Transferring Condo to Parents (Tax Implications? - what's the best way?)

Just trying to get an idea as to what would be the best way to transfer over a condo that is currently in my name, over to my parents' name, while minimizing the tax implications.

Obviously when I go through with this, I'll be dealing with an accountant/lawyer, but just to get an initial sense of the different ways I could go about doing this, thought I would reach out here and get a few opinions on RFD.

- condo is in my name
- mortgage is under my name, but co-signed by my dad (I was still early in my career at that time)
- I just bought a new house with my wife, so we want to sell the condo (which we currently live in and will be moving out to new house) it to capitalize on the principal residence exemption
- parents want to keep the condo, so we were thinking of transferring the condo over to my parents

Is there a tax efficient way to transfer the condo ownership over to my parents? Can we simply add them to the ownership and take my name off, while staying on the mortgage? There's probably some tax implications right there for gifting.

Like I said before, probably best to get full out professional advice, but thought I would get an initial feel about the different ways I could go about doing this.

Thanks!!!

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