Investors and rental owners

The CRA actually has an election that would be applicable to your situation. Information may be found here:

In general, this is considered a "change in use" of your principal residence situation. You are allowed make an election to have your condo continue to be considered your principal residence for up to four years. There are other conditions to be met if you want to go beyond the four years. All the info is outline in the above link.

As an aside, regardless of the election, it may still be worthwhile to get your property appraised for fair market value when you move out of your condo. You just never know what will happen in the future, so it is worth having this information on hand in case you change your mind or your situation changes and you now need to report a "disposition".

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