It's a shame that it was canceled. The site itself is top notch. I had a blast playing there for Op Broadsword last fall. I would have loved to play there again and would have went despite the fact that I thought the price was rather steep.
However, due to the reasons Shelled brought up (mainly the "if we don't get X number of pre-payments before a date 2 months before the event, it's canceled" announcement), I think it started getting a lot of people nervous that they'd be losing their money should it be canceled or if they couldn't actually make it on the day of the event. It caused a lot of hesitation.
And seeing how a lot of the promises made for Op Broadsword to justify its steep cost came up WAY short on game day and that its organizer was also a key organizer in BWIII, I think that also got a few people concerned and worried about forking out that kind of money so far in advance. I know that was a factor for me and a lot of the Broadsword attendees I spoke to that had originally planned on attending BWIII as well. The lack of trust didn't help matters.
So yeah, it's a shame that it went down that way. I would hope that there could be another BW series in Canada, but unless something changes, I don't think that's going to happen.