Rentals

Do landlords have to pay deposit interest to tenants for condo rentals in Toronto? Did you know Ontario landlords are required to pay their condo tenants annual interest on their last month rent deposit? Since it’s not technically used until the last month of tenancy, the landlord is required to pay the tenant interest on that deposit. And Ontario landlords are supposed to pay interest to tenants...

Condo rent deposits are legal in Toronto but it depends on what type of deposit it is. Most Toronto landlords require that condo rental tenants initially pay first and last months rent via deposit before they move in, which is completely legal in Ontario. However, this is a rent deposit NOT a security deposit which is NOT allowed in Ontario. Landlords are not allowed to charge tenants additional fees...