@@nt1546 That is not self-protective, only an indication of greedy landlords bullying tenants. Please google or contact RECO, Real Estate Councillor of Canada for enquiry of upfront rental availability by law or not. The answer is any landlords are prohibited to request more than one month advance; i.e. only 1st and last months deposit is allowed before move-in. Ming Pao 430 News reported incorrect message encouraging dishonest, unethical business conduct real estate agents continuing to disturb the norm of real estate industry. Tenants have right to reject that offer and file complaint to RECO against whoever agent(s) involved. This is not the tenant's volunteer in competition. Ming Pao should research it and clarify with RECO before promoting such an illegal activity as an upfront rental trend popularity in coming year. New comers be smart, don't fall in the trap.
Prospective tenant has right to reject such illegal full-year advance rental payment and files complaint to RECO Disciplinary Committee against the Listing Agent for his/her unethical conduct. There is a Consumer Protection Law available in real estate industry as well
@@joetseng4676 Yes. It is an illegal activity to coerce prospective tenants for 6 months or 12 months rental payment in lump sum. The Tenancy Agreement only allows 1st and last rents for initial deposit payments. That means only last month rent allowed for advance deposit, supposed with interest awarded to tenant. *Why file against the Listing Agent" is appropriate as he or she has already know the rule. Putting tenants' voluntary proposed advance-rent payment on the listing offer and Tenancy Agreement is a fraud. It is the Listing Agent professionalism to stop fraudulent conduct of the landlord and himself/herself. It is a non-disclosure of the landlord's wishes on the listing as well it is prohibited by law to trade rental in this way. Surprisingly, Ming Pao News announced it will be the trend of tenancy situation in Ontario. Who allows such dishonest agents to control the market? RECO in response to this news, for sure, will in an official writing, emphasize heavy penalty to any agents involved in trading lump sum rent payment in advance. Everyone has to obey the law.
It's too risky to be a landlord in canada, with the law favoring tenants and skyrocketing maintenance fees and interest rate, almost all other investments make more sense than being a landlord. Some may still find it attractive simply because they don't report their rental incomes while there's no way to get around that with other investments
@@Glory-to-God. landlord has to report the rental income and expenses such as repair and maintenance costs as to writ off to CRA for each year tax filing.