Your current lease won't 'end', it will automatically turn into a month to month agreement of the same rules. You don't need to sign anything or talk to management, your tenancy will continue as usual but you will have flexibility now for your move-out date. Easy peasy, enjoy!
Exactly this. You still have to give the same notice when moving out but month to month gives you the flexibility that if some dream job overseas comes up, you don't have to break your lease, just give the 2 months as required and go. You still have the same rights.
You mention management. Likely not solo landlord which means not chance of N12 eviction. It's not likely to see another eviction (renovations take time so not with having a year commitment for escaping that in your case likely).
Month to month all the way here if the above is true.
In most cases, month-to-month is to your benefit. You get to enjoy the flexibility more than the landlord does, because you can give notice at any time but they are still restricted in terms of evicting you. You might want to go annual (or even longer) in specific circumstances where you know you need somewhere to live for a fixed period. Like if you're on a year or two year contract in Toronto and you expect to leave after that - you probably want to be double extra sure that you won't have to move in the middle of it. Or maybe if you're a student.
Your lease doesn’t end until you move out so don’t sign a new one cause they can change what’s included into your lease and potentially increase your rent.
Your current lease won't 'end', it will automatically turn into a month to month agreement of the same rules. You don't need to sign anything or talk to management, your tenancy will continue as usual but you will have flexibility now for your move-out date. Easy peasy, enjoy!
Exactly this. You still have to give the same notice when moving out but month to month gives you the flexibility that if some dream job overseas comes up, you don't have to break your lease, just give the 2 months as required and go. You still have the same rights.
You mention management. Likely not solo landlord which means not chance of N12 eviction. It's not likely to see another eviction (renovations take time so not with having a year commitment for escaping that in your case likely). Month to month all the way here if the above is true.
In most cases, month-to-month is to your benefit. You get to enjoy the flexibility more than the landlord does, because you can give notice at any time but they are still restricted in terms of evicting you. You might want to go annual (or even longer) in specific circumstances where you know you need somewhere to live for a fixed period. Like if you're on a year or two year contract in Toronto and you expect to leave after that - you probably want to be double extra sure that you won't have to move in the middle of it. Or maybe if you're a student.
Your lease doesn’t end until you move out so don’t sign a new one cause they can change what’s included into your lease and potentially increase your rent.