Confused about rental deposits in Toronto - need clarity!

Posted by TorontoRenter24 • November 28, 2025 • 7 comments

I'm looking at a rental in The Beaches and the landlord is asking for first and last plus a $500 key deposit, making it feel like too much upfront. Isn’t the maximum legal deposit supposed to be just first and last month's rent? Any advice or pointers on this would be super helpful!