Will your baby, if born outside Canada, be visa exempt with your home country citizenship? If yes, it will be a bit easier.
A visa exempt baby can travel to Canada with you and your husband on it's passport. You can apply to sponsor the baby only after you have arrived in Canada. A PR must be residing in Canada in order to sponsor.
You would need emergency / accident insurance for the baby because as a visitor, it will most likely not be covered under OHIP.
If your baby is not visa exempt, you can apply for a TRV but it is possible that it will be denied based on that your intent is not for the baby to just visit. In that case, you can try to apply for a TRP, a special visa sometimes given to babies under such circumstances. If a TRP were denied too, you would have to send your husband to Canada alone in order to sponsor while you wait with the baby outside Canada. The sponsorship can take months or longer depending on the visa office. Your husband would have to continue to reside in Canada during the processing. He can only make short visits if he wants to see you.
If you were able to get a TRV for the baby, you would have the above problem with health care. With a TRP, your baby may be eligible for OHIP, however, while a baby on a TRV would be sponsored through your home country visa office, a baby on a TRP would have to be sponsored in Canada on humanitarian grounds. This will likely take longer.
As for the option of having the baby in Canada, if you use your OHIP card to cover the delivery, you risk that they find out that you did not spend 153 days and they could accuse you of fraud and demand that you pay them back. If that happens, the charges may be over-inflated compared to paying out of pocket yourself because the hospitals charge health care more than they would charge a paying customer.
If you come clean with OHIP as you return to Canada and tell them when you left, they will likely invalidate your card and start a new 3 month waiting period. In that case, if you go to hospital and pay yourself, you will be presented with a bill after the birth and you will be able to make a payment plan.
No private insurance will cover a birth if you are already pregnant. It is a pre-existing condition which means that it is not just a possibility they will have to pay but a certainty. Therefore, there is no room for profit for them to sell you this insurance.
You could do it cheaper by using a midwife. I have heard that there is a free clinic in Scarborough and some people have posted that they have used Diversity midwives as they didn't have OHIP and that they did not have to pay. You can find Diversity midwives here: http://www.diversitymidwives.com/contactUs.php
However, if you end up having to go to hospital, needing a c-section or there are complications, I don't think there is any clinic that will do that for free.
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