Ontario saw more than $38 Billion in new construction and renovations in 2021: MPAC
December 15, 2021 By Municipal Property Assessment Corporation
Ontario continues to see strong growth as MPAC valued more than 86,680 new properties and improvements to existing properties totaling $38 billion. The assessed value of Ontario’s 5.5 million properties is now estimated to be more than $3.04 trillion. These changes are summarized in the annual assessment rolls delivered to municipalities across Ontario today.
“In 2021, MPAC assessed nearly 36,800 new residential homes and more than 11,300 residential condominium units with an assessed value of $25.81 billion,” said Nicole McNeill, President and Chief Administrative Officer. “On the non-residential side, we saw more than 1,500 new commercial and industrial buildings with a total assessed value of $3.27 billion.”
“The strength of e-commerce was evident once again this year as we continued to see substantial growth in the warehousing and logistics sector,” added McNeill. “MPAC assessed 109 new warehouses and eight new distribution centres with a total value of more than $740 million.”
Across Ontario, more than 60% of new property value was located in 10 municipalities. Toronto led the way with $10.71 billion in new assessment due in large part to residential condominiums, which accounted for 58% of Toronto’s new assessment. This was followed by Ottawa at $3.02 billion, which in contrast saw 11% of its new assessment from residential condominiums, then Vaughan at $2.02 billion, Mississauga at $1.64 billion and Brampton at $1.29 billion.
Ontario’s urban centres were not the only municipalities to see significant assessment growth. When looking at growth rates for small municipalities (under 15,000 population), Muskoka Lakes led in new construction with $185 million in new assessment, of which 75% was from seasonal properties. This was followed by Blue Mountains at $144 million, Middlesex Centre at $76 million, North Perth at $74 million and Saugeen Shores at $67 million.
Property assessments for the 2022 and 2023 property tax years will continue to be based on January 1, 2016, assessed values. This means your property assessment remains the same as it was for the 2021 tax year, unless there have been changes to your property.
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