Until February 28, 2021, either the old or the updated version of the OSL may be used.
Residential tenancy agreements signed on or after March 1, 2021 must use the updated standard lease.
Below is a list of the material changes from the 2018 OSL that we have noted – images of the changes will be put into the first few comments on this post.
1. Page 1 - new logo and effective date
2. Page 7 - the pdf allows for digital signatures
3. Page 8 - new logo and TTY number (Bell Relay Service)
4. Page 9 Appendix Section D - new content regarding “When the landlord can end the tenancy”
5. Page 10 Appendix Section I - new Guideline Rent Increases content
6. Page 13 Appendix Section Q - new content about ‘guests’
7. Page 14 is new and provides information about the availability of the guide to the OSL in various languages, and this link to the Guide to Ontario’s standard lease
11 December 2020
York and Windsor-Essex Regions are being moved into the Grey-Lockdown level in the province’s tiered framework for COVID-19 restrictions as of Monday, December 14, joining Toronto and Peel. This means that non-essential retail stores will have to switch to curbside pickup only, and a swath of other businesses, such as gyms and personal care services, will close entirely.
In addition to moving York and Windsor into a lockdown, the province is also placing three more regions into the Red-Control zone: Middlesex-London, Simcoe
Showings by Appointment Are Permitted
Members can conduct in-person showings by appointment, following health and safety best practices, so you will still be able to provide your services to pre-qualified clients and complete transactions. This will allow us as an industry to keep the real estate market moving, while Members earn an income helping consumers achieve their home ownership dreams.
Measures applying to York, Toronto, Peel and Windsor-Essex Regions under the Lockdown level include, but are not limited to:
The Ontario government is investing over $2.2 million through the Ontario Together Fund to provide small businesses with free, tailored financial advice and online training to help them make informed financial decisions and navigate the unprecedented economic circumstances brought on by the COVID-19 pandemic.
The government is offering $2,040,000 to support Ontario's 47 Small Business Enterprise Centres (SBEC) led by the Business Advisory Centre Durham to create a new Small Business COVID-19 Recovery Network. This network will enhance the capacity of all SBECs across the province, build one central portal where businesses can access digital tools and training, and get information on government programs to help them navigate COVID-19 and beyond.
The province is also providing $131,000 for Chartered Professional Accountants of Canada to develop and deliver a four-part COVID-19-specific financial literacy tool kit for small businesses, and $51,000 for Financial Advisors Association of Canada to provide pro-bono professional financial advice for small companies through its online platform, Advocis Connect.
The association will connect small businesses with financial advisors for free advice on the current financial state of their business, how to pivot the business to manage the current economic emergency, and guidance for applying to federal and provincial government support programs.
The new Canada Emergency Rent Subsidy (CERS) provides direct commercial rent or property expense support to tenants and property owners of qualifying organizations affected by COVID-19 by providing support up to a maximum of 65% of eligible expenses.
Qualifying organizations that are under a lockdown or have significantly limited activities under a public health order will have access to Lockdown Support, a top-up subsidy of 25%, meaning they could receive rent or property expenses support of up to 90%. Applicants can claim the subsidy retroactively for the period that began on September 27 and ended on October 24, 2020.
The CRA has launched CERS webpages, an online CERS calculator, and CERS infographics (Take a look at the new Canada Emergency Rent Subsidy, The Canada Emergency Rent Subsidy has got you covered, and We’re here to help) to assist organizations in preparing their applications.
On November 5, 2020, the provincial government announced details of its 2020 Budget and economic recovery action plan. Details on real estate related initiatives announced with the budget, including a new renovation credit for seniors and property tax reductions, are provided below. Full details on the budget announcement are available at the government’s site here.
The Toronto Regional Real Estate Board (TRREB) is encouraged to see the provincial government taking action through the provincial budget announced on November 5, 2020, to help ensure continued economic recovery. The global pandemic has taken a serious toll on economies around the world, and it is important for all governments to do what they can to ensure that the economy recovers as quickly as possible. TRREB believe that the measures announced by the provincial government will make an important difference in achieving that goal. TRREB is particularly encouraged to see that the government included some property tax relief measures for businesses.
