Getting ready to sign a lease agreement? Make sure you're in the know!
WHEN DOES THE CHANGE TAKE EFFECT?
As of March 1, 2021 all landlords must use the new Ontario standard lease for all tenancy agreements made on or after that date.
WHAT CHANGED?
While the 2018 introduction of a standardized lease agreement entailed an entirely new agreement, the latest March 2021 revisions mark little change from the status quo. Most notable changes highlighted below:
Requirement for sub-metered units to serve new tenants with an electricity consumption form has been removed
Under "General Information", the Landlord Tenant Board (LTB) has supplied a new web address
Section D "Ending the Tenancy" includes additional conditions under which a landlord may give notice to end a tenancy that are not the tenant's fault (including: landlord or purchaser needs the unit for themselves and "landlord needs to do extensive repairs or renovations that require a building permit and vacant possession of the unit.")
As per Bill 184, Section D also references the increased fines payable by landlords who evict a tenant without following due process
Section E "Rent Increases and Decreases" has been updated to reflect the new construction rent control exemptions post November 15, 2018
Section Q "Guests" clarifies that "if a tenant rents the whole unit to someone else, this person is not a "guest""... and may require the landlord's permission, to address Airbnb-type usage
The final section "Guide to the Standard Lease" has been expanded to provide help to landlords and tenants in many additional languages, increasing the total length of the document by one page to 14 pages.
WHY USE THE NEW LEASE?
With such seemingly insignificant changes, one may wonder 'why change to the new lease agreement?'. However, failure to use the approved Ontario standard lease agreement after March 1, 2021 could allow tenants to break their lease early.
WHERE DO I GET THE NEW LEASE AGREEMENT?
The updated agreement is available for download via the government of Ontario Central Forms Repository by clicking here.
NEED HELP?
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From marketing and showings, to complete tenant screening and electronic lease signing - we'll take care of it all!
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