Its starting to. The demographics has changed significantly in the past 15yrs or so. Especially in Vancouver proper where many schools are now at less than 60% capacity.
Even worse we can no longer attract young professionals to move here to work. On my project we have had a job advertised Canada wide and in the US. Still no takers after a year vacant. The salary is same or slightly lower as other cities while the cost of housing is double or triple other places.