Emil,
The course with the most architectural merit is clearly Capilano but it is private. I believe it is possible to get on late on weekend days but the fee is very substantial. It is the only Stanley Thompson course in this area.
No. 2 would probably be Shaughnessy, one of the last courses designed by A.V. Macan. It too is private but they do have plenty of reciprocals with other clubs. It has had modifications since Macan laid out the course in about 1960, mainly in the bunkers as opposed to routing and other factors. It hosted the Canadian Open a few years ago and will do so again in 2011.
Probably the best suburban course would be the Ridge course at Northview, which used to host the Air Canada Championship. Northview also has the Canal course and both are good, although the Ridge is more intersting. Designed by Arnold Palmer and Ed Seay. The touring pros liked the course except for the fact it is about 45 minutes from downtown, in an agricultural area. In Vancouver, there are 3 munis, Fraserview, McCleery and Langara, which are all pretty could but Fraserview is the best.
Email me if you have time and hopefully I can get you more details.
Bob