I live in the same street. I used to live under two flight paths in Queens Park and it was awful, but the planes don't go directly over Dempster Street, so it's not a bother. The flight paths could always be changed though!
Aircraft noise can affect several suburbs, not always the most obvious because the flight path can go in different directions. But, having lived in several streets of the same general area I can offer some comment. Although, I am have never lived right under a flight path, just nearby suburbs. Firstly, in the early mornings you can often hear a low rumble, which is the engines being started and warmed up. Often it is hard to pinpoint what the noise is - a sort of hum, and then you realise where it is coming from. I think of it as the 'airport waking up'. I am never quite sure whether I woke up because of it or just happened to be awake. On other occassions I only really notice the planes if I happened to be watching TV or trying to listen to something in the yard - a particular bird or something. There is a plane just going over now, and it didn't affect my hearing anything in the room - loudish, but distant. Very rarely, the wind direction is all wrong and the sound goes on forever! But, on the whole where I live it does not have any more impact than a truck going by on a main road or hearing the postman's motorbike.