Ontario’s property inventory continued to expand in 2025, with new data from the Municipal Property Assessment Corporation (MPAC) highlighting significant growth in residential and commercial assessments across the province. MPAC, which assesses over 5.7 million properties with a total value exceeding $3.2 trillion, plays a key role in supporting Ontario’s $30 billion annual property tax system that funds essential municipal and education services.

In 2025, MPAC captured over $41 billion in new assessment, reflecting completed developments across Ontario. Of that, nearly $30 billion came from residential properties, including condominiums, and nearly $6 billion from commercial and industrial projects. These new assessments help municipalities generate increased property tax revenue to support community infrastructure, services, and long-term growth.

According to MPAC President & CAO Nicole McNeill, maintaining accurate property data is essential for supporting informed municipal planning. In 2025, MPAC conducted more than 310,000 property inspections, processed 176,000 building permits, and reviewed 430,000 property sales to ensure assessment accuracy across Ontario.

While the 2025 data showcases strong development activity, much of it reflects projects initiated during previous years of elevated construction starts. MPAC only includes assessments for completed developments, which means current data reflects past construction momentum. With slower building permit activity now reported across many municipalities, there may be a decline in new assessment growth in future years.

Key municipalities driving Ontario’s new assessment growth in 2025 include:

• Toronto: $11.46 billion
• Ottawa: $3.37 billion
• Mississauga: $1.96 billion
• Vaughan: $1.68 billion
• Oakville: $1.66 billion

These five municipalities account for nearly 60% of all new assessment in the province.

Additional highlights:

• Toronto led in residential condominium growth: $6.61 billion
• Muskoka Lakes topped seasonal property growth: $109.36 million
• Erin (under 15,000 population) led small-town growth: $295.9 million

Regional leaders in new property assessment included:

• Southwest Ontario: London – $759.38 million
• Central Ontario: Barrie – $475.15 million
• Eastern Ontario: Ottawa – $3.37 billion
• Greater Golden Horseshoe: Hamilton – $700.47 million
• Northeast Ontario: Sudbury – $142.89 million
• Northwest Ontario: Thunder Bay – $61 million

MPAC confirms that property assessments for the 2026 tax year will remain based on the January 1, 2016 valuation date, unless changes have been made to the property.

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