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Hey there my name is Mark Saville I'm a realtor with sage real estate and a blogger over Toronto livings calm and if you haven't heard yet the Ontario government is bringing big changes to the way we are sell properties in the province and in this video we're going to dive right into it, I'm going to tell you what these new changes mean and how they will affect you alrighty, so I got in my hand here the newly released residential tenancy agreement form this is something you've probably never seen before but should get used to very quickly because this will be the only form will be allowed to use to do residential leases in Ontario after April 30th 2018 all rentals will have to be done on these forms and if you haven't yet seen it I have a link in the description below where you can download one from the Ontario government's website let's get into this so why do we have this new agreement in place I mean we've been doing rentals for years in the city and everything seems to be going fine so why change it now the reality is the system we were using is flawed there is all different types of contracts out there full of different conditions and clauses and terms, and it's a really convoluted system we have, and I don't think a lot of people were getting burned because there was no regulation so the Ontario government as part of the Ontario fair housing plan made it a point of releasing one standardized mandatory form written in plain simple language now I've read this about 10-15 times already, and I have to say in the beginning I was a little hesitant I mean nobody likes hearing that the government is drafting up mandatory contracts that everyone's supposed to use I mean I've been a realtor for a decade what does the government know that I don't know that they can do better than me right that's that's kind of the consensus but when you dive into the agreement there actually is a lot of good in it and I think in the long term switching to one mandatory standardized lease is going to make things a lot easier for everyone now if I had to sum up the lease in one word it would be clarity it is clear it is easy to understand there is no legalese there's no lawyer wording and complex and convoluted clauses and stuff like that it is really straightforward one thing I noticed is the contract is noticeably longer than some standard leases I would write for residential property, but that's because they really go into detail and make sure the terms are clearly stated and very easy to understand now the beauty of the document is it outlines what you can and cannot ask for in a lease and if you've written a lot of leases in your past or if you're a landlord or property manager when you first read it you might kind of say to yourself whoa they're changing this they're changing that well I don't write it this way the reality is a lot of people write their contracts with clauses terms and conditions that shouldn't be in there in the first place, so this really isn't...
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