If I recall the CCM Falcon, it's like a BSO in the style of Mtn Bike, with some pseudo suspension. There at three things about the brakes that drive me nuts on this bike and the Canucks, which are more avant garde on consumer product safety should outlaw plastic spring tension cams on V-brakes. There should only be metal cams or they must pass some hugely rigorous tests which real bikers get to oversee. Needless to say, none of the CCM bikes that that spec those ultra-cheap V-brake-looking brakes can stay centered on the rims. Next thing that drives me nuts is the use of corrosion-promoting metals for the brake noodle. Of the neighbourhood up in Canada where I vacation, there used to be just 4 households with kids in 60 units. Every kid that had a CCM bike had a rusty or broken V-brake noodle. It got to the point where I'd see the kids riding with a missing critical brake because the noodle had rusted through. For God's sake... it's the north... like Vancouver. It rains more than 170 days a year here. There's humidity and our community is right next to a big Salt Water estuary ... aka Howe Sound. Duh... So I stock a bunch of brake noodles. Stainless or alloy. 90 deg and 115 deg curvature. Lastly, you have to wonder just how cheap the brake shoes are on these brakes. I thought my bulk buy for threaded post ATB style/Vbrk shoes at $3/pr was darn low and they work pretty well. But whatever is on these are even cheaper. Noisy, flimsy, easily corrodes, can't hold toe-in, and a host of other points that make them so bad, I stock a bag of bulk brake shoes for the kids. Why? Because their grandmas and grandpas up in that retirement community aren't the handiest folks with mechanical things, and the few actually young households there are a bunch of wealthy sales guys who get manicures and can't stoop low enough to even pick up a twooney if they saw it on the ground. (Needless to say, they like it when I'm up visiting - I save them thousands in electronics and HVAC repairs.... that story for a different forum).

Back to the OP's issue. What's the bike cost? About $130 on sale plus tax? If you went out, you'd have to pay about $300+ to get some decent brakes with metal spring tension cams. On the otherhand, a 5 mm allen bolt, a little grease, a rag, and philips screwdriver, and you could spend around $30 mail-order and get a set of front/rear Shimano Acera V-brakes. Then $15 more for some Tektro 316AG levers, $5 for a pair of brake cables, and you're good to go on the brakes. That's $50 for brakes that will serve you extremely well - or at least blow your mind away compared to how bad the older brakes used to be.

To fix your shifting, I'd advise simply looking at the cable routing. 70% of the time, get that housing routed correctly and to the right length solves the problem. 29% of the other time, make sure the factory or whomever installed the derailleurs routed the cable correctly through the plate that the pinch bolt tightens around. Because not lining that up in the proper groove of that plate means the pull angle and length are all wrong and so is the moment arm of your derailleur. If you are part of that nasty 1% and must replace shifters, you probably suffer from one of two choices CCM makes - the cheapest plastic thumb shifters ever invented... (until next year... then they'll be even crappier and cheaper still), or you have the cheapest grip shifts on the planet. You can order online some SRAM MRX Comp (Shimano compatible) 7 speed grip shifts with cables in a box set (left and right) for under $20 CDN. These actually work okay. And get the "micro shifting left" - don't get an indexed left shifter as you'll never get the FD cage alignment correct and the cable pull right to get the indexing to never rub. So just avoid it and use micro-clicks and friction on the left side.

That's $50 - $70 to improve braking and shifting. If you must replace the derailleurs and drive train, then you've passed the threshold of sensible economics (which you probably already did by buying this CCM bike or taking ownership of it in the first place...but that's a different thread...). No. It's not cheap relative to the bike, but you're doing this expos facto, and so it's not as cheap as if the manufacturer has simply spec'd the right thing to start with. Sometimes this saving of $0.50 on a bike is foolish. It just tarnishes the brand and invites the ignorant to keep buying. It truly aspires to the PT Barnum philosophy of a sucker is born every... [insert time interval]. But that's your situation. You have to make some type of decision. The logical one would probably be to start fresh and get a bike of quality that costs considerably more, maybe 5X and then ride and maintain that. It's likely to be far cheaper in the long.