Mississauga sees 2nd highest condo development growth in Ontario
Published December 21, 2022 at 10:47 am
New condo developments seem to be popping up all over Mississauga and in 2022 the city saw the second-highest condo growth in Ontario.
Doug Ford’s government wants Mississauga to build 120,000 housing units in 10 years under the More Homes Built Faster Act announced this fall.
But the city is already growing — in new condo development, Mississauga only trails behind Toronto, according to a new report from MPAC (municipal property assessment corporation).
Mississauga saw $370 million worth of new condo development in 2022, second to Toronto’s whopping $4.8 billion.
However, this is a drop compared to 2021 when Mississauga had $675.3 million in new condo growth, according to MPAC.
MPAC suggests a shortage of materials slowed condo development across the province.
“The slowdown we see in new residential condominiums is attributed to construction delays arising from changing economic considerations and supply issues,” said Nicole McNeill, MPAC president and chief administrative officer. “Despite this slowdown in new residential condominiums, we did see year-over-year growth in other property types.”
Across Ontario, more than 55 per cent of new property value was located in 10 municipalities. Toronto led the way for another year at $8.7 billion (down from $10.7 billion in 2021) followed by Ottawa at $4.4 billion (up from $3 billion), then Mississauga at $1.2 billion (down from $1.6 billion), Vaughan at $1.1 billion (down from $2 billion), and Oakville at $1.1 billion (holding steady) for another year.
Overall, Ontario’s property inventory continued to grow in 2022, with more than $37.8 billion in new assessments, which includes new construction and improvements to existing properties.
Residential homes made up over $28.6 billion of the increase, while commercial and industrial properties comprised of $4.6 billion.
Mississauga did not place in the top 10 for other types of residential properties such as detached homes, semi-detached homes and townhouses. The city with the most new residential developments overall in 2022 was Ottawa, followed by Toronto, London, Whitby and Brampton.
For those concerned about property taxes in the new year — MPAC has some good news.
Property assessments for the 2023 property tax year will continue to be based on Jan. 1, 2016 assessed values, MPAC. This means your property assessment remains the same as it was for the 2022 tax year, unless there have been changes to your property.
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