The math breaks down even before you get to the source problem. Price per square foot moves inversely with size, so one rate overprices a large home and underprices a small one, and a bungalow with a big foundation footprint prices differently per square foot than a two storey home of identical total area. Whether the rate includes developed basement space or only above grade area changes the answer again.
Land and condition are the two variables the arithmetic leaves out entirely. A house on a wide lot with lane access can be worth more for the land alone than an identical house on a narrow lot, and 20 years of deferred maintenance versus a recently replaced furnace and roof can separate two same sized homes by tens of thousands of dollars.
Saskatoon's benchmark price sits at $444,700, up 2.8 percent year over year on 446 sales, so start from that context and then price your specific property against real sold comparables rather than a single rate. Get your hand-reviewed valuation from Joel Dyck.