Guys/gals,
Much of the Lake Ontario water level is regulated by the Moses-Saunders Dam in the St. Lawrence. I'm sure we are close to the seasonal variation as referenced by Jason's post above. And although I have no idea how/when they start closing the dam to raise the water level in the spring, but it happens every year and levels go up in April and May. That being said, there must also be a heck of a lot of water still stored in all that ice which still has yet to fully melt on the Great Lakes.
I know that there was some sort of proposal going around last year (possibly called Plan2014) which had some controversy regarding further regulatory issues on water levels - i.e. shoreline property owners were concerned that they would lose frontage to a rise in water levels.
There are many moving parts with the water level, but I wouldn't get too nervous unless it's still way down in mid April.
Chris