Arty neighbourhood under pressure from rising prices

A neighbourhood in Toronto, which has become a popular home for creative types, could change forever.

That’s according to residents and realtors in the Annex, where gentrification could mean a shift away from the traditional art and academic background of many residents, especially as prices continue to rise.

“The Annex has become Toronto’s most heterogeneous community," Realtor Elise Kalles told Post City Toronto. "Yes, there are artists and academics, but it is a very in-demand area for successful business people and well-known socialites.”

With new developments planned for the neighbourhood it’s not just the demographic make-up that is under pressure; the Annex has many heritage buildings that residents are keen to protect; a preservation order was granted in September for Madison Avenue.

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