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A Year Goes by with the Blink of an Eye
When you are nearing the end of your lease agreement, you will receive a lease renewal package with some options for the following year. Here are some common questions and answers to help you decide what is best for you.
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Important note: All residents in Quebec are guided by the Civil Code of Quebec and renewal options may differ from those presented in this section. Please meet with your Resident Manager to discuss renewal options. |
What are my options when my lease term ends?
You have three options to choose from: you can renew your lease for another 12-month term, you can stay on a month-to-month tenancy*, or you can provide written notice to vacate on or after the last day of your lease term.
What are the benefits of renewing my lease?
Residents decide to renew their leases for different reasons. Some appreciate the comfort of knowing where they will live for the next year or more. Some want to know exactly what their expenses will be so they can budget wisely. Others love their homes and can’t imagine moving. Generally, residents renew because they want the added security of a fixed lease.
What are the drawbacks of renewing my lease?
You will be making a commitment to stay in your home for the next 12-month period. If you expect to move out of the city, for instance, this may not be a good option for you.
What do I have to do to renew my lease for another year?
All you have to do is sign and return the lease renewal document to the Resident Service Centre before the end of your lease term. In Ontario, you will be asked to top up your last month’s rent deposit proportionate to your guideline increase, if any.
What are the benefits of renting month-to-month?
With a month-to-month tenancy, you have the flexibility of vacating before the end of the lease term with proper written notice to terminate. If you anticipate any major life changes in the next year, this may be a good option.
What are the drawbacks of renting month-to-month?
You are not eligible for the same incentives offered to those signing on for another year. These vary depending on property and market conditions. Please refer to your renewal letter for more information, or speak with your Resident Manager to discuss your renewal options.
What do I have to do to go month-to-month?
You will automatically move to a month-to-month tenancy if you do not renew your lease agreement for another year. However, in Ontario, you are still required to top up your last month’s rent deposit proportionate to your guideline increase.
What do I need to do if I want to vacate at the end of my lease term?
You will have to submit written notice, signed by all leaseholders, to indicate your intent to vacate. This must be delivered to your Resident Service Centre within a guideline number of days prior to your intended move-out date. In Ontario, residents are required to give 60 days’ notice, effective the first of the month. In Quebec, residents are required to give 90 days’ notice*. In Nova Scotia, residents are required to give 30 days’ notice.
If you have any other questions about your lease renewal options or the lease renewal process itself, please do not hesitate to contact your Resident Manager to discuss. |
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