As per email the communication from OREA February 15, 2018:
Last week, the Ontario Government released a new standardized lease agreement for private residential leases which includes; single and semi-detached houses, apartment buildings, rented condos and secondary units.
Effective April 30th, 2018, all leases used by a landlord must be the new standardized lease. For any lease that is signed after this date that is not the standard lease, the tenant will have the right to ask the landlord for a standardized lease in writing. The landlord is required to provide one within 21 days of the request. If one is not provided, the tenant can withhold one months rent.
Flexibility is Key
When the Government announced that they were creating a standardized lease, OREA worked closely with the Ministry of Housing and participated in their consultations. It was important for OREA to ensure that landlords and tenants be given some flexibility in the terms of the lease. This is why we were pleased that the government included an “additional items” section in the standardized lease.
Impact on OREA’s Forms
OREA’s Standard Forms Committee will meet in the coming months to discuss what revisions will need to be made to the Association’s clauses and forms to accommodate this change.
For example, Form 400 – Agreement to Lease – Residential will be reviewed to ensure that any changes that are required will be made. In addition, all of OREA’s Standard Clauses related to residential leases will be reviewed for possible revisions.
Accessing the New Lease
Currently, the lease is only offered through the Government’s Forms Repository. I encourage you to review the form and familiarize yourself with it. You can also learn more about the new standard lease by visiting the Ministry of Housing’s website.
OREA will continue to provide updates to REALTORS® and local boards about the impact of the new lease agreement. If you have any questions, please contact OREA’s Government Relations team at email@example.com.
Contributor: John Oddi, 2017 Government Relations Committee Chair