2 emails a week: rate moves, regulation and money-saving tips. Unsubscribe anytime.
You are subscribed right away — we send a short notice you can unsubscribe from at any time.
Toronto, Mississauga, Vaughan, Oakville and Brampton account for the lion's share of Ontario's $41.45B new assessment. A city-by-city read of MPAC's 2025 data and the insurance implications for each sub-market.
MPAC's 2025 Roll Return breaks new assessment down by municipality for the first time at a top-10 level. The Greater Toronto Area dominates the rankings, but the spread between Toronto and the rest of the GTA is widening. For consumers shopping for home or condo insurance, and for brokers trying to understand carrier appetite, the city-level breakdown is the most actionable slice of the entire report.
Toronto led with $11.4 billion in new assessment, roughly six times the next-highest city. Mississauga came in at $1.9 billion, followed by Vaughan ($1.6B), Oakville ($1.6B), Brampton ($1.1B), Markham ($1.1B), Milton ($983.2M), Richmond Hill ($951.5M), Pickering ($760.4M), and Caledon ($507.3M). Across the top 10 GTA municipalities, new assessment reached $21 billion — over half the Ontario total.
These are not abstract statistics. For insurance purposes, the GTA's $21 billion in new assessed value is also $21 billion in new replacement-cost exposure sitting inside carrier books. The cluster effect matters: a single severe-weather event across the GTA now affects a noticeably larger pool of insured value than it did five years ago.
MPAC's separate ranking of new condominium assessment tells a more focused story. Toronto added $1.0 billion in new condo assessment, Mississauga $866.5 million, Vaughan $555.0 million, Oakville $352.8 million, Richmond Hill $309.1 million, Ottawa $304.8 million, Pickering $291.1 million, Milton $241.6 million, Brampton $201.9 million, and Oshawa rounding out the top 10.
For condo insurance specifically, these rankings matter because they reveal where replacement-cost exposure is growing fastest. A carrier that already has 40% market share in Mississauga condos now faces a 2025 cohort of $866 million in additional insured value in that one city. Capacity, claims reserve, and reinsurance decisions all flow from this data.
Outside the GTA, MPAC's regional data shows the Eastern Ontario top 10 led by Ottawa ($3.3B), followed distantly by Kingston ($273.6M), Russell, Cornwall, Belleville, Prince Edward, Quinte West, North Grenville, Clarence-Rockland, and Loyalist. Central Ontario's top 10 was led by Barrie ($475.1M) and Kawartha Lakes. Greater Golden Horseshoe (excluding GTA proper) was led by Hamilton at $700.4 million.
For consumers in these markets, the absolute exposure numbers are smaller but so is the carrier competition. The Northeast, led by Greater Sudbury ($142.8M) and Sault Ste. Marie ($41.7M), and the Northwest, led by Thunder Bay ($60.9M), have the thinnest insurance markets in the province. InsurVibe's city-level comparison is most useful in these regions, where traditional shopping around is harder.
Three practical takeaways from the 2025 numbers. First, if you are buying or renewing in Toronto or Mississauga, expect carriers to be more selective on older condo buildings and specific flood or sewer backup endorsements. Second, the top 10 list is a leading indicator of which municipalities will see the most new product launches from carriers chasing growth. Third, in the regions where the top 10 totals are smaller, the gap between the best and worst quote you can get tends to be wider — exactly the case where a comparison tool pays for itself.
That $866M is the total insured value of all new condo units completed in Mississauga in 2025. It directly expands the pool of comparable risks carriers use to price your policy. A larger pool generally sharpens pricing — but it also means a single carrier can absorb more exposure in your building before hitting its concentration limit, which can work in your favour on premium.
Toronto combines the largest population base, the most active development pipeline, and the highest land values in the province. A single downtown condo tower can add $200M+ in new assessment on its own. The next-tier cities (Mississauga, Vaughan, Oakville) have less developable land and more concentrated growth corridors, so even strong growth produces a smaller aggregate number.
Insurance markets in the Northwest are thin in terms of carrier competition, which historically translates to higher rates relative to the GTA. The 2025 numbers show new assessment activity in the Northwest is small in absolute terms (Thunder Bay at $60.9M led the region), but that's mostly a function of population and development scale, not insurance market health. The actionable step for Northern Ontario consumers is to compare quotes more aggressively, because the rate spread between carriers is wider.