Since the start of the pandemic and economic downturn, TRREB has been working hard to assist governments at all levels to achieve public health and economic recovery objectives. TRREB has provided detailed input on the state of the Toronto region’s real estate market and advice on policy and fiscal actions that could assist with economic recovery. TRREB looks forward to continuing to work with all levels of government to help move the Greater Toronto Area, the province, and the country through the current public health and economic challenges.
Real Estate Related Budget Initiatives
Seniors’ Home Safety Tax Credit
Canada Emergency Business Account (CEBA) Now Open to Businesses Using Personal Banking Accounts
26 October 2020
Speaking to the Canadian Chamber of Commerce earlier today, Prime Minister Justin Trudeau announced the Canada Emergency Business Account (CEBA) is now available to businesses that have been operating out of a non-business banking account. This change follows last week’s announcement by Deputy Prime Minister and Minister of Finance, Chrystia Freeland.
As of October 26, 2020, eligibility for CEBA has expanded by removing the previous March 1, 2020, condition for having an active business chequing/operating account in existence on March 1, 2020. With this removal, eligible businesses can now apply after opening a business chequing/operating account with their primary financial institution.
TRREB and the Canadian Real Estate Association (CREA) welcome this much-needed change as the industry has been continuously advocating for changes to CEBA that would allow more brokerages to access the program. CREA has been advocating for and highlighted the need to make CEBA available to all business structures, including sole proprietors who conduct their business through personal bank accounts, during their in-person discussions with government officials, letters to Cabinet Ministers, and in a written brief to the House of Commons Standing Committee on Finance.
Updated CEBA Eligibility Criteria
To be eligible, businesses must have been operating as a business as of March 1, 2020, must successfully open a business account at a Canadian financial institution that is participating in CEBA, and meet the other existing CEBA eligibility criteria. The deadline to apply for CEBA is December 31, 2020.
Businesses that have chosen to bank through a personal account may now be eligible for the CEBA program. The steps for these businesses to access CEBA are:
Follow instructions from your financial institution to complete all relevant parts of the CEBA application.
For additional information and requirements, please visit the CEBA website, and to start the application process, please click here.
CEBA is part of the Government of Canada’s COVID-19 Economic Response Plan. The government is constantly assessing the evolving situation and is likely to introduce additional measures as it deems necessary. We are monitoring the implementation of existing measures and continue to advocate on behalf of REALTORS® as new initiatives are developed.
1. Defective Plumbing
Defective plumbing can manifest itself in two different ways: leaking, and clogging. A visual inspection can
detect leaking, and an inspector will gauge water pressure by turning on all faucets in the highest bathroom
and then flushing the toilet. If you hear the sound of running water, it indicates that
the pipes are undersized. If the water appears dirty when first turned on at the faucet, this is a good indication
that the pipes are rusting, which can result in severe water quality problems.
2. Damp or Wet Basement
An inspector will check your walls for a powdery white mineral deposit a few inches off the floor, and will look
to see if you feel secure enough to store things right on your basement floor. A mildew odor is almost impossible
to eliminate, and an inspector will certainly be conscious of it.
It could cost you $200-$1,000 to seal a crack in or around your basement foundation depending on
severity and location. Adding a sump pump and pit could run you around $750 - $1,000, and complete
waterproofing (of an average 3 bedroom home) could amount to $5,000-$15,000. You will have to weigh
these figures into the calculation of what price you want to net on your home.
3. Inadequate Wiring & Electrical
Your home should have a minimum of 100 amps service, and this should be clearly marked. Wire should be copper
or aluminum. Home inspectors will look at octopus plugs as indicative of inadequate circuits and a potential
4. Poor Heating & Cooling Systems
Insufficient insulation, and an inadequate or a poorly functioning heating system, are the most common
causes of poor heating. While an adequately clean furnace, without rust on the heat exchanger, usually
has life left in it, an inspector will be asking and checking to see if your furnace is over its typical life span
of 15-25 yrs. For a forced air gas system, a heat exchanger will come under particular scrutiny since one
that is cracked can emit deadly carbon monoxide into the home. These heat exchangers must be replaced if
damaged - they cannot be repaired.
