That is the key difference from a system built around a fixed exemption amount tied to filing status: Canada's exemption applies in full regardless of how large the gain is, provided the home was genuinely your principal residence throughout your ownership, and you still designate it on your tax return the year you sell.
The exemption covers one property per family unit per year, so it gets complicated if you or a spouse also owned a rental, a cottage or a second property during the same period, since only one of them can claim the exemption for any overlapping years.
A tax professional should confirm your specific ownership history before you list, especially with more than one property involved. Get your hand-reviewed valuation from Joel Dyck.