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

Commercial and industrial properties contributed more than $6 billion, increasing 31.5% in value from 2022. Residential homes, including condominiums, accounted for more than $31 billion of the increase, said MPAC in a news release.

Ontario’s approximately 5.6 million properties now have a total estimated value of $3.14 trillion.

Toronto accounts for most of the value at $9.93 billion, up from $8.7 billion in 2022. Ottawa ranks second at $3.37 billion, but is down from $4.4 billion a year ago.

MPAC is an independent, not-for-profit corporation funded by all Ontario municipalities. The group assesses and classifies all properties in accordance with the province’s Assessment Act and regulations.

Each assessment will remain the same for the 2024 tax year unless changes have been made to a property, said MPAC.