is the formation of an aqueous solution with water, a physical or chemical property?

physical..... because the substance doesn't change.....

For years I think the answer has been physical for the reason you note but let me give you some food for thought.

What about HCl gas dissolving in water to form a solution?
HCl + H2O ==> H3O^+ + Cl^- and actually the Cl^- is hydrated also. Or how about when NaCl dissolves in water it forms the hydrated Na^+ and hydrated Cl^-.
NaCl(s) + xH2O ==> [Na(H2O)x]^+ + [Cl(H2O)x]^-. Are those reactions? Has the original material been changed? Do you have different substances?
http://chemistry.about.com/od/matter/a/Is-Dissolving-Salt-In-Water-A-Chemical-Change-Or-Physical-Change.htm

Also see this.

http://chemistry.about.com/od/matter/f/Is-Dissolving-Sugar-In-Water-A-Chemical-Or-Physical-Change.htm

Yes, you are correct! The formation of an aqueous solution with water is a physical property.

To understand why, let's break down the concept. Aqueous solutions are formed when a substance, called a solute, is dissolved in water, which is called the solvent. In this process, the individual solute particles become dispersed and surrounded by water molecules, resulting in a homogeneous mixture.

During the formation of an aqueous solution, the solute particles do not undergo a chemical change. The original chemical composition of the solute remains unchanged, only its physical state has been altered, as it interacts with water molecules. The molecules of the solute are surrounded and separated by water molecules, but their chemical identity remains unchanged.

Physical properties are those that can be observed or measured without causing any chemical changes to the substance. Since the formation of an aqueous solution does not lead to a change in the chemical composition of the solute, but rather alters its physical state, it is considered a physical property.

Therefore, the formation of an aqueous solution with water is correctly classified as a physical property.