Job market is fairly slow over here at the moment, although maybe better than in Canada. Sounds like you have good experience and would have a decent chance at getting employment. There hasn't been much movement at all over the last year but things are starting to show signs of picking up, and by the time you got the JAA licence things may well have improved.
Unfortunately, the tough part is getting the piece of paper. To convert a Canadian ATPL you'll have to do all of the 14 JAA examinations and, I believe, 15 hours of IR instruction although maybe someone else can confirm that. Also you'll have to do the flight tests again. Its basically the same as converting the other way its just that the exams are a lot tougher here and there's the IR instruction requirement. For an hour in a light twin you're looking at 200 quid or around 500 bucks minimum.
If you have a job I'd keep it in the meantime and look into doing a distance learning course to get the ATPL exams. They could take awhile as some of the learning objectives may not be all that closely related to practical flying.
Best of luck!