In most cases, that's correct. However, it is possible to share the property with a spouse or with children, for example, and then multiply by the number of people in question the exemption or the lower inclusion rate that applies to the first $250,000 of capital gains.
You can always set up a business structure that spreads the gains from the sale over time, but that would be more complex. There would obviously be a transaction fee associated with those arrangements, so it would be less likely in the case of an apartment building or a few apartment buildings.