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I am not a fan of the sole sourcing of the F-35, but there is absolutely no doubt the CF18's are about finished and need to be replaced in the near future.
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Getting off-topic here...
I heard the pilot who ejected at Lethbridge a few weeks interviewed on the radio this week. He claimed Canada's fleet of CF-18s have all recently been through a modernization upgrade program and spoke very highly of their capabilities. That's not to say we can keep using them forever, but they're hardly past their "best before date" in the same way as our Sea Kings.
Are they a match for the most modern American (F-22) or Russian (PAK FA) fighters? Of course not, but they're certainly capable of facing any threats Canada could conceivably encounter in the short-medium term.