It all depends on you and only you!

There is generally a floor and a ceiling on price per square foot, in any given area, and $20-30k for a couple hundred more SF might absolutely be right depending on the local market.

I would never depend on a city or small government to do something.

Of course you'd be inheriting any unknown liabilities of the LLC, and you'd be assuming the llc's basis in the property and depending on the LLC original purchase price and depreciation taken, a much lower basis than your actual "purchase price", increasing your taxes when you sell.

Depending on price point there are a range of options, although Kelowna is getting quite competitive (as I would assume Victoria is as well).  

@Jen TeskeIt just depends on your strategy and opportunity costs.

It totally depends.

Also depends on where your property is located.

Depending on the market and your specific criteria, they may also be much more difficult to find.

Rehabbing some of those homes might be very costly, depending on the home/unit.