Thinking about what to do with your home? Property values can help with decision-making.

With the spring housing market upon us and warmer weather around the corner, it’s the perfect time to think about your home to-do list. Maybe that means finishing your basement or adding a pool, deck or shed. Perhaps it’s the ideal time to buy or sell. How do improvement projects impact your home’s value, and what do you need to know before buying or selling? It starts with understanding property assessments.

Home values matter.

Understanding home values means you can make informed financial decisions about your property, whether buying or selling, renewing a mortgage, renovating or planning for retirement. For many of us, our property is our single biggest asset, so its value can have a significant impact on our lives. Knowing its value can also help you anticipate and budget for tax obligations. It can provide insights into the local real estate market that can impact choices around buying, selling or investing in real estate.

MPAC determines property values.

MPAC (the Municipal Property Assessment Corporation) is an independent, not-for-profit corporation responsible for assessing and classifying nearly 5.7 million properties across Ontario, ensuring the assessment process is fair, accurate and transparent. MPAC assesses every property in Ontario — approximately $3.2 trillion in value.

To assess residential properties, MPAC compares the property to similar ones that have sold in their area. Five key factors influence a property’s value: location, lot size, square footage of living area, building age (adjusted for any renovations) and construction quality.

MPAC determines assessed value by looking at properties with similar characteristics and evaluating what they likely would have sold for on the open market, what they would have sold for in a specific area, and what they would have sold for on the same date (the valuation date).

What happens when you renovate or build?

When there is a change in a property, such as new construction, renovation or change in owners, MPAC sends the homeowner(s) a Property Assessment Notice with the updated property value and its tax classification. These are typically issued each November.

If you construct, renovate or demolish a building, you need a building permit through your municipality. The municipality notifies MPAC, which may conduct a property inspection and will update your property value to reflect the completed work. You’ll receive a Property Assessment Change Notice and a new tax bill.

Access your property data any time at AboutMyProperty.ca.

With MPAC’s free online tool AboutMyProperty™, property owners in Ontario can access information about their properties. Learn how yours was assessed and compare it to others in the neighbourhood. You can also check out the Property Pulse Dashboard to see the latest home sales data by area and property type.

A solid foundation to understanding home values and informing your future investments begins with MPAC.