'Cash for keys' offers 'not an urban legend': realtor

Instances of landlords offering cash for tenants to vacate a unit have risen in Toronto, according to real estate professionals in the city.

Real estate experts say the practice is still relatively uncommon, but they have been seeing it more frequently in Canada’s biggest city as landlords face financial pressures such as higher interest rates.

Natalie Costello, founder of Natalie Costello Real Estate, told BNN Bloomberg that the practice of cash offerings for apartment keys has been on the rise. Last year, she started personally helping three clients through the process.

“Unfortunately (it’s) not an urban legend, this is a very real thing that we are seeing more predominantly over the last little while,” Costello said. “I’ve spent over a decade in this industry and we heard whispers of it before, now it has become more prevalent.”