Plenty of basement apartments were finished by a previous owner with no permit pulled at all, which does not make the space unsafe by definition, but it does mean nobody has confirmed it against current requirements, and the City of Saskatoon inspects for the same items whether the work happened last year or thirty years ago.
The way to find out is to check permit records for your address and, if nothing is on file, have the space assessed against current code rather than assuming either outcome. A home inspection, typically $400 to $600, will usually flag an obvious problem like a missing egress window, but a permit search is what actually confirms legality.
Knowing the real status before you list or refinance protects you from a surprise at exactly the wrong moment. Get your hand-reviewed valuation from Joel Dyck.