Once you take over a property as an owner occupant, if it is a single family or condo you can live in it for 1 year and that automatically exempts your unit from rent control.

If you really want to get rid of them, sweeten the pot by offering to return their deposit after you verify the unit is empty with no damages. 

I own a commercial unit, and I’m trying to determine a fair rental rate for the space.

Quote from @David B Graham: Investment Info:Small multi-family (2-4 units) buy & hold investment.

You should consider getting the most units (that can rent for the highest) for the best price.

. - Another exception to note on that foreign buyer ban is the number of units/doors for your investment: I believe the magic number is 5+ as this would be considered as commercial Real Estate- In Ontario, you will also have to look our for the Non-Resident Speculation Tax (NRST) which imposes about 25% on the purchase tax.

Every 12 months you should budget 1 month of vacancy to turn the unit.

Quote from @Jaycee Greene: Quote from @Jeffrey Eschbach: Investment Info:Small multi-family (2-4 units) buy & hold investment.

@Albert Gallucci as many have pointed out, in the commercial space of 100+ apartment buildings and offices, property classes have some pretty decent industry standards.We started applying these to 1-4 unit properties around 10 years ago, which you can verify on our blogs, because we saw too many newbie investors not properly taking into account things like, neighborhood status, tenant pool, property condition, etc.Unfortunately, there's no industry standard for this, but you can use some basic logic to think your way through your own Classifications.

How many units, and at what price point?