The province saw more than 50,000 new residential properties completed in 2020
Despite the moderating impact of the COVID-19 pandemic on housing activity earlier this year, Ontario’s latest assessment saw $37.3 billion in new residential construction and/or additions to existing property this year.
In its report released earlier this week, the Municipal Property Assessment Corporation (MPAC) said that Ontario saw the completion of more than 36,000 new residential units and 16,000 residential condominium units in 2020.
“With people spending more time at home this year, we saw a 28% increase in the number of renovation permits this year as people invested in making improvements to their homes,” said Nicole McNeill, president and chief administrative officer of MPAC.
By asset class, residential units accounted for the largest proportion of Ontario’s new assessments this year at $18.47 billion, while residential condos represented $13.33 billion. Commercial property trailed at $2.58 billion, followed by the industrial segment’s $1.72 billion in assessments.
“We valued nearly 1,700 new commercial and industrial buildings across Ontario,” said McNeill. “One area that saw substantial growth was the warehousing and logistics sector as we assessed eight new distribution centres with a total value of more than $405 million.”
Approximately 60% of new property value was concentrated in 10 municipalities, with Toronto heading the charge at $11.65 billion in new 2020 assessments. This was followed by Ottawa at $2.68 billion, Vaughan at $1.49 billion, Hamilton at $1.15 billion, and Mississauga at $1.14 billion.
