Nutana's older homes have been divided into suites since well before the current permit regime existed, so status varies house by house. Some arrangements are legal nonconforming, some were approved recently, and some simply exist. Confirm which one you are looking at through the City rather than through the listing description, because the seller may honestly not know.
Compliance is what a lender and an insurer pay for. Egress windows, fire separation, a separate entrance and a permit file turn rent into income a lender will partly credit against your qualifying ratios. Without those, rent counts for nothing, the insurer may decline it, and you are buying a single-family house with a renovation project attached. Landlord and tenant obligations then run under The Residential Tenancies Act, 2006 regardless of permit status.
On a home of this age, budget $400 to $600 for an inspection, because knob and tube wiring, cast iron drains and foundation movement are all live possibilities here. Conversion work spread across several owners leaves almost no paper trail, so no automated estimate can see it. Joel Dyck's hand-reviewed valuation separates permitted from undocumented and prices accordingly.