The Toronto rental market: what to expect
Toronto's downtown condo rental market is the largest in Canada. Most condo units are owned by individual landlords (not corporate REITs), and the units are leased on the Ontario Standard Form of Lease (Form 2229E from the Ministry of Municipal Affairs and Housing). It's a one-page summary fronting a structured set of terms.
Listings appear on TRREB's MLS® (and on CondoGo's rental search), Kijiji, Facebook Marketplace, and direct from property managers. The same unit can list across several. Don't assume the agent or "manager" on Kijiji is necessarily the same person who can sign a lease — verify the landlord on title before paying any deposit.
The application package
A complete Toronto condo rental application typically includes:
- Completed Rental Application — OREA Form 410 is the industry standard.
- Credit report — pulled by you (Equifax or TransUnion direct), provided to landlord, or pulled by their agent with consent.
- Employment letter — on company letterhead, stating position, length of employment, and gross annual income. Recent.
- Most recent paystubs — 1 to 3.
- Photo ID — driver's licence or passport.
- Reference letters — from previous landlord (most important) and/or personal references.
- First-and-last rent deposit — signed offer = certified cheque or wire of one month's rent (last month's) to hold the unit, plus another month's rent (first month) on key handover.
Most landlords want to see income of roughly 3× the monthly rent. International applicants without Canadian credit history sometimes substitute multiple months' prepaid rent (with caveats — see below).
What landlords can and cannot ask
Under Ontario's Human Rights Code, landlords cannot make rental decisions based on protected grounds: race, ancestry, place of origin, ethnic origin, citizenship, creed, sex, sexual orientation, gender identity, gender expression, age (16+), marital status, family status, disability, or receipt of public assistance.
Asking for the items listed above (credit, employment, references, ID) is permitted. Asking your country of origin or your nationality directly is not the basis on which a decision may be made. Asking whether you have children is permitted (family status is a protected ground but tenants must disclose occupants).
Demanding more than first-and-last as a deposit is unlawful under the Residential Tenancies Act. A "key deposit" is legal but only the actual cost of replacement keys. A "damage deposit" is not legal in Ontario, period.
Sources: Ontario Human Rights Commission (ohrc.on.ca), Landlord and Tenant Board (tribunalsontario.ca/ltb).
The Standard Form of Lease
Since April 30, 2018, Ontario requires landlords to use the Standard Form of Lease (Form 2229E) for most residential tenancies. The form is structured by the Ministry — landlords cannot replace it with their own form, though they CAN add additional terms in Section 15 (subject to the RTA, which voids any term that conflicts).
What's in the standard form:
- Parties, rental unit address, rent, term.
- Services and utilities included.
- Rent deposit (first/last only).
- Smoking and pet provisions (note: no-pets clauses are unenforceable under RTA s. 14, though landlords can still try to exclude based on noise/damage post-tenancy).
- Maintenance and repairs.
- Tenant insurance requirement (most landlords now require this).
If the landlord doesn't use Form 2229E, the tenant can request it in writing; if not provided within 21 days, the tenant can withhold rent (with notice). The RTA still governs the relationship regardless.
Move-in and key handover
On the day the lease begins:
- Pay first-month rent by certified cheque or wire (e-transfer often acceptable).
- Receive keys, fobs, and parking transponder.
- Walk through the unit with the landlord or property manager; document existing conditions (photos and a signed condition report). This protects you on move-out.
- Confirm utility account transfers (hydro, gas if applicable, internet).
- Book the building's move-in elevator through property management.
The condition report at move-in is the single most-protective document you can create. Photos of every wall, floor, appliance, and surface. Email them to yourself for a timestamp.
Frequently asked questions
Can a landlord refuse my application because I don't have Canadian credit history?
Refusing solely on lack of Canadian credit history is risky for the landlord under the Human Rights Code (it can be a proxy for place of origin). In practice, landlords often ask international applicants for additional documentation — prepaid rent for several months, a guarantor, or expanded reference letters. Negotiate; don't accept "no Canadian credit = no" at face value.
Do I need tenant insurance?
Almost every Toronto condo lease now requires it. $100–$300/year for a typical policy. Covers your contents and personal liability. The condo corporation's insurance does not cover your belongings.
Can the landlord charge a "damage deposit"?
No. Ontario's RTA permits only a rent deposit equal to one month's rent (the last month). Damage deposits are unlawful. A specific key-replacement deposit is permitted but only the actual cost.
What if the landlord asks me to pay 6 months upfront?
You can offer it voluntarily — tenants without Canadian credit sometimes do — but the landlord cannot require it. The legal deposit limit is first-and-last. Anything offered above that is goodwill on the tenant's side.
Talk to a Toronto Condo Broker
I'm Scott Miralami — a licensed Broker at Central Home Realty Inc., Brokerage, focused on the Toronto downtown condo market. If you have a question about anything you read here, send me a note. I read every message myself.