5. Roofing Problems
Water leakage through the roof can occur for a variety of reasons such as physical deterioration of the
asphalt shingles (e.g. curling or splitting), or mechanical damage from a wind storm. When gutters leak and
downspouts allow water to run down and through the exterior walls, this external problem becomes a major
6. Damp Attic Spaces
Aside from basement dampness, problems with ventilation, insulation and vapor barriers can cause water,
moisture, mold and mildew to form in the attic. This can lead to premature wear of the roof, structure and
building materials. The cost to fix this damage could easily run over $2,500.
7. Rotting Wood
This can occur in many places (door or window frames, trim, siding, decks and fences). The building inspector
will sometimes probe the wood to see if this is present - especially when wood has been freshly painted.
8. Masonry Work
Rebricking can be costly, but, left unattended, these repairs can cause problems with water and moisture
penetration into the home which in turn could lead to a chimney being clogged by fallen bricks or even a chimney
which falls onto the roof. It can be costly to rebuild a chimney or to have it repointed.
9. Unsafe or Overfused Electrical Circuit
A fire hazard is created when more amperage is drawn on the circuit than was intended. 15 amp circuits are
the most common in a typical home, with larger service for large appliances such as stoves and dryers. It can
cost several hundred dollars to replace your fuse panel with a circuit panel.
10. Adequate Security Features
More than a purchased security system, an inspector will look for the basic safety features that will protect
your home such as proper locks on windows and patio doors, Dead bolts on the doors, smoke and even carbon monoxide detectors in every bedroom and on every level. Even though pricing will vary, these components will
add to your costs. Before purchasing or installing, you should check with your local experts.
11. Structural/Foundation Problems
An inspector will certainly investigate the underlying footing and foundation of your home as structural integrity is
fundamental to your home.
COVID-19: Government Announces New Rent Program, Improved CEBA and CEWS, CERB ReplacementPlease note: the federal government is constantly updating their website as new information is announced. Remember to check Canada’s official coronavirus webpage and CREA’s COVID-19 online hub to stay up to date.
Following months of lobbying by the Canadian Real Estate Association (CREA) in collaboration with other business groups, today the government announced the Canada Emergency Rent Subsidy (CERS), as well as enhancements to the Canada Emergency Business Account (CEBA) and the Canada Emergency Wage Subsidy (CEWS).
Prime Minister Justin Trudeau unveiled several new initiatives and changes to existing programs. CREA welcomes these announcements and is pleased to see our efforts to keep these programs a part of the conversation have resulted in direct improvements that provide much needed help for our members.
The CERS is a new rent subsidy program replacing the Canada Emergency Commercial Rent Assistance (CECRA), providing rent subsidies directly to businesses, rather than landlords. It will support businesses, charities, and non-profits that have suffered a revenue drop, by subsidizing a percentage of their expenses, on a sliding scale, up to a maximum of 65% of eligible expenses until December 19, 2020. Organizations would be able to make claims retroactively for the period that began September 27 and ends October 24, 2020. A top-up subsidy of 25% for organizations temporarily shut down by a mandatory public health order issued by a qualifying public health authority will also be available in addition to the 65% subsidy.
In other support for businesses, the CEWS has been extended until June 2021, as promised in the Speech from the Throne, and will remain at the current subsidy rate of up to a maximum of 65% of eligible wages until December 19, 2020. For more information, visit the CEWS website.
It was also announced CEBA has been expanded. Eligible businesses will be able to access an interest-free loan of up to $20,000, in addition to the original CEBA loan of $40,000. Half of this additional financing would be forgivable if repaid by December 31, 2022. Additionally, the application deadline for CEBA is being extended to December 31, 2020. For more information, visit the CEBA website.
Since CECRA, CEBA and CEWS were announced, CREA has worked with government officials to underline the programs’ shortcomings, as well as propose solutions that make them accessible to Canadian businesses needing it most.
