Yes, that answers my question, but I'd like to dig a bit deeper.
What happens when the site is privately owned?
I have an article that was in the paper about a site not far from my riding, in the Lanaudière region. It's home to a federal heritage railway station that has been falling into disrepair for the past 30 years, completely ignored.
How did a heritage designation help that privately owned railway station? Canadian Pacific was privatized.