That is true, I used the easiest accessible source for the info. You are right to quote the lois website; I detest using it as much as the horse police and their treatment of current matters. Have a look at both sources, the text is identical in all but a few examples of grammatical tense and plural vs singular in referencing handgun(s).
I have heard about the Mare's Leg, although I do not know the full story or history behind it's classification here in Canada. Is this a case of it being the exception rather than the rule?
As for the Grizzly you must be referring to the pistol grip version? As the stock'ed versions come in around 27-28" OAL. I believe that was another can of worms pertaining to the definition of 'altered,' as there was an issue with the RCMP arguing that a Dlask 8.5" barreled 870 with Pistol Grip was now a 'handgun' and got reclassified.
I think that is where the crux of this discussion comes into play. What do the lawmakers mean by 'otherwise?' and did they intentionally omit an Oxford comma? How else would one modify the length of a firearm by the stock other than folding or telescoping? 1913 Pic adapter with a QD lever? Hacksaw?
Either way, I think most of us on here do not have the time or financial resources to find out by going to court over the matter. That is why all my fun-sized toys measure above 26". I don't believe I am the only one erring on the side of caution; as this manufacturer and another making a similar rifle both suggest barrel lengths to keep their product NR.