CREA continues to push for further improvements, such as CEBA eligibility for businesses operating with a personal bank account. On that issue, government officials have assured stakeholders a solution is in the works, and CREA remains committed to working toward an amendment that makes CEBA eligible to every business in need.
The federal government survived a confidence vote last week as Bill C-4 was passed unanimously in the House of Commons and received royal assent. This COVID-19 response bill will provide further financial support to Canadians who are struggling due to the effects of the pandemic and comes into effect as previous support programs expire.
The initial bill tabled by the Liberal government was subject to criticism from opposition parties. Following negotiations to secure support from the NDP, the government opted to table a new bill incorporating the agreed upon changes.
Bill C-4 establishes the Canada Recovery Benefit (CRB), the Canada Recovery Sickness Benefit (CRSB) and the Canada Recovery Caregiving Benefit (CRCB) to support Canada’s economic recovery in response to COVID-19.
The CRB provides income support to employed and self-employed individuals who are directly affected by COVID-19 and are not entitled to Employment Insurance (EI) benefits. If you are eligible for the CRB, you can receive $1,000 ($900 after taxes withheld) for a two-week period, and you may apply up to a total of 13 eligibility periods (26 weeks) between September 27, 2020, and September 25, 2021.
You may earn employment or self-employment income while you receive the CRB; however, to make sure the benefit reaches those who need it most, there’s a difference in how much you can keep if you earn more than $38,000 in the calendar year. This amount excludes CRB payments. You will have to reimburse $0.50 of the CRB for every dollar of net income you earned above $38,000 on your income tax return. For more information, visit the CRB website.
The CRSB provides $500 per week for up to a maximum of two weeks, for workers who are unable to work due to the effects of COVID-19, while the CRCB provides $500 per week for up to 26 weeks per household for workers who are forced to take care of a family member for reasons related to COVID-19.
The government also announced they will provide an additional $600 million to support workers and businesses through the Regional Relief and Recovery Fund (RRRF). The RRRF was created to mitigate financial pressure experienced by businesses and organizations to allow them to continue their operations, including paying their employees, and support projects by businesses, organizations and communities to prepare now for a successful recovery. For more information, visit the RRRF website.
The measures covered in this email are part of the Government of Canada’s COVID-19 Economic Response Plan. The government is constantly assessing the evolving situation and is likely to introduce additional measures as it deems necessary. We are monitoring the implementation of existing measures and continue to advocate on behalf of REALTORS® as new initiatives are developed.
This email is for information purposes only and is not a substitute for professional advice. If you need professional advice you should consult a lawyer, accountant or other qualified professional.
GTA REALTORS® Release September StatsToronto Regional Real Estate Board President Lisa Patel announced that sales reported through TRREB’s MLS® System by Greater Toronto Area REALTORS® amounted to 11,083 – a new record for the month of September. This result was up by 42.3 per cent compared to September 2019. Following a record third quarter, sales through the first nine months of 2020 were up by approximately one per cent compared to the same period in 2019.
“Improving economic conditions and extremely low borrowing costs sustained record-level sales in September, as we continued to account for the substantial amount of pent-up demand that resulted from the spring downturn. Further improvements in the economy, including job growth, would support strong home sales moving forward. However, it will be important to monitor the trajectory of COVID-19 cases, the related government policy response, and the impact on jobs and consumer confidence,” said Ms. Patel.
Year-over-year sales growth in September continued to be driven by ground-oriented market segments, including detached and semi-detached houses and townhouses. Annual growth rates were also higher for sales reported in the GTA regions surrounding the City of Toronto.
The September 2020 MLS® Home Price Index Composite Benchmark was up by 11.6 per cent year-over-year. The average selling price for all home types combined in September was $960,772 – up by 14 per cent year-over-year. Price growth was driven by the low-rise market segments. The relatively better supplied condominium apartment segment experienced a comparatively slower pace of price growth.
“On a GTA-wide basis, market conditions tightened in September relative to last year, with sales increasing at a faster pace than new listings. With competition between buyers increasing noticeably, double-digit year-over-year price growth was commonplace throughout the region in September, resulting in the overall average selling price reaching a new record,” said Jason Mercer, TRREB’s Chief Market Analyst.