A number like that only makes sense for something far outside a typical rental unit, such as an entire large estate leased short-term with furnishings, staffing or event use built into the price, and even then it would be an unusual, one-off arrangement rather than a market rate anyone should plan a budget around.
For an ordinary tenant or landlord in Saskatoon, the more useful number is affordability, not a headline-grabbing outlier: CMHC's lending guidelines generally cap housing costs at 39 percent of gross income for a mortgage, and rental budgeting works on the same logic, since a payment that consumes most of a household's income is not sustainable regardless of what a listing claims.
If you are weighing whether to rent out a Saskatoon property or sell it instead, the number that actually matters is what your specific home is worth, not a headline figure from somewhere else entirely. Get your hand-reviewed valuation from Joel Dyck.