Last month, the Municipal Property Assessment Corporation (MPAC) released its annual assessment rolls to 444 Ontario municipalities, which showed a record-breaking year of $42 billion in property inventory growth province-wide.

Through property improvements and new construction, residential homes accounted for over $31 billion of this spike. Notably, since 2022, the new residential condominiums count increased by 85 per cent.

The assessed value of the province’s 5.6+ million properties is about $3.14 trillion.

“We remain steadfast in our commitment to delivering accurate assessments,” says Carmelo Lipsi, MPAC’s 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 values by municipality

10 municipalities accounted for over 44 per cent of new property value, with Toronto the highest at $9.93 billion (up from $8.7 billion in 2022). Ottawa followed 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).

As for growth rates in municipalities with populations of under 15,000, the year’s largest overall growth was in Southwold (at $286.2 million), followed by Blue Mountains (at $166.7 million), Muskoka Lakes (at $152.3 million), Middlesex Centre (at $119.6 million) and Carleton Place (at $113.4 million).

MPAC reports that assessments for 2024’s property tax year will be based on January 1, 2016 assessed values and remain the same as the 2023 tax year unless changes have been made to the property.

View the 2023 Roll Return Fact Sheet for more information.