First off I'll say that I've never seen the British version, so I'm not comparing it to that one.
As far as the hosts go.... The first 2 seasons were pretty good. I enjoyed the hosts much better than the 3rd season. The new hosts are EXTREMELY unfunny, even though they're trying really hard. They're trying to force people to laugh, and fail miserably at it. The first 2 seasons seemed very casual and unscripted, even though I'm sure it was.
As for the show itself, I enjoy the concept. I like that some of the instructions are left out of the recipes, so every contestant can make it just a bit different than everyone else. I found it really touching when the contestants help each other. They truly don't want anyone to be sent home.
Overall it's a really good show, but the 3rd season hosts are ruining it. I don't know if the budget had to be slashed and they couldn't afford Dan Levi anymore, but Carolyn Taylor was the worst possible choice. She's not a funny person in the least. The fact that she's best known for being a creator of Baroness Von Sketch Show proves it. If the producers of the Canadian Baking Show had checked IMDb, they would've known right away not to use her. Aurora Brown isn't much better either. At least she isn't anywhere near as annoying as Carolyn is though. My advice to the producers is this - change the hosts ASAP!