If I were to drop out of University and join the air force, my most desired position would be to work towards becoming a pilot, although that's probably a long shot.
It used to be that one out of every eight hundred applicants made it through to Wings Grad. I have no idea if that number is the same now, but it probably has not changed significantly.
Yes, that's a long shot, but dropping out of university makes it longer by an order of infinity times a bazillion.
apparently you have to be pretty damn lucky to become a pilot
Luck can help, or not. Having a university degree is far more valuable. Applying helps. Natural skills are useful. Drive, motivation, determination, persistence, and the ability to work harder than you thought possible are the most important.
One thing I want to know is how flexible full time military work really is.
Very flexible. It changes all of the time, often with little or no notice.
You need to be even more flexible.
Will I have to relocate permanently to a remote air force base somewhere in Canada (I live in Toronto now)?
Yes. You will have to move out of Toronto into the remote areas that constitute the Rest of Canada.
Some bases (and not necessarily air, as some Tac Hel Squadrons are on Army bases) are close to other cities. Yes, there are some other cities out there. Really.
The reason I'm asking this is because I would also like to use some of my free time
Don't count on having a lot of that, especially in your first few years. Expect to be away from home ("Home" is where your kit is) a lot.
how to I get on the right track to becoming a pilot in the Canadian Air Force?
Finish university.
Apply.
Work bloody hard.
What I do have is the skills and abilities needed of a prospected pilot
Maybe. Maybe not.