The permitting process does not shortcut those checks. A converted floor still needs proper egress windows or doors, adequate ceiling height and a fire separation rating between units, the same requirements a new-build apartment or a basement secondary suite has to meet.
The same permit gap that affects a converted commercial building applies to any renovated home: public records and online estimates see finished square footage, not whether the underlying work passed a $400 to $600 home inspection, which is why two similar-looking conversions can carry very different real values.
That gap between paperwork and appearance is exactly what a hand-reviewed look at a property is for. Get your hand-reviewed valuation from Joel Dyck.