Do your eyes glaze over the fine print when you review a lease agreement? Are you frustrated by just how different one lease can be from the next? Renting in Toronto is about to get a little less complicated with the introduction of a new standard lease form in Ontario. Whether you are seeking to rent a luxury condo in Yorkville, a loft with a lake view in the Beach or a home in Forest Hill, you can now expect to sign the same lease form. As of April 30th, it will be mandatory for nearly all residential landlords in the province to use a 13-page standardized lease agreement. Care homes (such as retirement and nursing homes,) mobile home parks, lease communities and some social supportive housing are among those exempted from using the new lease form.
The new standard form of lease aims to reduce inconsistency with residential leases and the number of misunderstandings that can occur with verbal tenancy agreements. Our Forest Hill Yorkville team has been working with clients in Toronto and across the province to inform them on what the new form means for them, so they can make educated and informed investments and decisions.
If you are a tenant in Ontario, already own an income property or are considering investing in a multiple-unit dwelling here’s a snapshot of what you need to know about the province’s new standard lease form:
Who must use the new form on or after April 30, 2018?
A landlord/property manager of any of the following types of residential tenancies in Ontario:
- Single and semi-detached houses
- Units in apartment buildings
- Units in condominiums
- Secondary units (for example, basement apartments)
Click here for a look at the new standard lease form template.
When does a landlord/property manager NOT have to provide a tenant with the new standard lease form?
A landlord/property manager does not have to provide a tenant with the new standard lease form if:
- They signed a lease with that tenant before April 30th, 2018 (unless the parties negotiate a new lease agreement after this date)
- They signed a fixed-term lease with that tenant before April 30th, 2018 and it renewed automatically to a month-to-month tenancy after April 30th, 2018
Can a landlord/property manager use the new standard lease form before April 30th, 2018?
Yes. A landlord/property manager can use the new form prior to April 30th, 2018.
What happens if a landlord/property manager does not use the new form on or after April 30th, 2018?
If a landlord/property manager does not use the new standard form, a tenant can request (in writing) that they replace the lease with the new form. The landlord/property manager will have 21 days to provide the new standard lease form. If a landlord/property manager does not provide the new standard lease form within 21 calendar days, the tenant may:
- Withhold a month’s rent; or
- Give 60 calendar days’ notice to terminate a yearly or fixed-term tenancy early
What is in the new standardized form?
The standard lease form contains:
1. Mandatory fields that must be completed and cannot be altered or removed. These include:
- the names of the landlord and renter
- the tenancy term, rent amount and services included
- other terms which landlords and renters can agree to, such as rent deposits, key deposits, smoking rules, and renter's insurance
2. Optional additional terms, which allow landlords and renters to agree to terms or responsibilities that are unique to the rental unit. The terms for a condo rental on King Street may greatly differ than those of a home in Forest Hill. Our Forest Hill Yorkville realtors can guide you through these terms to ensure they comply with the Residential Tenancies Act.
3. General information for landlords and renters on rights, responsibilities and void/unenforceable conditions, including:
- who is responsible for maintenance and repairs
- when the tenant can sublet a unit
- when the landlord/property manager can end the tenancy
- when the landlord/property manager can enter the unit
- that the landlord/property manager cannot ban either guests or pets (some condominium rules may ban certain pets)
Our team of realtors at Forest Hill Yorkville can help ensure you are up-to-date on all the latest government rules and regulations as they apply to real estate! Our experience in the competitive Toronto market, knowledge of best practices and current laws ensure you will be presented with all the right paperwork to protect your interests. Call Forest Hill Yorkville toll free at 1-844-228-5588, email us at email@example.com or drop by our office at 28A Hazelton and we’ll be happy to answer any questions you might have about buying, selling or renting in Toronto!