Thanks a ton for the reply ...Yes, this is possible and is probably the best way to go about it.
Another option would be to move to Canada right now and have the baby here, but you really need to be careful about researching your healthcare costs to make sure you get coverage. Some provinces (Alberta) grant healthcare from Day 1 if you are intending to live there long term, others (Ontario), make you wait three months.
Given that you are pregnant, moving to a new country and trying to get all this done may be too stressful, so your plan is the best one.
I was a bit skeptical about this since my husband is the dependent applicant on our application.
Also can you point me to an article in CIC which talks about the same?
Any idea on the processing timelines to sponsor the child given both parents are PR holders?