[theluketaylor]

If you're in Canada (or at least Ontario) huge upticks in property values across a city don't result in higher property taxes. Municipalities set their budget and then divide by the real estate value to arrive at each lot's property tax (the actual formula is more complex, but that's the basic concept, plus MPAC values lag way behind actual sales). When everyone's property goes up by the same amount no one's taxes increase.

It's still a very bad thing property values have gone up so much. This isn't free money; the cost is being extracted from young people and new immigrants trying to enter the market and it's turning our economy into a giant real estate shell game.