Mark McMorris completed his remarkable comeback from injury and was in a gold medal position heading into the final run.
McMorris wins his second straight bronze medal in this event.
Parrot, who led through qualifying, bobbled on the last jump of his first and second runs but pulled off a clean run on his last chance to win silver.
Come fall, he bought the coveted board with his own money.
Canada's Max Parrot jumps during the men's slopestyle final at Phoenix Snow Park at the 2018 Winter Olympics in Pyeongchang, South Korea, Feb. 11, 2018.
According to CBC, McMorris was knocked unconscious from the fall and had to be airlifted to Vancouver for emergency surgery to control his bleeding and also fix the breaks to his jaw and arm.
Gold medalist Redmond Gerard of the United States of America, centre, celebrates with silver medalist Max Parrot, left, and bronze medalist Mark McMorris following the men's snowboard slopestyle final at the Phoenix Snow Park at the 2018 Winter Olympic Games in Pyeongchang, South Korea, Feb. 11, 2018.
Parrot, from Bromont, Que., earned 87.36 points in his second run to take the top spot away from Regina's Mark McMorris.
"I'm on the podium and I probably shouldn't even be here".
While they're both Canadians, the rivalry between Parrot and McMorris is undeniable. McMorris had 4.19 more points than Sandbech.
Parrot, who won a Dew Tour event in slopestyle just a couple of weeks ago, was still a little under the radar relative to McMorris, who was one of the stories of the Games just by being here.
"Maybe he stopped now because, you know, in snowboarding [if] you're doing trampolining it's not known as something cool", Parrot told the CBC Sports reporter Benjamin Blum. He had won bronze at Sochi 2014 and boasted numerous Winter X Games golds.
"I think I like that better", said Toutant of the extra run in the finals. Both are favoured to make repeat trips to the podium.