The relevant section of the Criminal Code is paragraph 84(3)(d) and it exempts lower velocity firearms from certain offences under the Criminal Code, such as possession without a licence. It does not exempt them from other offence provisions under the code, including subsection 86(1), which makes it an offence to store or transport firearms, including lower velocity firearms, in a careless manner or without taking reasonable precautions for the safety of others.
On one hand, they're saying to go ahead and buy one, that you don't need a PAL, possession and acquisition licence, or a POL, possession only licence, like you would for a regular firearm, but on the other hand, you have to store and transport them like a regular firearm, even though they're not considered to be one under the law.