Toronto, Ottawa lead as MPAC reports record-breaking property assessment growth in 2024
Ontario achieved a new milestone in property assessments in 2024, with over $42.7bn in new value captured through new construction and improvements to existing properties.
Residential properties, including condominiums, contributed nearly $31bn to this total, while commercial and industrial properties added more than $5.7bn.
These updates are reflected in the annual assessment rolls provided to Ontario's 444 municipalities.
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.
According to Daniel DeVellis, vice-president of Valuation and Assessment Operations at MPAC, “MPAC has achieved a significant milestone this year by capturing over $42.7bn in new assessment across the province, surpassing last year's record.”
He added that the organization continually updates property assessment records to account for construction and renovation projects throughout the year.
Ten municipalities accounted for 54 percent of the new property value. Toronto led with $12.11bn, followed by Ottawa at $2.88bn.
Vaughan contributed $1.62bn, Oakville added $1.57bn, and Mississauga rounded out the top five with $1.56bn.
New property assessments by region included:
- Central Ontario: Barrie led with $389m.
- Eastern Ontario: Ottawa topped the region with $2.88bn.
- Greater Golden Horseshoe: Hamilton recorded $1.10bn.
- Northeast Ontario: Greater Sudbury added $181m.
- Northwest Ontario: Thunder Bay recorded $75m.
- Southwest Ontario: London achieved $526m.
Among municipalities with populations under 15,000, the top contributors to growth were:
- Muskoka Lakes: $208m.
- Blue Mountains: $191m.
- Adjala-Tosorontio: $186m.
- Wellington North: $125m.
- Gravenhurst: $91m.
Assessments for the 2025 property tax year will continue to use January 1, 2016 values, maintaining consistency with the 2024 tax year unless individual property changes have occurred.
