Finding a rental in Toronto can feel overwhelming especially if you’re new to the city, new to Canada, or renting for the first time. Between competitive listings, documentation requirements, and fast-moving timelines, it helps to understand exactly how the process works before you start booking showings.

Here’s a clear, step-by-step guide to how renting works in Toronto, what documents you’ll need, and how a licensed realtor helps you secure the right home with confidence.

Working With a Realtor (TL;DR)

To book property showings in Toronto, you’ll need to work with a licensed realtor. Your agent is your representative throughout the entire search and application process at no cost to you. In Ontario, landlords pay the commission.

Here’s how I help renters:

• Identifying suitable listings and planning property tours

• Advising on neighbourhoods, commute times, and rental market values

• Preparing and submitting rental offers

• Negotiating terms on your behalf

• Managing paperwork and guiding you through the approval process

Step 1 - Preliminary Due Diligence (What You Need to Prepare)

Before viewing properties, landlords expect a complete rental application package. Having this ready early gives you an edge in Toronto’s competitive rental market.

Please send the following for each applicant:

✔️ 2 Pieces of Photo ID

Accepted forms include:

• Permanent Resident Card

• Canadian Driver’s Licence

• Passport

✔️ Full Equifax Credit Report

Must include your current credit score (not just the summary page).

✔️ Income & Employment Verification

If you’re employed:

• Employment letter

• Recent T4 (if available)

• Last 2 months of pay stubs

• 2–3 months of Canadian bank statements showing recurring pay deposits

• If new to employment, landlords prefer to see $30–80K in savings

• If employed internationally (US/UK/etc.), an employment letter is sufficient

If you’re self-employed:

• 1–2 years of business bank statements

• Tax returns and/or Notice of Assessment showing stable income

✔️ Guarantor Information (If Needed)

A guarantor may be added as a lessee to strengthen your application.
Required:

• Two pieces of ID

• Proof of income (employment letter, pay stubs, T4, or NOA)

✔️ Rental History (If Applicable)

• Previous landlord reference

• Proof of past rent payments

• Prior lease agreements

Tip: A strong, complete package can make the difference between getting approved or losing a unit to another applicant.

Step 2 - Formalizing the Client–Realtor Relationship

Before we begin showings, two mandatory documents must be reviewed and signed:

1. RECO Consumer Information Guide

This outlines your rights and responsibilities when working with a realtor in Ontario.

2. Buyer Representation Agreement (BRA)

Although the name sounds like it’s for buyers, it’s also used for renters.
This document:

• Formalizes our working relationship

• Defines the search area (e.g., City of Toronto)

• Sets a clear time frame for the agreement

I’ll send both documents digitally so you can review and sign them at your convenience.

Step 3 - Property Search & Showings

Once the paperwork is completed, I’ll create a personalized property search based on your budget, preferred neighbourhoods, transit needs, unit size, and amenities.

We’ll schedule showings usually over one or two days during the same week you’re ready to submit an offer. Toronto rentals move quickly, so timing is key.

Step 4 - Submitting a Rental Offer

When you find the right place, I’ll prepare and submit the offer for you.
If your offer is accepted, you’ll need to provide:

✔️ First and Last Month’s Rent Deposit

This must be submitted within 24 hours of acceptance.
Accepted formats:

• Certified cheque

• Bank draft

• Wire transfer

Tip: Keep your deposit funds ready in a chequing account so you can act fast.

Step 5 - Lease Signing & Key Exchange

After the landlord receives your deposit, you’ll be issued a firm lease under Ontario’s Residential Tenancy Agreement (RTA).

We’ll then coordinate:

• Lease signing

• Move-in inspection (if applicable)

• Key exchange (usually on the lease start date)

From here, you’re officially ready to move into your new home.

Final Thoughts

Renting in Toronto can feel competitive, but with the right preparation and a realtor guiding you through every step the process becomes smooth, transparent, and stress-free.

If you’re planning to rent in Toronto and want support from start to finish, feel free to reach out. I’m here to guide you through the search, secure the best unit, and help you navigate everything with confidence.

Thank you for considering me to help rent out your property. I want to take a moment to explain what it means to list your property for rent when we work together, so you know exactly what to expect. 

Let’s break it down into 8 steps

1. Pricing Strategy & Market Analysis

Getting the price right is the first step to renting your property successfully. I start by conducting a detailed comparative market analysis (CMA) that looks at similar properties currently listed and recently leased in your building or neighborhood. I assess factors like square footage, layout, finishes, parking, and views to position your unit competitively.

Beyond the data, I also factor in seasonal demand trends, vacancy rates, and recent tenant behavior to determine what price point will attract strong interest without sitting on the market. The goal is to strike the perfect balance: maximizing your rental income while minimizing vacancy time and tenant turnover.

Once we lock in a price, I guide you on how to highlight your property’s strengths so it stands out against the competition—whether it’s natural light, storage, outdoor space, or proximity to transit.

2. Marketing Your Property

Once we sign a listing agreement, I’ll begin marketing your rental professionally. This includes:

• High-quality photos (and video tours if needed)

• A compelling, accurate property description

• Posting on RE/MAX, MLS, and Realtor.ca

• Promoting to my agent network and social media including Instagram, Facebook, TikTok, YouTube, and LinkedIn

3. Managing Showings

• Scheduling & confirmation: I handle all appointment requests and use showing‑management software so you always know who’s coming and when.

• Guided tours: I or a licensed REALTOR® in Toronto attend every showing to spotlight key features and answer questions on the spot.

• Security: Lights on/off, doors locked, and detailed sign‑in tracking for full accountability.

• Feedback loop: Post‑showing summaries so you see how the market is responding in real time.

4. Tenant Screening

All prospective tenants will be carefully screened to ensure they meet your requirements. This includes:

• Credit check via Equifax, TransUnion, or SingleKey

• Employment and income verification, including:

  • Letter of employment

  • 1–2 months of recent pay stubs

• References from previous landlords and their contact information

• On a case-by-case basis, I may also request:

  • 3–6 months of recent bank statements (chequing/savings)

  • Official study permit

  • University or school registration confirmation

  • Proof of tuition payment

  • Valid work permit

  • Marriage certificate (to confirm shared responsibility of a dependent)

All documents are reviewed for authenticity and completeness before being presented to you.

5. Shortlisting Tenants for Your Review

I’ll only present you with qualified, pre-vetted candidates, so you save time and can feel confident in your decision. You’ll receive:

• A summary of each candidate

• All supporting documents in one place for easy comparison

• My professional recommendation (but final decision is always yours)

6. Negotiating and Preparing Lease Documents

Once we identify an ideal tenant, I’ll take care of:

• Negotiating lease price and terms to protect your interests

• Drafting the Agreement to Lease (Form 400)

• Ensuring deposits are submitted as a bank draft or certified cheque

• Preparing the Ontario Standard Lease with supporting schedules

• Collecting e-signatures from both parties

7. Move-In Coordination

After lease signing, I’ll guide the tenant through a smooth move-in process:

• Utility transfer (hydro, gas, etc.)

• Tenant’s property and liability insurance

• Finalizing rent payment setup (e-transfer, cheques, or other)

• Setting expectations for keys, access, and next steps

8. Key Handover

I’ll coordinate the key exchange either:

• In person or

• Via a lockbox (based on your preference and availability)

If you have any questions or would like to get started, I’m just a call or text away. Looking forward to helping you find the right tenant!

Elie Yachoui - Toronto REALTOR®

+1.416.881.2231

ElieHomes.TO@gmail.com