A gain built up over 40 years in one Saskatoon home can be large in dollar terms, which is exactly why the absence of a cap matters here in a way it would not on a home owned for only a few years.
The exemption is filed as a designation with your tax return in the year you sell, and it only covers one property per family unit per year, so a second property in the household changes the calculation.
Legal fees running roughly $800 to $1,500 and a negotiable commission still apply at closing regardless of the tax result. Get your hand-reviewed valuation from Joel Dyck.