I believe it's accurate and yes the zip code would be a more exact location (postal address). This is from Wiki:
A Canadian postal code is a six-character string that forms part of a postal address in Canada.[1] Like British and Dutch postcodes, Canada's postal codes are alphanumeric. They are in the format A1A 1A1, where A is a letter and 1 is a digit, with a space separating the third and fourth characters. As of January 2014, there are 845,990 postal codes [2] using Forward Sortation Areas from A0A in Newfoundland to Y1A in Yukon