The reason it gets called a trap elsewhere is that a fixed exclusion amount can fall behind decades of appreciation, catching a long-time owner in tax on the portion above the cap. Canada's exemption has no such ceiling, so a long-held Saskatoon home does not run into that specific problem regardless of how much it has appreciated.
Where a long-time Saskatoon owner can still owe tax is a different issue entirely, any stretch the home was rented out, used for business, or not their principal residence, since the exemption only covers the years of genuine personal use and prorates around the rest.
Confirming your specific ownership history with an accountant before you list is the right move regardless of which country's rule you were thinking of. Get your hand-reviewed valuation from Joel Dyck.