CMHC's own research on office-to-residential conversions points to why the trend concentrates in a few big cities: older office towers with deep floor plates, shared mechanical systems and structural columns are expensive to convert to livable units, and that math is the same whether the building sits in a large downtown or a small one.
In Saskatoon specifically, the handful of conversion or adaptive reuse projects that have happened involve institutional or aging commercial buildings, not a wave of downtown office towers standing empty. Whether that changes depends far more on the vacancy rate of Saskatoon's specific office stock than on what is happening in cities many times its size.
For a homeowner or seller, the more relevant number is what the Saskatchewan REALTORS Association reports locally, and the benchmark price there sits at $444,700, not whatever a downtown office market elsewhere is doing. Get your hand-reviewed valuation from Joel Dyck.