It depends whom you talk to when you ask that question. If you talk to the Naval Association of Canada they'll say the type 31e, for example, would be a significant loss of capabilities. If you talk to the Danes or the shipyard that's building these types of ships they say it's not the same capabilities, but it's still a fully capable ship. If you talk to the British they'll say it's a very good ship compared to what the alternative could be, especially if it's patrolling alongside bigger ships such as the FREMM or the type 26.
Not being a military expert myself, and not being an expert in military doctrine, I cannot say, but I've heard both arguments, saying it would be a terrible loss of capabilities, and saying that it would be a very capable type of ship, especially if we went for the mixed or the hybrid fleet that would be fully capable of doing what the navy needs to be done.