What role do school and church condominium conversions play in processes of neighbourhood change? This paper examines 40 residential condominium conversions of former neighbourhood institutions in Ontario’s three largest urban municipalities to determine their role within local gentrification processes. The research analyzes indicator data over time in each conversion neighbourhood to identify gentrification trends and the points at which the conversions are proposed within or outside them. The research finds that post-institutional conversions can fall at any point before, during, after or outside neighbourhood gentrification. This paper concludes that such conversions do not play a universal driving or reactive role, however they have the power to foster further gentrification where they occur early in the process. Planners are thus encouraged to consider facilitating alternatives to private conversion in particular neighbourhood contexts. Further research is recommended on the intersection of heritage conservation, adaptive reuse and neighbourhood gentrification.