Way freakin' cool!!
This thing is just begging for restification!!

Wow, thanks for that info. That actually helped alot so I know what to look out for.

One thing that makes me hopeful is the fact that it has plates on it, which basically indicates it passed a Manitoba safety inspection at one point and was registered. The plates are the newer style too, so I know it wasn't decades ago.

Say it is in driveable shape with mostly cosmetic defects (like worn interior, rust, dents, etc.) what would be a fair price to offer?

My friend doesn't plan on making it his daily driver...more so a weekend/pleasure driving vehicle. The fact that it is in rough shape on the outside makes it look alot cooler in my opinion anyway. Halloween night will be the best too.

And on top of that, it only costs $40 a month to insure it under pleasure vehicle.

hmmm i think i might have to go to canada and buy that thing if your friend doesnt.. lol

This isnt' going to be what you want to hear, but there'* a saying in procar circles that goes, "It'* worth what you're willing to pay for it."

Were it me, if the car had no problems driving, body rust only (intact floor boards, no holes you can stick your hand through from inside to outside and vice versa), and the frame was relatively rust free, with decent brakes and relatively easy starts, I would probably pay $1800-2000... not sure what that'd be in Canadian dollars. Since there'* no blue book for hearses, the best thing you can do is look shop around. Get on eBay Motors and compare prices for hearses of the same vintage, judge their condition and roadworthiness and see what they sell for. That'* the best way to get an idea about how much certain years/makes are worth.

1968 Pontiac high top ambulance on eBay... the Buy It Now price is $1000. Read the description.
1968 Pontiac Superior high top army ambulance