Ontario's New Standard Lease and It's Impact
Ontario's New Standard Lease and
It's Impact With Ken Yim
The Ontario Government released a new standardized lease agreement for private residential leases
which includes; single and semi-detached houses, apartment buildings, rented condos and secondary units.
Effective April 30th, 2018, all leases used by a landlord must be the new standardized lease. For any lease that is signed after this date that is not the standard lease, the tenant will have the right to ask the landlord for a standardized lease in writing.
The landlord is required to provide one within 21 days of the request.
If one is not provided, the tenant can withhold one months rent.
Flexibility is Key
When the Government announced that they were creating a standardized lease, OREA worked closely with the Ministry of Housing and participated in their consultations. It was important for OREA to ensure that landlords and tenants be given some flexibility in the terms of the lease. This is why we were pleased that the government included an "additional items" section in the standardized lease.
Join Ken Yim as he explains more about the new standardized lease and answers your most important Leasing questions!