Yeah, but not as simple as that.
I'm still getting a bit confused with this, but this is what I understand:
1. If you have not vaccinated with any of the four vaccines approved by Canada (Astrazeneca, Pfizer, Moderna, Janssen), you would have to quarantine 3 days at a government approved hotel and take a test upon arrival (approximately $2k). If your test results negative after those 3 days, you can stay the remaining 11 days at a place of your choice. If it's positive, you must stay at a government approved place for the remaining 11 days.
2. If you have been completely vaccinated (two or one dose, depending on the vaccine), you still have to take the test upon arrival, but you DO NOT have to stay at a government approved hotel. You still have to book a place of your choice to stay 3 days isolated while you get your results. If negative, you are free to go. If positive, you have to complete the 11 remaining days at the same place of your choice.
By "a place of your choice" I mean a low budget hotel, an Airbnb, a family home, etc. As long as you are isolated and have no contact with people already living in Canada.
That's what I've understood so far. Please correct me if there's something wrong in my assumptions.