Ontario sees strong growth in 2022 with new property construction and renos worth over $37.8 billion

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Ontario Construction News staff writer

Ontario’s property inventory grew in 2022, with more than $37.8 billion in new assessments. Residential homes made up over $28.6 billion of the increase, and commercial and industrial properties totalled $4.6 billion, MPAC reports.

Ontario added more than 48,000 residential homes last year, with new detached homes increasing 10.5 per cent year over year. The number of new residential condominiums dropped by 37.4 per cent (7,097, down from 11,331) and there was a small increase in new townhouses.

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

More than 55 per cent 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), 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.

When looking at the growth rates for small municipalities under 15,000 population), Blue Mountains had the largest overall growth – $140.2 million, despite a drop in new seasonal properties from the previous year (down to $29.3 million from $32.7 million).

Property assessments for the 2023 property tax year will continue to be based on Jan. 1, 2016 assessed values.



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