You are going to want to post this question on the C&V valuation forum. It may well be a reasonable deal at $250 Canadian particularly given that bike prices tend to run a bit higher in Canada than in the US. Falck is good tubing and the components you describe also sound good. A picture especially of the drive side is important. You can go to introductions and introduce yourself which will help you hit 10 posts. You are at 7 so if you reply in the intro forum, you'll hit 10 fast.
Also if you ask for help on the C&V valuation forum someone will help you post the pics.
Sounds like a cool bike. My 1960 Olmo Gran Sport is one of my favorite bikes:
