OK First of all Air Canada and Canadian are now exactly the same airline....As of Jan 1st 2001 their operating certificates were merged (As far as I know, if not yet then at the end of this month) Anyway AC could buy the routes from candian for $1 and it would be theirs.
Secondly YVR will not loose out on anything, infact this could mean more flights from YVR, to places in Europe, as well as India, the south Pacific and south america. If ac wanted to run a YYZ-HKG route non stop then they could with a 744 or 340 just like CX, accross the north pole, the two problems that exist there are poor ATC services in Siberia, and the contract that they have with their flight attendants does not allow them to work that long without a stop. The existing YYZ-HKG route was going to be non stop until the Union got involved.
"Clive Beddoe says he favours competition, but his actions do not support that idea." Robert Milton - CEO Air Canada