I think there is no available bandwidth for another frequency of any power, on any place within the FM spectrum, to have a national broadcaster. There are the number of signals along the border from U.S. stations, and there is the agreement between Canada and the U.S. in terms of not interfering with each other's signals. Whenever there is an opportunity for a new signal, it's generally not in any of the existing major urban markets. They're in smaller markets, where there is no distortion possibilities on crossing the signals.
I don't believe that CBC would have mismanaged that; I think it's technically impossible to create another broadcaster across Canada.