[Question] Rent / Lease Renewal
Hi all,
Not sure if this is the correct forum to ask this...
The lease on my condo is almost a year now, and the landlord is not taking the place back.
So if I want to continue to live where I am now, do I have to re-sign a one-year lease again? I'm not sure if it's correct, but I heard that if I have rented a place for a year, there's no more lease-term anymore, so rent becomes monthly (with no contract) until I don't want to rent anymore and give a 2 or 3 months notice if I want to leave.
So which one is right?
a) I have to sign a new one-year lease?
or
b) I can just rent it monthly from now on until I want to leave (+ give notice). But would I still have to sign anything to make sure this is how it is?
Also, is there a rule/restriction on how much my landlord can increase rent?
I think I read an article a while ago saying that for this year landlords can only increase very minimal for rent (don't remember where and don't remember how much though)
Any help will be appreciated! Thanks
edit: I found out the rent incrase article: http://www.ltb.gov.on.ca/en/Key_Informa ... 67677.html
it says 0.7%, does that mean the landlord can only increase my rent to a MAX of 0.7%?
Not sure if this is the correct forum to ask this...
The lease on my condo is almost a year now, and the landlord is not taking the place back.
So if I want to continue to live where I am now, do I have to re-sign a one-year lease again? I'm not sure if it's correct, but I heard that if I have rented a place for a year, there's no more lease-term anymore, so rent becomes monthly (with no contract) until I don't want to rent anymore and give a 2 or 3 months notice if I want to leave.
So which one is right?
a) I have to sign a new one-year lease?
or
b) I can just rent it monthly from now on until I want to leave (+ give notice). But would I still have to sign anything to make sure this is how it is?
Also, is there a rule/restriction on how much my landlord can increase rent?
I think I read an article a while ago saying that for this year landlords can only increase very minimal for rent (don't remember where and don't remember how much though)
Any help will be appreciated! Thanks
edit: I found out the rent incrase article: http://www.ltb.gov.on.ca/en/Key_Informa ... 67677.html
it says 0.7%, does that mean the landlord can only increase my rent to a MAX of 0.7%?