I live in Toronto Ontario in a 2 bedroom basement apartment. I've been living here for 14 years and rent started out at 700$ currently I pay $1080 which I know is very cheap however my landlord all of a sudden is forcing me to increase my rent to $1500 or he said he will give me a notice to leave. Is he allowed to do this? I feel I have no choice but to increase the rent or else he will just kick me out.

Any advice?

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EDIT: I forgot to add i was paying 1025$ but just increased this month to $1080 but he is demanding $1500