The City of Saskatoon's own growth planning favours more density in targeted areas over time, since infill housing and taller buildings near existing services use infrastructure that is already built rather than requiring new roads and pipes further out, but that is a policy direction, not an automatic rezoning of any lot.
For a specific property, the only way to know if rezoning is realistic is to check the City of Saskatoon's current zoning bylaw for that lot and any active applications nearby, since a change three blocks away does not automatically extend to a neighbouring property.
Any of this plays out against a market currently running at 1.63 months of supply, which is part of what makes redevelopment potential worth something in the first place. Get your hand-reviewed valuation from Joel Dyck.