On December 13, 2022, we delivered the 2022 assessment roll to municipalities across Ontario and shared insights on how Ontario’s property landscape changed this year.
Ontario’s property inventory continued to grow in 2022 with more than $37.8 billion in new assessment, which includes new construction and improvements to existing properties. Residential homes made up over $28.6 billion of the increase, while commercial and industrial properties comprised $4.6 billion. 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, with new detached homes increasing 10.5% while the number of new residential condominiums dropped by 37.4%. There was also a small increase in new townhouses of 1.3%.
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, followed by Ottawa at $4.4 billion. Mississauga, Vaughan and Oakville rounded out the top five.
When looking at the growth rates for municipalities with populations under 15,000, Blue Mountains had the largest overall growth this year at $140.2 million, despite a drop in new seasonal properties from the previous year. Muskoka Lakes followed with $120.3 million, and Middlesex Centre, North Perth and Carleton Place trailed closely behind.
For more details, read the full story and check out our 2022 Roll Return Fact Sheet.