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What Is a Principal Residence?In Canada, a principal residence is your main home or dwelling at which you spend the majority of your time living. This could take the form of a house, cottage, condominium, apartment in an apartment building or duplex, a trailer, mobile home or even a houseboat.
The property must meet the following four conditions:
1. It is a housing unit you have acquired only with the intention of living in it;2. You own the property alone or jointly with another person;3. You, your current or former partner, or any children lived in it at some point during the year;4. You designate the property as your principal residence.
For housing units that are on land, usually you can designate the land as part of the property at up to 5,000 square metres. If you can show that you need more land to use and enjoy the home, you can consider more than that as part of the principal residence.