Yes, absolutely. Read the excerpt below by Mr. Girard who is both a Biologist and a lawyer specializing in environmental and municipal law.
Source: Plan métropolitain d’aménagement et de développement (PMAD). March 22, 2012. Page 13 of 21.
Municipalities have the important powers to protect their natural environment. If exercised within the proper procedures, the exercise of these powers do not constitute “disguised expropriation”
It is therefore possible, strategically, for a municipality to decide that an area within its territory, which is a particularly rich natural environment, is not to be subject to development, simply by not allowing the infrastructure required to serve the area to be built. (art 116 of the Act). These provisions of a zoning by-law would not be considered disguised expropriation because the legislature specifically permits it.
Source: Protection of natural environments by municipalities: authorities and arguments, By Me Jean-François Girard