MPAC shows a new property assessment report  

In spite of the influence of the COVID-19 pandemic on real estate activity earlier in 2020, Ontario’s recent assessment showed $37.3 billion in new residential construction and/or renovations of existing properties.

According to the Municipal Property Assessment Corporation (MPAC), Ontario reported the completion of more than 36,000 new residential units and 16,000 residential condo units this year.

“As people started spending more time at home, there was a 28% rise in the number of renovation permits. Canadians are investing in improvements to their properties,” – noted Nicole McNeill, president and chief administrative officer of MPAC.

In terms of asset class, residential units represented the largest share of Ontario’s new assessments at $18.47 billion. Meanwhile, residential condos accounted for $13.33 billion. Commercial property reported $2.58 billion, with industrial sector following at $1.72 billion.

“We valued almost 1,700 new commercial and industrial buildings in the province,” – said McNeill. “Warehousing and logistics sector showed a significant increase reporting eight new distribution centres with a total value exceeding $405 million.”

About 60% of new property value was focused in 10 municipalities, with Toronto leading the way at $11.65 billion in new assessments. Then follows Ottawa at $2.68 billion, Vaughan at $1.49 billion, Hamilton at $1.15 billion, and Mississauga at $1.14 billion.