While it is nice to bask in past glories, the reason advanced Canadian prototypes like the HMCS Bas d'Or, AVRO Arrow, Dynavert or Bobcat APC never went into production was the "market" (i.e. the Canadian Military) was far too small to support the R&D costs. The expected production runs for these systems was so small that the unit costs would be astronomical.
Time and technology has also passed by, where hydrofoils used to be considered "the" way ahead, naval designers can choose many different hull forms for many different missions. For small, high speed warships there are designs like "Sea Slice" (a form of SWATH), air tunnel hulls sized to small warship size, wave piercing catamarines pioneered by INCAT, trimarines, planing hulls and so called "Lifting Bodies" (sort of pumpd up hydrofoils which provide boyancy even when the ship is at rest).
Canada can get in on a program with the US Navy, accepting that their needs are not always our needs, or perhaps team up with interested allies (like Australia) with similar Navy requirments, remembering that multi national programs are also compromises, or eat the cost and make ships exactly to our specifications.