It is Canadian, though it got bought by EIG recently. I think the servers are still in Canada though.
My experience hasn't been that great with them though. The servers have always been a bit slow, and, probably due to the Canadian location, connectivity isn't necessarily the best it can be, especially to more remote parts of the world. But, if a site's audience is almost strictly Canadian, then it probably makes sense to host in Canada. Personally, I think it there would be little to no negative effect to host in the US though, and the range of high quality hosts would be much greater.