My approximate cost breakdown per thousand 55 grain FMJ is as follows:
Bullets: $140
Primers: $32
WC 735 powder: $58
Brass: $10 ($100/1,000 for once-fired and estimate 10 uses per case)
Subtotal: $240
With 5% GST: $252
In comparison, the Norinco .223 is available locally in Calgary for $499/1600 (Canada Ammo has a better price, but is out of stock), which works out to $311.88/1000, plus 5% GST, for a total of $327.47/1000. At this price, it would be cost-effective to buy the case of Norinco .223 off the bat and save the cases for reloading if one did not already have a good supply of .223 brass on hand. One could also recover some of the cost by selling the brass and continuing to buy the Norinco factory ammo, but, as I mentioned above, I would not count on long-term availability at this price.
As for the time factor, I do my reloading on a Dillon 550 and do not consider it excessively time-consuming.