The mechanics are different, not just the numbers. Where the US rule sets a threshold you can exclude, the Canada Revenue Agency's exemption is designated year by year on your tax return, and a household can generally only designate one property as its principal residence for a given year.
The exemption can be reduced if part of the home was used to earn rental or business income, or if it was not your principal residence for the entire ownership period, so a downsizer selling a long-time family home should confirm the designation applies cleanly before assuming the full gain is exempt.
Whether your Saskatoon home sells today at the current benchmark of $444,700 or well above it, the exemption is not capped by a dollar figure the way the US version is, so get the designation right and confirm it with a tax professional. Get your hand-reviewed valuation from Joel Dyck.