What fleet dose the RCN want and what can it afford through the insanity of the Canadian procurement? Once that is answered then look at what sort of vessels might fit.
You've certainly touched on some good points here. I would say (IMHO) that primarily the RCN views itself as a ASW / blue water escort fleet; this is something the RCN has done since WWII and has continued to focus through out the Cold War and after. Some of the reasons for this I believe would be cost, geography and politics.
Canada has traditionally viewed itself as a naval power that can "punch above it's weight" but we cannot afford the full spectrum of naval capabilities such as LHD/LPD, SSN's, carriers ect. so we must choose what is most practical. The ASW frigates in the Halifax class have been a good example of giving the RCN a broad and versatile force that can be deployed in almost any environment from chasing pirates, drug smuggling operations, naval boardings to high end naval operations such as integrating with USN CVN's. As John mentioned above, these have been the one bright spot of the RCN in recent times. Additionally, the Halifax were cheap enough that we could buy them in quantity. In Canada numbers matter since our navy is split in two between Atlantic / Pacific; while there seems to be a trend in naval procurement these days to sacrifice quantity for greater quality - I believe the RCN would be very reluctant to make this tradeoff. This is also why I would be reluctant for the RCN procure LHD's like Mistral, though it comes up in debate from time to time, since I worry it would be at the cost of our future surface combatants - not a trade I would like to make.
Your absolutely correct though in pointing out that our procurement system is a mess. In Canada we enjoy zero competitive advantage in building naval vessels compared to other European or Asian shipyards, yet the govt. is adamant we build our ships domestically so we are gonna pay through the nose and I'm sure it'll turn in a complete disaster. So I'm holding on to (very faint) hope that the govt. reconsiders the type 26, a program already funded and well underway, rather than having to go through the growing pains of designing our own ship.
I personally believe the type 26 is the most natural fit for the RCN out of all the possible options available since it is a natural ASW hull with what looks to be excellent versatility. Fit them with APAR, strike length mk 41 VLS and a armament of SM-6, ESSM blk II, ASROC, LRASM; add the much anticipated (and much delayed) Cyclone helo and we would have a pretty serious blue water capability at 15 hulls!