Information about Renting in Toronto

• Can I turn out the tenants that came with the real estate I bought, and get my own tenants in there?

The simple answer is no - according to the Tenant Protection Act, the rent payer must agree to go upon correct notice given to them. If they do not wish to leave, they do not have to, though a landlord facing this problem should definitely seek legal advice. If you have given the required period of notice and your immediate family is going to occupy the rooms, then the tenants have no option but to go.

• Am I able to rent out my finished basement?

That is contingent on certain rules! Every rented space, before it is advertised, must abide with a variety of building regulations, therefore inquire whether your basement complies with the Ontario Building Code, local Zoning By-laws, the Ontario Fire Code to name a few. The finished basement, to be used as a secondary unit would need a second exit to name one regulations, so by checking these regulations you will be in a position to know what renovations, if any, needed to be actioned.

• I have been given a registration date and an occupancy date, but I don't know what they stand for

If you are purchasing a newly built condo then occupancy fees become your responsibility from the occupancy date, even if you haven't moved in yet. It is the time at which the flat is said to be completed, though all your finishes may not yet be carried out. When the building is fully registered and has closed, the unit is legally completely yours to reside in or dispose of as you please.

• Please explain what is a reserve fund and what is it set up for?

Each condo building, by law has to set aside a lump sum on cash to be spent on community areas of the building when they require repairing or replacing. It is built up through the paying of monthly maintenance charges and can be depleted when big repairs are needed.

• When an item breaks inside my flat, can I ask the condo corporation to sort it for me?

The unit and all items inside of it belongs to you once you have bought it. Any repairs within the property are your personal concern. Repairs outside the condo and regular maintenance like cleaning of hallways etc. are covered in your monthly maintenance charges.

Questions delivered by Julie's team, Condos in Toronto real estate agents