After many years of reading various local real estate blogs, I think I can summarize the mindset of anyone playing the rental game in Toronto: if you rent month after month, you have the freedom to get out of your lease quickly by providing your landlord with sufficient notice. But on the other hand, your landlord can take you off just as quickly. All a tenant has to do is provide a deposit for the first and last month`s rent, then recover and stop paying. It would take a year for the landlord to evict the tenant “legally,” and by then, all the owner`s investment has exploded. Since you rent from month to month without staying a full 12 months, as you did when you first registered, you have the advantage of terminating your lease on much more advantageous terms. If a landlord does not provide the standard tenancy agreement within 21 days of a tenant`s written request, the tenant can withhold one month`s rent. You should read the standard rental in Quebec…. Compulsory for a landlord to indicate the lowest rent paid in the previous 12 months and a tenant who has agreed to pay a higher rent can ask the authority to have the rent set within 10 days of signing the tenancy agreement. Let me go through the whole agreement, and if you choose as well, you can follow by downloading the link above. That`s not all, but you may feel sadly disappointed if you really like this place and plan to stay long term. However, you can still renegotiate another 12-month lease (or longer contract) if this is the case. I always advise my clients to include all occupants in the rental agreement, unless they are children.
In addition, tenants cannot apply for a standard rent if they sign a fixed-term lease before April 30, 2018 and are automatically renewed to a monthly lease after April 30, 2018. Tenants cannot apply for a typical tenancy agreement if they have entered into a lease agreement before April 30, 2018, unless they and their landlord negotiate a new lease with new terms on or after that date (for example. B if the tenant has signed a new lease for a period of one year). But if you are from month to month, such penalties do not exist. The end of your lease will not result in a fine, as this type of agreement allows you to break the lease at any time (with a reasonable announcement) without having to wait for the year to be over, either by you or by your landlord. I cannot tell you how many tenants in Toronto suffer from renting a property to a foreign landlord. I always tell my clients to check the owner and make sure they are local. I know the rental market is tough, but some risks are not worth taking.
There are two strong arguments for monthly rental contracts, and depending on your specific needs and lifestyle, this type of agreement may be appropriate for you or not. If you are a good tenant, your landlord will appreciate and probably want you to stay. If you want where you are and you are satisfied with the current agreement, you should consider moving to a 12-month lease, your landlord will probably be open. In Ontario, when a lease expires and there is no new lease, the lease automatically becomes a monthly lease.