Strong Growth For 2022 Ontario Properties

Ontario's property inventory continued to grow in 2022, with more than $37.8 billion in new assessments, which includes new construction and improvements to existing properties, says the Municipal Property Assessment Corporation (MPAC) in its annual assessment rolls. Residential homes made up over $28.6 billion of the increase, while commercial and industrial properties comprised of $4.6 billion. The assessed value of Ontario's 5.5 million properties is now estimated to be more than $3.08 trillion. Over the course of the year, Ontario added more than 48,000 residential homes. While the number of new detached homes increased 10.5 per cent year over year, the number of new residential condominiums dropped by 37.4 per cent. There was also a small increase in new townhouses, coming in at approximately 1.3 per cent.