Toronto condo rentals

My friend was surprised, and stated that they did not know that Realtors could find apartments for them to rent. My friend also mentioned they had been having a very hard time finding anything and were frustrated by some of the landlords they talked to.

I am writing this article to give you several reasons to utilize the services of a Realtor in your search for a condo to lease:

1. The MLS is updated daily, and has access to hundreds of available condo rentals all over Toronto and surrounding areas, including Mississauga and Brampton.

2. Often you can have a good look at the interior pictures of the condominiums, without leaving your home, and wasting your time.

3. All condominiums have a broad of directors that are responsible for the smooth operation of the building and the members are themselves owners, so there is pride of ownership in the building.

4. Realtors are professionals coming together to create a transaction for the mutual benefit of landlord and tenant, and as such have to abide by the terms of the new Residential Tenancies Act.

In this regard when searching for Toronto condo rentals, even though many landlords request post-dated cheques, this is in fact a breach of the terms of the Act pursuant to Part VII, section 108, which states:

Post-dated cheques, etc.

108. Neither a landlord nor a tenancy agreement shall require a tenant to,(a) provide post-dated cheques or other negotiable instruments for payment of rent; or(b) permit automatic debiting of the tenant’s account at a financial institution, automatic charging of a credit card or any other form of automatic payment for the payment of rent.2006, c. 17, s. 108.

5. Realtors that understand the Residential Tenancies Act, should also be able to advise you of your rights, and obligations, as well as the Landlords rights and obligations.

For instance, if you give a security deposit, before you have actually entered into the tenancy agreement itself, and you change your mind, unfortunately you may have to forfeit the deposit.

This has happened to many individuals that change their minds, after consulting family members that decide they want them to live elsewhere.

In some instances, in good faith a landlord will just give the security deposit back, but they are under no obligation to do so pursuant to Part VII, section 105 et al..

Security deposits, limitation

105. (1) The only security deposit that a landlord may collect is a rent deposit collected in accordance with section 106. 2006, c. 17, s. 105 (1).

Definition

(2) In this section and in section 106,"security deposit" means money, property or a right paid or given by, or on behalf of, a tenant of a rental unit to a landlord or to anyone on the landlord’s behalf to be held by or for the account of the landlord as security for the performance of an obligation or the payment of a liability of the tenant or to be returned to the tenant upon the happening of a condition. 2006, c. 17, s. 105 (2).

Rent deposit may be required

106. (1) A landlord may require a tenant to pay a rent deposit with respect to a tenancy if the landlord does so on or before entering into the tenancy agreement. 2006, c. 17, s. 106 (1).

Amount of rent deposit

(2) The amount of a rent deposit shall not be more than the lesser of the amount of rent for one rent period and the amount of rent for one month. 2006, c. 17, s. 106 (2).

These are just some of the reasons to work with a Realtor when you are searching for Toronto Condo rentals, especially when the services are free, since the tenant’s agent or tenant representative is paid by the landlord.

To learn more about your rights when searching for Toronto Condo rentals, please click here to read Residential Tenancies Act.

Interested in a specific Toronto condo rental? You can schedule an appointment with me for any of your real estate needs by clicking here.