I think all of this is premature while Brexit hasn't been reversed. It would be an odd day when several Commonwealth countries have European free movement and the UK doesn't.
More specifically, it's not a suicide pact: the UK is welcome to be asinine, and we're welcome to ignore it.
Not close, neither is in the foreseeable future, though the future is exceptionally foggy right now.
* at a minimum, I'd expect a reversal of Brexit needing both that polls show at least 2:1 in favour sustained for a year, and also that anti-EU parties like Reform weren't one of the top two polling parties
The Remain contingent is lost anyways. The other side of the electorate is turned off by their waffling. This would give them a cause to rally around and allow them to consolidate their electorate again.
With enough Brexit voters now either dead (they skewed old!) or having changed their mind, plus younger folks that weren't eligible to vote back then being very pro-EU, that might just do it.
The sad thing is that the relationship probably cannot be rebuilt anytime soon. It will take decades to restore trust that was damaged in a few short years. Canada is forced to diversify and build closer relationships with less volatile nations across the world. This is probably good for Canada in the long term.