Greater Sudbury is undergoing a period of growth and revitalization, driven by new housing developments and infrastructure upgrades. With its affordable lifestyle and lower housing costs compared to other urban centres, the city continues to attract new residents looking for a great place to live, work, and build a future.
As this growth accelerates, it’s reshaping neighbourhoods and prompting important conversations about how property values are assessed, how local development influences those values and what it all means for homeowners.
MPAC, the Municipal Property Assessment Corporation, is the independent, not-for-profit organization responsible for assessing and classifying nearly 5.7 million properties across Ontario.
When assessing residential properties, properties are compared to similar ones that have sold in that area. Five key factors influence property value:
- Location: The neighbourhood plays a significant role, with desirability often influencing what buyers are willing to pay.
- Lot size: The area of a property lot is calculated by multiplying the frontage by the depth.
- Square footage: The exterior of the home is measured to determine the total area of the building, excluding areas like the basement, deck, porch or garage.
- Building age (adjusted for renovations): Property value is adjusted to reflect renovations or additions, considering the actual condition of the house rather than its original construction year.
- Construction quality: The type of building materials used, and the quality of the finishes are taken into consideration.
MPAC data indicates that Ontario’s property inventory grew by over $42.7 billion in new assessment value in 2024, including both new construction and improvements to existing properties.
Residential homes, including condominiums, accounted for nearly $31 billion of this increase.
In Northeast Ontario, Greater Sudbury saw the highest overall growth with $181 million in new property value, followed by Sault Ste. Marie at $62 million.**
In Northwest Ontario, Thunder Bay led with $75 million in new property value, followed by Greenstone at $29 million. These figures reflect continued investment and development across the region.
Assessment value in 2025 will be released in December of this calendar year.
Ontario’s housing landscape has undergone significant shifts in recent decades, reflecting an evolving economy, changing consumer preferences, affordability considerations and urban development trends.
Historical data from MPAC shows that in the 1950s, single-detached homes made up about 95 per cent of new builds. By 2020, condo development had surpassed single-detached homes, making up approximately 41 per cent of new builds compared to 38 per cent for the latter.
Home sizes have also changed. Single-detached houses grew from a median of 1,317 square feet in the 1970s to 2,383 square feet in the 2020s, with the most significant growth happening between the 1970s and 1980s, and increasing steadily though the 2000s and 2010s. This trend underscores a decades-long preference for larger single-family homes.
Conversely, condominiums have become smaller. The median condo size has decreased by 32 per cent, from 965 square feet in the 1970s to just 658 square feet in 2024. This reduction
is a reflection of rising construction and land costs, due to scarcity, and the increasing popularity of condos as investment properties and urban housing solutions.
Familiarity with historical and current market trends, along with the property assessment process, helps homeowners and prospective buyers think holistically about their current or future properties.
Understanding property value goes beyond numbers — it’s about making informed decisions. Whether you're buying or selling a home, renewing a mortgage, renovating or planning for retirement, your home’s assessed value plays a key role in shaping your financial future.
This understanding also provides insights into the local real estate market that can influence potential decisions around buying, selling or investing in real estate. For many of us, our property is our single biggest asset and so its value can have a significant impact on our lives.
Every property owner in Ontario has access to detailed information about their assessment through AboutMyProperty, MPAC’s free online tool.
This platform allows homeowners to review how their property was assessed, compare it to similar properties in the neighbourhood and explore recent sales data by area and property type using the Property Pulse Dashboard.
Dan DeVellis is vice-president of valuation and assessment operations at MPAC.
**Correction: After the publication of this opinion piece, MPAC highlighted an error made by the writer that has since been corrected.