Leases are a binding contract between a tenant and a landlord and breaking a lease is a breach of this contract. Despite this breach, you may find yourself with a valid reason for needing to break your lease – such as moving to another city.
If you are in this situation, we want to help you try to avoid – or at least minimize- penalties from your landlord. The best way for you to do this is to:
- Familiarize yourself with your province’s necessary legal requirements to terminate a lease.
- Know whether you have a “Fixed” or “Periodic” term lease. A Fixed Term is a lease with a specified end, while a Periodic Term is a lease that runs month-to-month, week-to-week or other pre-determined time.
- Be sure to provide your landlord with as much notice as possible
- Wherever permissible offer to help finding a replacement tenant.
Each province has different regulations pertaining to leases or tenant agreements, and how to cancel a lease.
- You cannot give notice during a fixed term lease. A fixed term lease expires automatically.
- To terminate a year-to-year tenancy, a written notice to your landlord is required at least 90 days before your lease ends.
- To terminate a weekly tenancy, a written notice to your landlord is required by the last day of the week prior to the week in which the tenancy will end.
- To terminate a monthly tenancy, a written notice to your landlord is required by the last day of the month prior to the month in which the tenancy will end.
- Once proper notice is given, the tenancy will end on the last day of the month that follows.
- To terminate a mobile home site tenancy, a minimum of twelve month’s notice is required.
- The security deposit and interest is due to you either annually or 15 days after the tenancy is terminated, whichever is earlier.
- In situations where you and the landlord have signed a statement as to the condition of the residential premises, the security deposit may be applied toward the rectification of damage done to the premises
For additional details, you can also refer to Yukon’s rental board website.
Also check out our article How to cancel my lease that deals with detailed steps to follow.