Value of Oakville property skyrockets, fourth highest in Ontario

By

Published December 15, 2023 at 10:36 am

home construction

The organization that assesses property value in Ontario confirms Oakville remains one of the most valuable locations in the province.

According to MPAC, the Municipal Property Assessment Corporation, Ontario’s property inventory grew by more than $42 billion through new construction and property improvements in 2023.

Residential homes, including condominiums, accounted for more than $31 billion of this increase, while commercial and industrial properties contributed more than $6 billion, which is an increase of 31.5 per cent from 2022.

The Town of Oakville has a total of $1.55 billion worth of new property value, behind only Toronto, Ottawa and Vaughan. That total is up from $1.1B in 2022.

The assessed value of more than 5.6 million properties in Ontario is now estimated to be approximately $3.14 trillion. MPAC summarized these changes in the annual assessment rolls that were delivered to Ontario’s 444 municipalities this week.

“We remain steadfast in our commitment to delivering accurate assessments,” said Carmelo Lipsi, vice-president of valuation and customer relations.

“We look forward to continuing to provide valuable insights for property owners and municipalities on Ontario’s changing property inventory.”

Property assessments for the 2024 property tax year will continue to be based on 2016 assessed values. This means property assessments remain the same as the 2023 tax year unless changes have been made to the property.

MPAC is an independent, not-for-profit corporation funded by all Ontario municipalities, accountable to the Province, municipalities and property taxpayers through its 13-member Board of Directors.

Its role is to accurately assess and classify all properties in Ontario in compliance with the Assessment Act and regulations set by the Government of Ontario.

MPAC is the largest assessment jurisdiction in North America, maintaining an inventory of more than 5.6 million properties with an estimated total value of more than $3.1 trillion.

inhalton's Editorial Standards and Policies advertising