Centennial Place Residence, Toronto

Security Deposit

• A $500 Security Deposit is required after completing the Housing Application to guarantee the space.
• The Security Deposit is returned after move-out provided there are no outstanding balances or applicable move-out charges.
• If amounts remain owing, the Security Deposit is applied toward those charges before any remaining balance is refunded.
• For renewing residents, the Security Deposit is transferable to the new lease term.
• Approved early releases result in forfeiture of the Security Deposit.

Pay In Instalment

• Monthly rental installments are available.
• Rental instalments are due and payable on the 1st of each month.
• Lease terms usually align with the university academic calendar, with total rent typically divided into equal-value installments.
• The installments do not represent a monthly rent amount.
• Leases beginning or ending mid-month may have additional pro-rated instalments for the first or last payment.
• Semester meal plan instalments are available where applicable.

Mode Of Payment

• Online Transfer
• Credit card,
• Cheques,
• money orders

Guarantor Requirement

• A Guarantor must successfully sign the Lease Agreement to guarantee the space.
• The Guarantor is required to sign under the Parental or Sponsors Guarantee section.
• Local guarantors, international guarantors, and self-guarantors are accepted.
• Self-guarantors must demonstrate savings equivalent to 3× the total rental instalments or provide proof of approved government funding.
• Guarantor document requirements include a passport.
• Self-guarantor documents include a bank statement, proof of savings, and a government funding letter where applicable.

University Course Cancellation/Modification

• If your course has been cancelled by your university, please reach out to the team with the relevant supporting documentation. We will liaise with the property team to review your request on a case-by-case basis for cancellation. The resolution will be subject to the property's assessment and the terms of your booking.

Deferring Studies

• If you have deferred your studies, please contact the team and share your updated university documentation. We will notify the property team to review your request for cancellation/contract amendment. Requests are assessed individually, and the final outcome will be subject to the property's review and booking terms.

No Visa No Pay

• A resident may request early release if they are denied a study permit/visa.
• The early-release request must be submitted in writing to the Manager.
• The request will be responded to in writing within 7 business days of receipt.
• Applicable penalties may apply.

No Place No Pay

• A resident may request early release if they are denied admission to Centennial College.
• A resident may also request early release if they are withdrawn from, or not enrolled in, classes before the start of the Residence Agreement, subject to secondary verification of non-enrollment on the 30th class day of the semester.
• The early-release request must be submitted in writing to the Manager.
• Applicable penalties may apply.

Early termination by students

• Early release may be requested in writing to the Manager.
• Approved early releases are subject to applicable penalties.
• Residents who do not meet an approved early-release criterion remain responsible for the Residence Agreement until they satisfy one of the release criteria.
• Approved early releases of any kind result in forfeiture of the Security Deposit.

Delayed Arrivals & travel restrictions

• Residents arriving late must communicate their arrival plans to the property.
• If a resident is more than 5 days late and has not notified staff, their room may be given to another student.
• Early move-ins are not accommodated.
• Residents arriving before the move-in date are responsible for alternative accommodation until the official move-in date.

Replacement Tenant Accepted

• A resident may qualify for early release if they obtain a replacement tenant who meets the applicable requirements and has not previously applied to live at Centennial Place.
• All lease replacements must be approved by the Manager.
• If approved, the resident may be entitled to a partial refund of residence fees without interest.
• If the Residence Agreement has already started, refunds are calculated on a pro-rated daily basis.

Other cancellation policies

• Signing the Residence Agreement creates a legally binding contract, with responsibility for associated costs due throughout the agreement term.
• Early-release requests must be made in writing to the Manager.
• Early-release requests are responded to within 7 business days.
• If an early release is approved, any applicable refund may be issued by cheque to the resident's permanent address on file.
• All cancellations are charged a $250 administrative fee.