Help - Any way to reduce Capital Gains on only Property (not lived in)
Needed some help - super confused about what actions I need to take to minimize any taxes I need to pay. So here's the story:
1. Bought a condo in 2017 (first one I ever purchased when I got married, 350k, downpayment was 10k, currently owe 320k on it. Fixed 5-year term at 3.4%) in Mississauga
2. Right when the deal for buying was going on, I got a promotion and moved to my company's head office in Montreal. My wife and I thought it'd be good to keep condo in Mississauga and rent it out (either some day we'll move back, or we'll take advantage of price gain) - so we kept proceeding with the deal
3. Now seems like Montreal is working out for me in my company, and chances are I stay here for another few years and then go abroad with my company (which I prefer)
4. Managing the property from 6 hours away has been a pain (doing everything over tht phone, etc). My real estate agent who sits on the board of the building has been helping out greatly (they get the tenants, etc). In essence, stress is creeping up on the property
5. The maintenance fees and taxes have gone up - paying 600 a month just on these two things. With the rent and mortgage payment I'm basically coming up -50 to -100 each month. I don't see the rental value going up beyond (1bed/1bath and getting 2100).
6. Im currently renting in downtown Montreal and really want to buy something here so family can sort of call the place our home. However recently have not had any disposable cash due to a few other reasons.
7. My wife doesn't work so no income (she tried some work last year but didn't like it). We manage well with one income.
The question: I want to sell the condo in Mississauga (that decision has been taken so not looking back at that), but was doing rough math and it looks like with current prices assuming I make 120k on it, I'll basically only be netting 60k (35k to bank for mortgage term cancellation, and real estate lawyer etc, and another 25k on capital gains). The bank/re/lawyer fees I can't do much about, but what about the capital gains? Are there any ways to minimize it? 60k won't leave me much for downpayment on a property in Montreal (since it'll be my second purchase I won't qualify for the first time buyer incentives the govt just came up with).
I plan on selling next spring so still have a few months to plan out what I can do (if anything at all).