Checking the report is not a formality. An appraiser working to Appraisal Institute of Canada standards names the comparable sales used and the adjustments applied, and a comparable pulled from a weaker area, an outdated floor area or a missed basement development all produce a low number for fixable reasons. A written reconsideration of value with better sales attached is the first remedy your agent should attempt.
The negotiation runs in parallel. Sellers rarely want to start over, since the next buyer's lender is likely to order an appraisal and land in a similar place, so a price reduction or a split shortfall is a common outcome. Your agent should be able to show the seller's side the same comparables the appraiser used rather than simply asking for money.
If nothing works, the financing condition is what lets you leave with your deposit intact, and your lawyer, regulated by the Law Society of Saskatchewan and charging $800 to $1,500 on a straightforward file, handles the release. Joel Dyck manages that sequence for buyers so the deadline never expires while a reconsideration is still outstanding.