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Expenses to Expect when Renting

FIRST AND LAST MONTHS RENT PLUS POST DATED CHEQUES

All landlords in Ontario collect the first and last months’ rent before turning over the keys. A landlord cannot require post-dated cheques but it is common practice for them to be used in Ontario.

KEY DEPOSIT

In Ontario a landlord can collect a key deposit.  It should be the replacement cost of a new set of keys and locks but with modern digital locks and security systems or the price of a home visit from a locksmith this key deposit often ranges between $200 to $500 dollars.

UTILITIES

When renting a place, it is very important to understand what utilities are included in your rental agreement and which aren’t.   Older condos usually include all utilities, whereas most new condos included all but hydro.  Home rentals don’t usually include anything unless stated by the landlord.  Make sure you read and understand your lease so you have a good idea of your total expenses. 

MOVING

Expenses can vary from a case of beer and pizza for your friends and family or $1000 and up for a moving company. If the company is insured and bonded, expect to pay significantly more but you have the peace of mind that all your belongings are insured against breakage, damage or loss.  If you are moving into a condo building it is important to book the elevator with the property management company.  You are sometime required to put a small deposit down at the time of booking.

IMPORTANT THINGS TO KEEP IN MIND

PETS

No pet policies are generally unenforceable in Ontario although tenants have been liable for significant damage including carpet replacement when health factors such as allergies are involved. However this changes in condominiums that have no pet by-law, or pet size and number restrictions. The condominium corporation does have the legal right to enforce these pet restriction policies against renters and owners and count on it, they will!

TENTANTS RIGHTS

Canada and especially Ontario have some of the strongest tenants’ rights in the world. These are controlled by the Landlord and Tenant Board of Ontario.  They have an easy to use website

http://www.ltb.gov.on.ca

As well as a toll free number

1-888-332-3234

About Us

Stevens Team is a Real Estate group that specializes in residential properties throughout Toronto and the GTA. Our mission is to help our Clients find the best homes or investment properties that meet their requirements. Whether buying, selling or renting we believe that it is vital to inform our clients on the current and future market trends, giving them the best possible opportunities in all matters related to real estate. We see property as a home, a place to live, and as a foundation for future financial equity and security.