskoka Lakes with $152.3 million, Middlesex Centre with $119.6 million and Carleton Place with $113.4 million.

"We remain steadfast in our commitment to delivering accurate assessments," says Carmelo Lipsi, Vice President of Valuation & Customer Relations. "We look forward to continuing to provide valuable insights for property owners and municipalities on Ontario's changing property inventory."

Property assessments for the 2024 property tax year will continue to be based on January 1, 2016 assessed values. This means property assessments remain the same as the 2023 tax year unless changes have been made to the property.

For more information, please see the 2023 Roll Return Fact Sheet.

About MPAC

MPAC is an independent, not-for-profit corporation funded by all Ontario municipalities, accountable to the Province, municipalities and property taxpayers through its 13-member Board of Directors.

Our role is to accurately assess and classify all properties in Ontario in compliance with the Assessment Act and regulations set by the Government of Ontario. We are the largest assessment jurisdiction in North America, maintaining an inventory of more than 5.6 million properties with an estimated total value of more than $3.1 trillion.

For additional information, visit www.mpac.ca.

SOURCE Municipal Property Assessment Corporation

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