New MPAC data showed strong gains in assessed value even as permits eased
Ontario’s property assessment roll for 2025 returned with another sizeable jump in taxable value, reinforcing municipal finances even as a softer construction pipeline hinted at slower growth ahead.
New figures from the Municipal Property Assessment Corporation (MPAC) showed more than $41 billion in new assessment added to the roll, largely driven by residential housing and condominium projects that reached completion after years of elevated building activity.
Nearly $30 billion came from homes, with almost $6 billion from commercial and industrial properties, bolstering the tax base that underpinned roughly $30 billion in annual municipal and education tax revenue across the province, according to MPAC.
MPAC, which assessed and classified more than 5.7 million properties worth over $3.2 trillion on the legislated January 1, 2016 valuation date, stressed its role in maintaining that system.
“MPAC plays a key role in supporting strong, informed communities,” Nicole McNeill, president and chief administrative officer at MPAC, said.
“To keep Ontario’s property inventory accurate and up to date, MPAC conducted more than 310,000 property inspections, processed 176,000 building permits, and processed 430,000 sales transactions this year. This work strengthens municipal tax bases and provides local leaders with the reliable data they need to plan services, manage growth, and invest in their communities. Our work underpins a property tax system that generates approximately $30 billion each year to support essential municipal and education services across Ontario.”
Toronto led all municipalities with $11.46 billion in new assessment, followed by Ottawa at $3.37 billion, Mississauga at $1.96 billion, Vaughan at $1.68 billion and Oakville at $1.66 billion, together accounting for nearly 60% of provincial growth.
Toronto also dominated new condominium assessment at $6.61 billion, while regions such as Muskoka Lakes, London, Sudbury and Thunder Bay topped their respective seasonal and regional categories.
“This year’s results highlight robust residential and commercial growth, with significant activity in new homes, condominium developments, and industrial facilities. We continued to see significant activity from municipalities such as Toronto, Ottawa, Mississauga, Vaughan, and Oakville – communities that continue to drive much of the province’s new assessment value,” Carmelo Lipsi, vice‑president of valuation and assessment operations and chief operating officer at MPAC, said.
Understanding the shift in pipeline
While the 2025 roll captured more than $41 billion in newly assessed value, MPAC emphasized that the figures reflected projects already completed, not today’s construction climate.
Over the past three years, it assessed more than $125 billion in new assessment, but widely reported declines in building permit issuance across Ontario suggested future roll growth might moderate as those earlier projects work their way through the system.
That lag between a building permit and the point when a finished property appeared on the roll mattered for lenders, brokers and investors who used assessment data as a proxy for underlying economic and housing trends.
Earlier MPAC fact sheets showed that in 2024 the corporation captured more than $42.7 billion in new assessment, with more than 87,000 new homes built across the province, again reflecting prior years’ construction momentum rather than current permitting volumes.
The latest roll confirms that much of the incremental property tax capacity remains concentrated in the Greater Toronto and Ottawa regions, with Hamilton, Barrie and London also seeing strong gains across the Greater Golden Horseshoe and Southwestern Ontario.
Those patterns align with broader urban‑growth and migration flows brokers have been tracking in their origination books and in municipal-level demand for housing.
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