{"id":21507,"date":"2023-03-20T15:15:00","date_gmt":"2023-03-20T22:15:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21507"},"modified":"2023-03-20T11:06:47","modified_gmt":"2023-03-20T18:06:47","slug":"ending-a-tenancy-agreement-what-to-do-when-landlord-is-selling-your-rental-unit","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/03\/ending-a-tenancy-agreement-what-to-do-when-landlord-is-selling-your-rental-unit\/","title":{"rendered":"Ending A Tenancy Agreement &#8211; What to Do When Landlord is Selling Your Rental Unit?"},"content":{"rendered":"<p style=\"text-align: justify;\">If you\u2019ve scored a Toronto condo at a reasonable monthly rent that isn\u2019t so small you feel claustrophobic just thinking about going home, then you\u2019re one of the lucky ones. It seems like every day we see another story about rental bidding wars jacking up the price on a studio that\u2019s a 20-minute walk from the subway.<\/p>\n<p style=\"text-align: justify;\">The inner-city units that many of us are currently happily renting are also still increasing in price \u2013 the average selling price for all property types in February 2023 was $1,095,617, an increase of 5% month-over-month from January\u2019s average price of $1,038,668, according to the Toronto Real Estate Board.<\/p>\n<p style=\"text-align: justify;\">So, what happens if all of a sudden your landlord sticks a \u2018For Sale\u2019 side outside your unit?<\/p>\n<p style=\"text-align: justify;\">Here\u2019s what you need to know about your rights as a tenant and tips to finding a new rental in this market.<\/p>\n<p style=\"text-align: justify;\"><strong>Ending A Tenancy<\/strong><\/p>\n<p style=\"text-align: justify;\">Did you know that a landlord can\u2019t just kick you out because they want to sell the property that you\u2019re renting? That might sound like good news, but don\u2019t get too excited!<\/p>\n<p style=\"text-align: justify;\">The new owners might be able to ask you to leave once they take possession or when they\u2019ve finalized the sale if they plan to occupy or renovate the suite.<\/p>\n<p style=\"text-align: justify;\">Whether or not they can send you packing depends on your lease. If you\u2019re currently on a month-to-month lease agreement, then the landlord or new owners can give you two months\u2019 notice. If they do this, they also have to compensate you with the equivalent of one month\u2019s rent.<\/p>\n<p style=\"text-align: justify;\">\u201cThey have to provide tenants 60 days-notice from the first day of the month,\u201d said Emma Pace, a Zoocasa real estate agent. \u201cThat means that if they decided to sell their place now, they would need to provide notice on September first and the tenants would have to vacate by November first.\u201d<\/p>\n<p style=\"text-align: justify;\">If you\u2019re on a fixed-term lease, then you don\u2019t have to worry because they can\u2019t end your tenancy prior to the end date of your lease. If your lease gives you the option to continue on a month-to-month basis at the end of your fixed-term lease or to enter into another fixed-term lease, then your landlord will have to give you two months\u2019 notice and one month\u2019s compensation as well.<\/p>\n<p style=\"text-align: justify;\">You can come to a mutual agreement in order to end your tenancy early in both scenarios, but you are able to ask for compensation for agreeing to do so. You could ask for the equivalent of several months\u2019 rent or that the landlord reimburse your moving costs. If your landlord asks you to leave, you are not required to agree.<\/p>\n<p style=\"text-align: justify;\">Many landlords would prefer to sell properties untenanted, but if they sell your property tenanted then, according to Pace, \u201cThe buyer would have to assume that tenant.\u201d<\/p>\n<p style=\"text-align: justify;\">Your tenancy will continue after that point with the new owners as your landlords and both you and the new owners would have the same obligations and responsibilities as if the landlord had remained the same.<\/p>\n<p style=\"text-align: justify;\"><strong>Showing The Suite<\/strong><\/p>\n<p style=\"text-align: justify;\">If you are staying in the unit while it\u2019s for sale, you might be worried about people coming in and out of your suite. You\u2019ll be happy to know that the landlord can\u2019t show your suite without giving you a heads up.<br \/>\n\u201cOwners need to ensure that they\u2019re providing tenants at least 24 hours notice and receiving co-operation from the tenants for the showings,\u201d said Pace.<\/p>\n<p style=\"text-align: justify;\">They are allowed to show the home between 8 AM and 9 PM unless you have agreed to a time outside of that window. Unfortunately, if you\u2019re given proper notice, you can\u2019t deny access to the suite.<\/p>\n<p style=\"text-align: justify;\">The landlord can\u2019t ask you to leave in order to show your suite, but they can show it if you are not there at the time. For that reason, make sure to store any valuables and secure any pets if there\u2019s going to be open houses or showings. If you do stay while a showing is taking place, you are not allowed to interfere in any way with the sale of the property such as by making overly negative remarks about the suite.<\/p>\n<p style=\"text-align: justify;\">One important thing to remember is that the landlord can\u2019t use a lock box without first getting your permission to do so. A lockbox is often used to hold keys to the suite so that other real estate agents can easily get into your suite to show it. Some tenants are understandably concerned about the security issues a lockbox might provide and so can deny permission to use one.<\/p>\n<p style=\"text-align: justify;\"><strong>Finding A New Place<\/strong><\/p>\n<p style=\"text-align: justify;\">According to recent Toronto Real Estate Board statistics, the rent on one-bedroom condos jumped 19% in the fourth quarter of last year to $2,503. The rent on two bedrooms is up 14.1% to a whopping $3,178.<\/p>\n<p style=\"text-align: justify;\">According to Pace, it can be difficult to find a new place in this hot rental market. \u201cI think the rental market is more competitive than the real estate market at the moment,\u201d she said.<\/p>\n<p style=\"text-align: justify;\">If you\u2019re in need of a great place at a good price, make sure to take advantage of those two months notice to scour the listings.<\/p>\n<p style=\"text-align: justify;\">Before you apply, ensure you\u2019ve done everything you can to give yourself an edge such as reaching out to your network and getting your documents and references in order. Pace said that landlords have so many options that they\u2019re scrutinizing new tenants closely.<\/p>\n<p style=\"text-align: justify;\">\u201cYour credit score has to be above 640 or 650, your letter of employment has to be strong,\u201d she said, \u201cand your references have to be great.\u201d<\/p>\n<p><a href=\"https:\/\/www.zoocasa.com\/blog\/what-can-you-do-if-your-landlord-sells-your-unit\/\" target=\"_blank\" rel=\"noopener\">What Can You Do If Your Landlord Sells Your Unit?<\/a> by Amanda Reaume | zoocasa<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019ve scored a Toronto condo at a reasonable monthly rent that isn\u2019t so small you feel claustrophobic just thinking about going home, then you\u2019re one of the lucky ones. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/03\/ending-a-tenancy-agreement-what-to-do-when-landlord-is-selling-your-rental-unit\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-21507","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ending A Tenancy Agreement - What to Do When Landlord is Selling Your Rental Unit? 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