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The F-35 always seemed like a funny choice for a mainline fighter for Canada. Even the US has invested in many more F-15EXs. Having a Hi/Lo mix makes sense for a larger force, but equipping a smaller force with only exquisite birds doesn't seem to make much sense.

Then again, this is Canada - sensible decision making in military procurement just isn't something that happens here.

But the economies of scale are such that at least the $$ isn't completely out of whack (for purchase at least, maintenance I'm not so sure of). I would wager that the cost of maintaining those ancient CF-18s is pretty high now too though.

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The F-15EX is designed to be a stand-off missile truck that works in tandem with a network of forward-deployed stealth jets. This compensates for the relatively low ordnance load-out of stealth jets. A stealth jet can designate and cue a target from the front using an F-15EX as a missile launcher safely in the back since it is non-stealthy.

The F-15EX isn't a particularly survivable aircraft on its own. It is a plane you'd only use if you have stealth jets and you plan to do air combat at scale. It augments the capabilities of something like an F-35 but isn't something you'd add to your fleet unless you had a lot of stealth aircraft.

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The F-15A/C is designed to act as a missile truck, but the F-15EX was specifically designed to be a multirole strike fighter. You can operate it without putting 20 AMRAAMs on the pylon, or without an F-35 datalinked to it, and many countries do. The flexibility and heavy ordinance are the selling point at home and abroad.

Canada could very well operate the F-15EX without a fleet of stealth fighters. The F-35 is not an interceptor platform in any sense of the word, in an "all out" scenario like you're suggesting it's doubtful they would be any better than the CF-18 they have today.

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I think the F-16 would have been a good bird for Canada's needs. The F-18 had the advantage of two engines, which strikes me as a good thing in the Arctic. If these two are off the table, things like the Saab are reasonable. There's only 2-3 countries one needs stealth fighters for, and 30-40-ish won't matter in such cases.
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We've long pushed for 2 engines - which has made sense in the past. Even a successful ejection over the vast arctic would basically be a death sentence. Though some of our allies don't seem to have the same reservations, and it seems modern engines are a lot more reliable - certainly the F-35 only has one, so it looks like we're ok with it now.

The modern F-18's and the new F-15's would have also made sense, but agreed that modern F-16s would seem to be a nearly perfect fit if a single engine is now deemed acceptable. Given we like to keep equipment for as long as physically possible (and then some), the F-35 might have more runway (rimshot) in that regard though.

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If the F-15 line is still in production, it's a damn fine bird and has broad mission capability. And the remaining B-52's are probably older that most of the HN community. At least those not retired or cashed out.
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The F-16 lacks the range to operate effectively in Canada. They would need to load it up with multiple conformal or external fuel tanks, which wrecks performance, and would still need extensive tanker support.
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