Virtually all professors at Canadian universities hold a Ph.D. or its equivalent. Academic work after the Ph.D. may include a year or two funded by a post-doctoral fellowship. Tenure-track positions are scarce and competition is stiff.
Many considerations come into play when a university hires a candidate for a tenure-track position.
Hiring committees will be looking for a solid academic record evidenced by good grades at a reputable university, awards or scholarships perhaps, good references from professors you have studied with, and timely progress through your programme of study. Still, it must be said, many worthy candidates will not find full-time work in this profession, and those who are fortunate enough to get work will probably not be free to choose where they will live. In addition, the study of literature is intellectually challenging, rewarding, and pleasurable in its own right. If I were doing my B.A. over I would make some changes in my programme, especially in the electives I chose.