actually, I hate to burst your bubble, but they've only cancelled the plans for locating it in downtown Burlington.
Read here...it get's worse:
http://dailynews.mcmaster.ca/story.cfm?id=5016
I heard an interview on CHML today...they said they want (and I quote) a "greenfield piece of land with good highway access".
Only McMaster...... a bunch of morons running that school.