This case study assesses the impact of the rehabilitation of the Lachine Canal National Historic Site on socio-demographic changes in the surrounding neighborhoods. Using propensity score matching methods, the analysis reveals that the rehabilitation of the Lachine Canal caused gentrification in the surrounding neighborhoods, but only in the eastern portion of the Lachine Canal (close to downtown, between the Turcot interchange and the Peel Basin). It also contributed to the rise of property values in this area, mainly due to the increase in the number of properties. These results withstand numerous robustness tests. Estimates indicate that the property development associated with the rehabilitation of the Lachine Canal has generated additional tax resources for the City of Montreal significantly in excess of the investment made by Parks Canada for the renovation work.