Yes that is right. First thing is to write the LMCC Part 1. That acts like a passport for IMGs (unless you are Canadian grad) allowing you to apply for residency in all provinces.
To transfer half way into residency will be a challenge. To increase your chances, you will have to be very resourceful. You have to ask residents or doctors of the programs you are interested in, if they have anyone dropping out of Psych for that year. Then, grab the opportunity and inform them of your interest.
Alternatively contact individual programs or regional heads to enquire on their rules. I would suggest you do both, as most of the time, programs are allocated 'extra spot(s)' out of the published number. And usually only the regional heads will know the info. Also if you don't mind, you can always try for the rural programs. New Foundland has more lax rules compared to Ontario, Alberta and BC.
Check out
www.carms.ca
Good luck.
P/S: If you have more queries, you can email/PM me. I am a Canadian grad fr Alberta and applying to US for Psych.