Ok so yet another update to:
We had our hearing on December 13. The representative from the Property Management Company didn't even bother to show up. We weren't suprised at all.
So, I had to swear that I would tell the whole truth and nothing but the truth so help me God. That was interesting. The arbitrator agreed with us and she awarded us with $925 (double our damage deposit plus the $50 filing fee)!!!!
Now we have to serve the Property Manangement Company will the order. We'll see if they actually send us a cheque. If they don't, then we have to take them to Small Claims Court.
By the way - the company name is Amacon Property Management. Stay away from them if you are a renter. They manage property here in the Lower Mainland (British Columbia) and in the Greater Toronto Area.