Top 10 municipalities with the biggest growth in Ontario revealed

New home building and property improvements grew across Ontario this year with the biggest growth in the province’s largest cities.

Ontario’s property inventory — new construction and property improvements — grew by more than $42 billion in 2023, according to a press release from MPAC (Municipal Property Assessment Corporation).

MPAC is an independent, not-for-profit corporation funded by all Ontario municipalities. It assesses and classifies all properties in Ontario in compliance with the Assessment Act and regulations set by the Government of Ontario.

This year, MPAC assessed the value of more than 5.6 million properties in Ontario. The total value is estimated to be approximately $3.14 trillion.

Residential homes, including condominiums, accounted for more than $31 billion of the $42 billion increase, while commercial and industrial properties contributed more than $6 billion, which is an increase of 31.5 per cent from 2022.

Across Ontario, 10 municipalities accounted for more than 44 per cent of new property value.

Toronto led the way for another year at $9.93 billion (up from $8.7 billion in 2022) followed by Ottawa at $3.37 billion (down from $4.4 billion), then Vaughan at $1.58 billion (up from $1.1 billion), Oakville at $1.55 billion (up from $1.1 billion), and Brampton at $1.35 billion (up from $974 million).

Hamilton with $1.2 billion (up from $1.1 billion in 2022) and Mississauga with $1.18 billion (down from $1.2 in 2022) were sixth and seventh on the list with the most growth.

Toronto also topped the list for condo growth with $5.6 billion (up from $4.8 billion in 2022). Mississauga was fourth for condo growth with $387.8 million (up from $370 million in 2022).

Hamilton was seventh at $318.6 million in condo growth (up from $214 million), Oakville was eighth with $304 million (up from $97.7 million) and Brampton was ninth with $249 million in growth (up from $59 million).

Property assessments for the 2024 property tax year will continue to be based on January 1, 2016 assessed values. This means property assessments remain the same as the 2023 tax year unless changes have been made to the property.

For more information, see the 2023 Roll Return Fact Sheet.