Ontario Construction News staff writer
Ontario’s property inventory has reached a historic milestone, with an impressive $42.7 billion in new assessments recorded for 2024. This includes both new construction and improvements to existing properties, continuing the province’s ongoing real estate boom.
Of the total increase, residential homes—including condominiums—accounted for nearly $31 billion, while commercial and industrial properties saw a $5.7 billion jump. This surge pushes the total assessed value of nearly 5.7 million properties across Ontario to an estimated $3.2 trillion, based on the January 1, 2016 assessed values.
“This year marks a significant achievement for the Municipal Property Assessment Corporation (MPAC),” said Daniel DeVellis, vice-president of valuation and assessment operations. “We are proud to capture more than $42.7 billion in new assessments, surpassing last year’s record.
“Our team works diligently to ensure that property records remain up-to-date and reflect the value of ongoing construction and renovations.”
In Ontario, 10 municipalities were responsible for over half of the new property value, with Toronto leading the pack with a $12.11 billion increase. Ottawa followed closely at $2.88 billion, while Vaughan, Oakville, and Mississauga rounded out the top five.
Regional Growth Highlights:
- Central Ontario: Barrie saw $389 million in new assessments.
- Eastern Ontario: Ottawa topped the region with $2.88 billion.
- Greater Golden Horseshoe: Hamilton led with $1.10 billion.
- Northeast Ontario: Greater Sudbury added $181 million.
- Northwest Ontario: Thunder Bay recorded $75 million.
- Southwest Ontario: London achieved $526 million.
For municipalities with populations under 15,000, notable growth was also seen:
- Muskoka Lakes led with a growth of $208 million.
- Blue Mountains followed at $191 million.
- Adjala-Tosorontio reported $186 million.
Wellington North and Gravenhurst completed the top five with $125 million and $91 million, respectively.
Despite the impressive growth, property assessments for the 2025 tax year will remain based on January 1, 2016 values, meaning the 2024 assessments will carry forward unless changes have been made to specific properties.
With ongoing construction and development continuing to drive this rise, Ontario’s property landscape remains dynamic as municipalities adjust to growing demands.For more information, see the 2024 Roll Return Fact Sheet.