On our website, we are trying our best to explain everything related to Real Estate in a very simple way. So, we can educate our clients. Then they can make their decisions about their properties easily and faster. We are working with both groups of buyers and sellers. That is why our goal is to have win-win transactions. In addition, we made a team of experienced agents in Commercial and Residential Real Estate to provide the best services to our clients. In this post, we would like to continue on the previous subject. Toronto Rentals: The Market!
The Toronto rental market is HOT! We are experiencing vacancy rates at all-time lows (around 1%) meaning that Landlords have their pick of who they want to rent to (and for how much). Rents have increased significantly over the last five years and aren’t expected to decrease anytime soon.
Generally speaking, The lease is the document that summarizes your relationship with the landlord – how much rent you’ll pay, the dates of your lease, rules around pets and smoking, what happens at the end of your lease, etc. Residential Leases are typically for 12 months and after that (unless a new lease is signed), tenants automatically are considered to be ‘month-to-month’–meaning that you don’t generally need to commit for another 12 months. You would, however, have to give 60 days’ notice before moving out (counting from the first of the next month; i.e. if you give notice on June 24th, then you could move out on August 31st).
Toronto Rentals: The Market! If you need our help, please reply!
BABAK MEHRABI, Real Estate Salesperson