Ontario’s property inventory added more than $37.8 billion in new assessments in 2022, according to data released by the Municipal Property Assessment Corporation (MPAC) in December.

Residential homes made up over $28.6 billion of the increase, while commercial and industrial properties comprised of $4.6 billion. The figures include new construction and improvements to existing properties.

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% year over year (25,727, up from 23,279), the number of new residential condominiums dropped by 37.4% (7,097, down from 11,331). There was also a small increase in new townhouses, coming in at approximately 1.3% (10,484, up from 10,350).

“The slowdown we see in new residential condominiums is attributed to construction delays arising from changing economic considerations and supply issues,” said MPAC President and Chief Administrative Officer Nicole McNeill. “Despite this slowdown in new residential condominiums, we did see year-over-year growth in other property types.”

Across Ontario, more than 55% of new property value was located in 10 municipalities. Toronto led the way for another year at $8.7 billion (down from $10.7 billion in 2021) followed by Ottawa at $4.4 billion (up from $3 billion), then Mississauga at $1.2 billion (down from $1.6 billion), Vaughan at $1.1 billion (down from $2 billion), and Oakville at $1.1 billion (holding steady) for another year.

When looking at the growth rates for small municipalities (under 15,000 population), Blue Mountains had the largest overall growth this year ($140.2 million) despite a drop in new seasonal properties from the previous year (down to $29.3 million from $32.7 million). Muskoka Lakes followed with $120.3 million, then Middlesex Centre with $103.7 million, North Perth with $90.9 million and Carleton Place with $89.9 million.