This study shows the remarkable similarity in the interests, motivations, perceptions and satisfaction levels of the long-term residents and the more recent arrivals in a gentrifying Toronto neighbourhood. The survey shows that long-term residents, mostly homeowners, welcome the changes and express their strong satisfaction with their neighbourhood and community. Gentrification did not create a large disparity between the established residents and newcomers and both groups appear to be motivated by similar interests. Both the new arrivals and the long-term residents are renovating and upgrading the neighbourhood. The findings depict gentrification – where sitting tenants are protected by rent controls – as a conflict free process welcomed by long-term residents. However, the ease of this neighbourhood’s transition makes it potentially more problematic as the indirect consequences of the reduction in the low priced housing stock are not apparent to the public and, therefore, less likely to be seen as a problem needing redress.