To supplement the other response, there is a deemed disposition when you change your primary residence use from a residence to a rental property. At the moment the use changes (that is, your tenants move in), you are considered to have 'sold' the property for fair market value and immediately 'bought' it at the same price. This 'sale' triggers a capital gain (which you can eliminate by designating it as a principal residence). The 'bought' price becomes the cost basis for calculating things like CCA and capital gains on the rental property.
There are ways to get around this and continue designating your condo as a principal residence even if you've moved out and rented it. As said in the other answer, however, you can only designate your house or your condo as a principal residence in any given year. Accordingly, depending on the facts, it may be advisable to continue designating your rented condo as a principal residence and absorbing the capital gains on your house.
Also, the principal residence exemption applies to the 'family unit', so if you were thinking of claiming your condo as a primary residence and having a family member claim the house, CRA's onto that and won't let you.
More reading (in largely human-readable English): http://www.cra-arc.gc.ca/tx/tchncl/ncmtx/fls/s1/f3/s1-f3-c2-eng.html
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