My parents live in a 50s bungalow and did this. They gave up the small bedroom for a massive ensuite/closet/laundry area.
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I find if you look in some of the central areas (Chinook Park, Meadowlark park, Some kingland and haysboro) they are easier to find...but also reflected in prices. Ive seen some that renovate their single garage to be the new Master with ensuite etc.
I want 3 bedrooms up as I have 2 young kids that I dont want in the basement.
The house is already too expensive for the neighbourhood. Generally less than 500 there. I wouldn't feel comfortable over that