Refinancing to make a condo rental profitable

[Alexander Zabiuk]

Hey all, forgive me if this is a newb question or has been answered before.

I bought a 2 bedroom condo in 2018 for $182500 with 5% down and biweekly mortgage paymebts of $421.50 on a 25 year mortgage at 3.4% interest located in Calgary, Alberta. It is close to several schools, grocery stores and transit in a decent neighborhood. My condo fees are $285.00 a month, property tax is $101.50 a month and utilities usually run $100-150 a month.

I currently occupy this condo but am timing my savings to have enough for a higher % down payment on a larger property by the time my condo is 20% paid off. I also plan to complete some aesthetic renovations over the summer.

Looking at the comparables in the area, most similar properties rent for $1250-$1400 a month.

My issue is that with my current expenses at $1224 a month without utilities, that leaves me with very little cashflow, especially for establishing a reserve fund for repairs and vacancies. I should add, for any American readers that properties meeting the 1% rule in my area are extremely rare.

My question is what can I do, in terms of refinancing or otherwise to decrease my monthly mortgage payments to a level where I can gain a cashflow on this property?