Rent Control in Ontario Canada?

[Bryan Hartlen]

We're Canadian expats who have naturalized in the US. We have some funds left in Canada that we're considering investing in rentals in Peterborough Ontario. In discussions with a local realtor we were told that the government (I assume city or provincial) has imposed a cap of slightly more than 2% per year on rent increases AND for the most part it's the tenants decision on whether to extend their lease.

Does anyone in BP-land know this to be true or false?