In light of the pandemic, Ontario’s property landscape continues to evolve and the assessed value of all properties in the province is now estimated to be more than $3 trillion, with Toronto leading as the fastest growing city.
Today, the Municipal Property Assessment Corporation (MPAC) released its annual assessment rolls in Ontario, which tell an interesting story, not only for the province but for Toronto, too.
According to the assessment, property values in Ontario increased by more than $37 billion in 2020, including an increase of $11.65 billion in Toronto.
“Even during a pandemic, Ontario continues to grow as evidenced by the $37.3 billion in new assessment across Ontario from new construction and improvements to existing properties,” said Nicole McNeill, President and Chief Administrative Officer.
“In 2020, Ontario saw more than 36,000 new residential units and 16,000 residential condominium units. And with people spending more time at home this year we saw a 28% increase in the number of renovation permits this year as people invested in making improvements to their homes.”
McNeill said MPAC also valued nearly 1,700 new commercial and industrial buildings across the province in 2020, with one area that saw substantial growth being the warehousing and logistics sector. “We assessed eight new distribution centres with a total value of more than $405 million,” added McNeill.
According to the assessment, across the province, more than 60% of new property value was located in 10 municipalities, with Toronto leading the way with $11.65 billion new assessment, followed by Ottawa at $2.68 billion, Vaughan at $1.49 billion, Hamilton at $1.15 billion, and Mississauga at $1.14 billion.
In other areas of the province, a major driver of property value was the construction of seasonal properties, with cottages accounting for nearly $600 million in new assessment. In cottage country, Muskoka Lakes had the largest growth with $59 million in new assessment, followed by Lake of Bays with $41 million, Seguin Township with $37 million, Innisfil with $28 million, and the Kawartha Lakes with $21 million.
The top municipalities for new assessment are:
- Toronto: $11.65 billion
- Ottawa: $2.68 billion
- Vaughan: $1.49 billion
- Hamilton: $1.15 billion
- Mississauga: $1.14 billion
- Brampton: $1.11 billion
- Markham: $966 million
- Oakville: $951 million
- Milton: $901 million
- London: $706 million
MPAC updates the current value assessment of every property in Ontario every four years to capture changes to properties and the real estate market. In March, the Ontario government postponed the province-wide Assessment Update that was scheduled for this year.