Toronto - pre-construction condo tax question
I bought a pre-construction condo 5 years ago. It was my first purchase in real estate with the intention to live in it when the condo was finished. However, the project continuously got delayed and I ended up purchasing a house in the suburbs. Now the condo is finally finished and I don't need it any longer. The condo has appreciated significantly in the past 5 years, and I was wondering if I still need to pay capital gains tax on it even though I intended for it to be my primary residence and never leased it or lived in it for a single day? I live in the Greater Toronto Area.
Thank you!!