Did you know Ralph is very active with the Toronto rental market. He has done numerous transactions representing both tenants and landlords to set up proper and well structured agreements. In Toronto it is very common for landlords to ask for the assistance of a real estate agent to help find a good tenant for their property. Thus, we also help a large number of tenants select the right place where they would like to live and assist with the paperwork to make it all happen successfully. Ralph is familiar with the new Ontario rental rules and can make your next arrangement a success!
Over the past few months there have been some important changes to the Ontario renting rules. If you are a landlord looking to find a tenant or a tenant looking for a place to live, here’s what you need to know:
New Rental Agreement Form
Ontario has mandated a new standardized rental agreement form to be completed between the tenant and landlord. This form is very good at ensuring both the tenant and landlord are familiar with several of the key rules and it makes sure there are fewer misunderstandings that will arise. When you rent with Ralph, this form will be one of several documents that will be completed to form the entire lease.
Leases that started prior to April 30th 2018 do not need to make use of this new form. They already have whatever agreement was put in place at the beginning of their lease.
Now there is quite a bit more that is missing from this form, particularly to properly protect the interests of the landlord. Ralph has a number of additional clauses to add to this form to make a more robust agreement.
Tenants will pay an initial deposit of first and last month’s rent. The first month’s rent will be used right away, in the first month of the tenancy. Ontario renting rules specify that the landlord cannot hold onto more than one month’s rent to be held until the final month of the tenancy.
Landlords can increase the rent once each year, with 90-days advance notice (from a month-end) and must use the proper Ontario N1 Rent Increase Form. Increases can be no more than the published guideline in effect for the given year. In order to get an increase above the guideline, the landlord needs to apply to the Landlord and Tenant Board for an exemption. Once the suite becomes vacant, the landlord can charge any new amount to the next tenant, regardless of what the previous tenant was paying. Ontario renting rules used to provide an exemption for newer condo buildings, but that has been eliminated.
There are a few specific situations under which the landlord can apply to have the existing tenant evicted from the property. If this is going to be to allow an immediate family member to occupy the suite, this needs to really be true – tighter enforcement of these Ontario rening rules is now in place. The landlord may also be obligated to pay a fee equivalent to one month’s rent to the tenant to effect the move.
If you have a specific issue you are looking to solve let Ralph know.