Renting in Toronto: A Word of Advice

23 August 2016

It's rental season in Toronto so it seems fitting to bring it up in this weeks video. 15 years ago leasing was just a small part of the overall market. Today, the market for renting condos is two times bigger than for condo sales. Now, that is good for young people who want to live downtown, but it 's bad for our industry when it is only inexperienced or new agents who represent tenants.

In the past week, for example, we have had two REALTORS® drop off deposits on a rental condo before the offer was even accepted. So what do we do with a cheque that we receive? We deposit it of course because we are responsible for the money. 24 hours later, when the offer isn't accepted, the potential tenant or the newbie agent wants the cheque back, but guess what, there is afive-dayy hold. That's the bank's rules, not ours. Now the tenant has to wait for a full week before they can get their deposit back, and potentially miss out on other places to rent because they don't have their funds available.

The lesson for people who want to rent a condo or home in Toronto, get an agent who knows what they're doing and that works for a big company that has experience with leases.