I highly doubt the Canadian government will approve more than 4 new subs.
I reckon the navy will come back with a set of requirements that say "we need x subs, they will cost y if built in Canada, z if we buy OTS overseas." Government will baulk at this because requirements are for more than 4 subs they currently have, so will ask what is the cost of 4 replacement subs. They will then baulk at the cost of these 4 subs and either cancel program entirely or reduce requirements. If the navy can convince the government they absolutely need submarines the government will insist they are built in Canada and so cost per sub will skyrocket.
My guess will be the navy goes to government with "we need x subs, they will cost y if built in Canada, z if we buy OTS overseas. If you only want 4 it will cost y or z. Cheapest option is to join onto another countries orders. of which there are ~5 that fit our requirements (2 nuclear, 3 conventional), the Walrus, the Attack, the Soryu, the Barracuda or the Astute class." Doubt the nuclear ones are an option (if they are still being built) so that leaves the Australian, Japanese or the Dutch.
The Japanese didn't fit the Australian requirements, they have never exported anything as complex as a sub and are new to building overseas if this is a requirement. Most of these adjustments needed to fit Australian requirements I reckon are also needed for Canadian requirements.
Dutch Walrus class would probably come closest to current Victoria class specs you can get, though are likely to go through similar issues to the Australian and Japanese programs.
Australian Attack class would probably come closest to requirements with minimal modifications. Australia has however had problems with this program, though hopefully by the time the Canadians make a decision the first of class should be under construction, costs are more likely to be known and most of the issues resolved. It is also known Australia has capacity to speed up construction to fit in 4 submarines, though it is unlikely Canada could get any before ~2040 timeframe when Victoria class would have already hit end of life.
All three non-nuclear options remaining are possible but have their disadvantages (mainly cost) so possible government decides to go with a design from Europe (etc type 212) with reduced requirements. I reckon this is probably most likely outcome, particularly if being built in Canada is a requirement, though any made in Canada solution will require a shipyard built/modified to be able to build subs which will add cost.