$250 CAD would probably get you the most basic non-xmart complete out there. Don't expect anything fancy; you'd probably be looking at a hi-ten frame, the cheapest components, etc.
I know the MirraCo Signature is ~ $220 bux, which is what I have. It's got a hi-ten frame w/ a CrMo downtube, and it had lousy tektro brakes, **** rims, etc, when I got it. I don't even ride particularly hard, but I killed the bearings and freewheel on the back and bent the front wheel massively out of true. Upgraded the brakes early on because the tektro ones were mediocre at best.
Seriously, I use my bike for getting around campus more than anything, and I still broke stuff on it, and ended up upgrading other parts. Try to get the extra bucks and get something good to begin with - you'll be spending the money either way.