The residence is so named because of its history as an old farmstead dating back to the 19th century. Prime Minister William Lyon Mackenzie King privately purchased the farmstead as part of his country estate at Kingsmere Lake.
When Prime Minister King died, he left the residence and grounds to the Government of Canada so that future Canadian officials could make use of the area. "The Farm" is now owned and operated by the National Capital Commission.
The current Speaker of the House of Commons of Canada is the Honourable Peter Milliken, a Liberal Member of Parliament.