What are the implications of owning a building, property or site that is on the City's heritage inventory?

A heritage inventory does not "designate" or protect buildings, properties or sites. If, for example, a building, property or site is listed on the Heritage Inventory, the owner may make alterations to it, or redevelop the site, provided the changes are within the limitations of other bylaws and regulations.

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1. What are the implications of owning a building, property or site that is on the City's heritage inventory?