Types of lease agreements
There are two types of residential tenancy agreements.
- A periodic tenancy - an agreement (written, verbal or implied) for an indefinite period until it is lawfully terminated by either party or by the Tribunal;
- A fixed term tenancy - a specific start date and end date agreed upon at the beginning of the tenancy (e.g., six or twelve months).
The landlords and tenants rights and obligations under both types of lease agreements are exactly the same. There are differences, however, in the conditions of termination.