MPAC report: Ontario added $38 billion in new construction and renovations in ‘21
The worth of all new construction and renovation work across Ontario in 2021 exceeded $38 billion, according to figures released by the Municipal Property Assessment Corporation (MPAC).
The independent organization, which assesses and classifies all properties in Ontario in compliance with the Assessment Act, published its annual assessment rolls on December 14.
The document shows the province added more than 86,680 new properties and improvements to existing properties over the year, and that the assessed value of Ontario's 5.5 million properties is now estimated to be more than $3 trillion.
"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 MPAC president and Chief Administrative Officer Nicole McNeill. "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. We also saw substantial growth in the warehousing and logistics sector. MPAC assessed 109 new warehouses and eight new distribution centres with a total value of more than $740 million."
More than 60 percent 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 percent of Toronto's new assessment. This was followed by Ottawa at $3.02 billion, which in contrast saw 11 percent 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 percent 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.
MPAC says property assessments for the 2022 and 2023 property tax years will continue to be based on the fully phased-in January 1, 2016 assessed values.