Ontario Construction, Renovation Growth Continues

Ontario continues to see strong growth as the Municipal Property Assessment Corporation (MPAC) valued more than 86,680 new properties and improvements to existing properties totalling $38 billion. The assessed value of Ontario's 5.5 million properties is now estimated to be more than $3.04 trillion. The organization assessed nearly 36,800 new residential homes and more than 11,300 residential condominium units with an assessed value of $25.81 billion. On the non-residential side, more than 1,500 new commercial and industrial buildings were evaluated with a total assessed value of $3.27 billion. “The strength of eCommerce was evident once again this year as we continued to see substantial growth in the warehousing and logistics sector,” says Nicole McNeill, president and chief administrative officer. “MPAC assessed 109 new warehouses and eight new distribution centres with a total value of more than $740 million.” Overall, growth was not limited to Ontario’s urban centre municipalities, with small municipalities (under 15,000 population) also seeing strong increases in both new construction and renovations.