I've spoken to both a mortgage broker and realtor about rising house costs, and about how the BoC has already stated a non-gradual interest rate hike, etc. 

We bought this property to "flip" while we lived in a camper parked outside, and then gradually moved into the home (my husband and I maintained full-time jobs while we did this).

Instead of kicking them out, on the hopes you find someone with a 5bd voucher, why not simply raise the rent gradually.

@Frank Geiger, yes, I would do that but gradually.

Make a plan to lower your expenses/increase savings and proceed gradually, reassess, and adjust as needed just like you would in building a real estate business.

It takes time, it happens gradually, but is worth it. 

You can raise the rent gradually. if they are on the month to month you will have to give them 30 day notice if they are on the 12 month lease you can renew the lease and raise the amount by desired amount. but you are risking of loosing your tenants if they decide to leave.

Property tax creep (gradual or not) is a significant problem in some communities.

SIde B gradually gets to market rate (always informing tenants appropriately). 

I'm also a die-hard Dave Ramsey fan.So what you'll learn quickly is it takes more time to save up and pay cash vs. using debt, but gradually it gets easier because your returns will grow in terms of real dollars.