The Motria Group's Market Blog: Many prime neighbourhoods in Toronto are designated Heritage
Monday Feb 11th, 2019Share
Many prime neighbourhoods in Toronto are designated Heritage in one form or another and other neighbourhoods are thinking about it. This is a complex issue. On one hand neighbourhoods want to retain their character and want to stay away from a mishmash of homes which would ruin the look of a traditional neighbourhood. On the other hand, Heritage designations do limit what you can do with a house. Many old houses are not conducive to today’s living standards and lifestyles. Hence extensive renovations are necessary. Sometimes it is easier to start again. Designating whole neighbourhoods as heritage could bring property values down as many people simply don’t want to live in “old houses”. This is particularly an issue where in neighbourhoods where land values are high, and the actual value of an old house is actually negligent compared to the value of the land.