No, the only loophole is that airsoft fits the description of replica firearms and as such aren't illegal to possess.
Quote:
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Originally Posted by Canadian Criminal Code:
Unauthorized possession of prohibited weapon or restricted weapon
(2) Subject to subsection (4) and section 98, every pereson commits an offence who possesses a prohibited weapon, a restricted weapon, a prohibited device, other than a replica firearm, or any prohibited ammunition, unless the person is the holder of a licence under which the person may possess it.
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The importance thing to realize here is that the inclination to legislate against airsoft is because airsoft guns resemble real guns, not because they can be used to shoot people in the eye. If airsoft were to be banned based on appearance, than so could all toy guns resembling real guns in Canada.
In case McGuyver's post on pellet guns haven't reduced the newcomers to tears yet, it's worth noting that it's illegal to import blowpipes.