The rental bond is requested as financial protection should there be a breach in the lease agreement. Your rental bond will be lodged with the RTA and required under the Residential Tenancies and Rooming Act. The bond is held as security against any property damage, undue wear and tear, outstanding rent or invoices. In the event that there is no damage to the property over and above 'normal wear and tear' expected during the term of your tenancy, the bond amount will be refunded promptly after you vacate.
The amount of the bond is dictated by the Residential Tenancies and Rooming Act. The Landlord / Agent shall not require payment by way of bond of an amount greater than 4 weeks rent (unless the weekly rent is $700 or greater, in this case the owner can set the bond amount for the property). If we need to recover costs associated with the end of the lease, for instance unpaid rent, or repairs to damage caused by you, then only the exact costs associated will be claimed, with the remainder returned to you.