Could the Fenian raids create a Canadian two-ocean navy?

What if the Fenian raids drove Canada to maintain an Australian-scale navy on both coasts?

It was possible only with much deeper industrial and economic development, and the resulting fleet could have stimulated additional United States naval spending.

A Canadian navy comparable to Australia's on each coast would require sustained industrial and economic development. Canada had the resources, people, and potential, but a lasting reaction to the Fenian raids would have to support the fleet financially. Battlecruisers on the Atlantic and Pacific coasts could worry the United States and help its navy obtain cruiser funding from Congress. The alternative suggested is American indifference, on the assumption that Canada would let the ships deteriorate. Neither American reaction is treated as certain.