LEASING IN TORONTO

IT'S FREE TO USE A REALTOR.

It cost you nothing to use a realtor as a tenant. All fees are paid by the landlord. 

WHERE DO YOU WANT TO LIVE?

Research the areas that interest you and familiarize yourself with the the lifestyle and most recent price trends.
Having the right realtor working with you will make this process much easier.

5 MUST HAVES

1) PHOTO ID

Landlords want to verify who is signing the lease. They will require some form of government ID typically a driver's license or passport works best. 

2) EMPLOYMENT LETTER

You will need to prove that you are gainfully employed. This letter will need to be on company letterhead and is usually provided by your HR department/union hall. If you are working for a smaller company and you have direct contact with the owner he or she will be able to provide this as well.    

Some landlords will ask for two recent pay stubs along with the employment letter. 

Self employed individuals will need proof of income which can be obtained through bank statements or a T1 General. 

3) CREDIT CHECK (Equifax/Trans Union)

Landlords always require tenants provide a credit check. This is most commonly done through a full Equifax report, containing all of your credit history. Screenshots of your score won't cut it, they want to see it all. If your score is above 800 landlords will be thrilled, above 700 you shouldn't have any issues, mid 600's and below you'll need to find a cosigner who has great credit and is willing to provide their report as well.

4) DEPOSIT - FIRST AND LAST MONTH'S RENT

Within 24hrs of an accepted agreement to lease you'll need to provide a deposit to the landlord for both first and last month's rent. In addition to your deposit you will most likely be required to put down a small key deposit and/or damage deposit.

(both key and damage deposits are refundable at the end of your lease)

5) REFERENCES

If you have any previous landlords that only have good things to say put them down as a reference. The most comforting thing for a landlord to hear is another landlord talking up how great that tenant was. If you are a first time renter no problem put down some people you know as character references. These people will talk you up and confirm you are who you claim to be. 

MOVING PREP

Once your offer to lease has been accepted. 

• Set up utilities (if not included) 
• Book elevator 
• Arrange key pick up 
• Register with the building 
• find parking (if needed/not included) 

PETS

If you have a furry friend make sure to know your rights when it comes to the landlord and tenant act. Factor in your pet when choosing your new lease, certain addresses tend to be more pet friendly then others. Be respectful by cleaning up after your pet and mindful of neighbours.