The City of Saskatoon's own zoning bylaw treats a conversion the same way it treats any change of use, requiring the building to meet residential life-safety and building code standards before anyone can legally live there. That approval process is what actually controls the pace, not market demand alone.
Locally, a successful conversion can add both housing and street-level activity to a downtown block that previously emptied out after five o'clock, which supports nearby retail and, over time, nearby home values the same way any reinvestment does. A single building rarely moves a citywide number, but it can move a specific street.
The Saskatchewan REALTORS Association's benchmark of $444,700 reflects the whole city, so the real test of a conversion's effect is what happens to sales on the blocks around it specifically. Get your hand-reviewed valuation from Joel Dyck.