Should I have to apply for re-issue of passport or the PCC will be done at my current address?

The passport address is different from the current residential address. I need to get my PCC done at my current address. Should I have to apply for re-issue of passport or the PCC will be done at my current address?

You need the current address proof and most probably a police verification will be done at your new address.

Re-issue of passport is not required.

What will be the valid Address Proof? I’m outside of India now. I’m applying for Canadian PR from outside india.

You need to apply Indian PCC with Indian Embassy if you are currently outside India.