It is indeed! I first heard of The Irish Descendents from a Northern Telecom (now Nortel of course) contractor from Newfoundland who was down here working in the mid-90s. I had heard the song before, but as you say, they did it up right.
My stepson is in a band that does that song now-- their vocals aren't quite the same, but it's still a great song.
Anyway, you being in Nova Scotia, I couldn't resist stealing that line!