Last year, 4,955 of Toronto's commercial properties were still under a property tax cap, which 7,107 other commercial properties funded via clawbacks.

Though expressed somewhat vaguely, the Ontario government's newly announced housing plan forewarns that all municipalities will be required to adopt the new multi-residential property class and align it with the tax rate applied to residential properties.

Assessment notices for nearly 16,000 Ontario multi-residential properties will be mailed out next week, delivering valuations determined for the first time with the newly adopted direct capitalization methodology.

Ontario's Municipal Property Assessment Corporation (MPAC) reports province-wide residential property values have increased by an average of 4.5 per since January 2012.