Q1 2024
Industry Conferences and Stakeholder Collaborations 
This year, MPAC will have the opportunity to meet and collaborate with industry stakeholders and assessment professionals at a number of events. 
 
In the first quarter, we attended the first Virtual Canadian Assessors Summit, hosted by the Institute of Municipal Assessors (IMA) and the Alberta Assessors’ Association (AAA). Some of the panel discussions included topics such as highest and best use and data gathering best practices.  
 
Looking ahead, April is a busy month for engagement. Some of the upcoming events include:
  
  • Participating as an exhibitor at the Canadian Hotel Investment Conference in Toronto on April 9 to meet with stakeholders and share important information about our upcoming annual Property Income and Expense Request campaign.   
  • Presentations on income analytics and machine learning at the GIS/Valuation Technologies Conference on April 8-11, hosted by the Urban and Regional Information Systems Association (URISA) and International Association of Assessing Officers (IAAO). 
  • Joining a panel discussion on Common Areas of Interest within the Assessment Industry during the New Brunswick Association of Assessing Officers on April 23-25. 
 
This is only the beginning for the year. We look forward to engaging with you over the next year and to the many opportunities for collaboration that 2024 will bring.
2024 Assessment Information Request Program 

Earlier this year, we launched our 2024 Assessment Information Request Program, the centralized program for collecting assessment information from property owners.  
 
MPAC collects information directly from property owners through this annual program as access to up-to-date and accurate data is critical to the assessment process.
The program includes data collection activities for many property types, including pipelines and grain elevators. Our largest program is the Property Income and Expense Return (PIER) campaign, where MPAC requests information from approximately 35,000 income-generating properties. The 2024 PIER campaign will run from May 16 to July 15. 
2024 PIER Campaign
May 16 - July 15
Property owners and representatives are encouraged to submit their income and expense information through our online portal, AboutMyProperty™. To support the online submission process, MPAC will provide a toolkit complete with a user guide, FAQ, terms and definitions and more. MPAC also accepts information through B2B services to streamline the submission process for owners and their representatives. For more information, please reach out to us at industry@mpac.ca.

By submitting the requested information to MPAC, property owners play an active role in ensuring their property values are accurate and current. The information also helps MPAC determine how property sectors are changing and identifies emerging trends in the real estate market.  
 
MPAC’s authority to collect this information, along with the requirement for compliance by property owners, is outlined in the Assessment Act. MPAC is also committed to protecting information provided in compliance with legislation and regulation. 
 
For additional details on our information collection programs, visit mpac.ca.
Ontario communities experience a decline in homes under $500,000 
Ontario’s residential property landscape has continued to evolve over the last decade. Communities with homes under $500,000 are becoming increasingly scarce. According to recently released MPAC data, the type of homes with a value of less than $750,000 and where they can be found has also shifted. 
 
As of December 2023, the median home value in Ontario was $765,000, with the median value in the Greater Toronto and Hamilton Area (GTHA) at $1,031,000. The median value represents the mid-point of the range, meaning half of properties have a value above, and half have a value below.
“Looking across the province, our data shows increases in home values across Ontario – even in smaller communities outside the GTHA,” says Greg Martino, Vice President and Chief Valuation and Standards Officer for MPAC. “The reality is that current home prices reflect various economic forces at play. Factors like supply and demand, increased construction and labour costs plus inflation are all part of what's driving today's house prices.” 
 
With year-over-year price increases driving buyers to look at communities farther outside the GTHA, read the full news release to learn more. You can also view our housing inventory map.
PROfessional highlight 
Robert Babin, a Mass Appraisal Specialist at MPAC, recently collaborated with Dr. Dawn Parker and the University of Waterloo’s Urban Growth and Change Research Group on a paper published in the February 2024 edition of Cities, an international journal of urban policy and planning. 
 
The paper, ‘Causal identification of transit-induced property value uplift in Canada's Waterloo Region: A spatio-temporal difference-in-differences method application,’ focused on the new Kitchener-Waterloo Light-Rail Transit (LRT) system, and how residential property values have changed in the areas surrounding LRT stations throughout the planning and development of the new system. 
“MPAC has the largest dataset of property information in Ontario,” said Babin. “This study can be used by municipalities, developers and homeowners and is a great example of how we can add greater value for our stakeholders.”
If you know someone who would be interested in receiving Industry Insights, have them send an email to Industry@mpac.ca.
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