Joel Spolsky just finished his Vancouver stop of the FogBugz World Tour (which I would have liked to have gone to, but with #3 imminent...) and he has some nice things to say about Vancouver:
Vancouver is, without a doubt, one of North America's most beautiful cities. Sparkling, clean, everything works well, nothing can possibly go wrong, people are friendly, and with the new weakened US dollar it's really quite a prosperous place to live. Brett and I had dinner at Joe Fortes, where you get a choice of 4 different local species of salmon, maybe 20 other kinds of fresh fish, or about 10 different type of oysters, and there's a beautiful rooftop deck where you can enjoy the usually pleasant Vancouver weather.
I guess there are reasons for needing half a million to get a house even in the 'burbs.