Ontario sees another record increase in the value of property inventory with over $42.7 billion in new assessment

PICKERING, ON, Jan. 16, 2025 /CNW/ - In 2024, Ontario's property inventory reached a new milestone with over $42.7 billion in new assessment captured, including new construction and improvements to existing properties. Residential homes, including condominiums, accounted for nearly $31 billion of this increase, while commercial and industrial properties contributed more than $5.7 billion.

The total assessed value of Ontario's nearly 5.7 million properties is estimated at approximately $3.2 trillion, based on January 1, 2016 assessed values. These changes are outlined in the annual assessment rolls delivered to Ontario's 444 municipalities.

"MPAC has achieved a significant milestone this year by capturing over $42.7 billion in new assessment across the province, surpassing last year's record," says Daniel DeVellis, Vice-President of Valuation & Assessment Operations. "Our work never stops to keep property assessment records updated and capture the value of ongoing construction and renovation projects throughout the year."

In Ontario, 10 municipalities accounted for 54 per cent of the new property value. Leading the way was Toronto with $12.11 billion, followed by Ottawa at $2.88 billion. Vaughan contributed $1.62 billion, Oakville added $1.57 billion, and Mississauga rounded out the top five with $1.56 billion.

When looking at the new assessment by region:

• In Central Ontario, Barrie leads with $389 million in new assessment.
• Ottawa tops the list in Eastern Ontario with $2.88 billion.
• Within the Greater Golden Horseshoe region, Hamilton is at the forefront with $1.10 billion.
• In Northeast Ontario, Greater Sudbury leads with $181 million.
• In Northwest Ontario, Thunder Bay recorded $75 million.
• In Southwest Ontario, London achieved $526 million.

In examining the growth rates for municipalities with populations under 15,000, the top five municipalities included:

• Muskoka Lakes experienced the highest overall growth this year, totaling $208 million.
• Blue Mountains followed with $191 million.
• Adjala-Tosorontio came in third with $186 million.
• Wellington North and Gravenhurst rounded out the top five, with growth rates of $125 million and $91 million, respectively.

Property assessments for the 2025 property tax year will continue to be based on January 1, 2016 assessed values. This means property assessments remain the same as the 2024 tax year unless changes have been made to the property.

For more information, please see the 2024 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, assessing and classifying close to 5.7 million properties with an estimated total value of approximately $3.2 trillion.

For additional information, visit mpac.ca.

SOURCE Municipal Property Assessment Corporation

Media Contact: [email protected], 289-539-0830