Which law governs residential rentals in Ontario?
The Residential Tenancies Act (RTA) sets rules for landlord-tenant relationships, rent increases, deposits, maintenance, and evictions.
Do I need to sign a Listing Agreement?
Yes. It’s a mandatory written contract between you and the brokerage outlining price, commission, and listing period.
What laws govern commercial leases in Ontario?
Commercial leases in Ontario are governed by the Commercial Tenancies Act (CTA). Unlike residential leases, commercial leases offer much more freedom for landlords and tenants to negotiate terms, but they still must follow CTA rules for notices, lockouts, and terminations.
What is mortgage pre-approval and why is it important?
Mortgage pre-approval is a lender’s written confirmation of how much they are willing to lend you based on your income, credit score, and financial history.
In Ontario’s competitive market, pre-approval strengthens your offer and helps you understand your purchase budget.
How much down payment do I need in Ontario?
According to federal rules:
- 5% on the first $500,000
- 10% on the portion from $500,000 to $999,999
- 20%+ on homes $1M+
A minimum 20% is also required to avoid CMHC mortgage insurance.
What is the difference between a REALTOR® and a real estate agent?
All REALTORS® are licensed agents, but not all agents are REALTORS®.
A REALTOR® is a member of CREA (Canadian Real Estate Association) and must follow the REALTOR® Code of Ethics, offering a higher standard of professionalism.
What types of commercial leases are common in Ontario?
Commercial properties typically use:
- Net Lease (N): Tenant pays base rent + one additional cost (e.g., property tax).
- Double Net (NN): Tenant pays taxes + insurance + base rent.
- Triple Net (NNN): Tenant pays taxes, insurance, maintenance (common for retail/industrial).
- Gross Lease: Landlord covers most operating costs; tenant pays one flat rate.
NNN leases are the most common for retail plazas and office buildings.
Is it a buyer’s market or a seller’s market right now?
This depends on inventory levels, days on market, and sale-to-list ratios in your area.
- A buyer’s market has more listings than buyers.
- A seller’s market has limited inventory and strong buyer competition.
Most Ontario regions shift between these throughout the year.
How much commission do agents charge?
There’s no fixed rate; it’s negotiable. The common range is 4–5 % of the sale price, typically split between the listing and buyer’s agents.
What is the standard lease agreement?
Ontario requires landlords to use the Standard Form of Lease issued by the Government of Ontario for most new tenancies.
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