The Fairmont Empress Vancouver Island has $100 room rates bookable through 2008. They’re capacity controlled, of course, and you must book by January 31. But this represents an excellent deal, especially in summer when room nights can go for over $400.
The rate is fully prepaid, but you can cancel 45 days or more prior to stay to receive all but one night’s accomodation back.
Update: Yes, yes, of course, commenters are right, this hotel is not in Vancouver, British Columbia but rather in Victoria, on Vancouver Island. Good deal nonetheless, I guess “Canada” is just “Canada” to me (funny, since I can pick apart the nuances of geography across South Asia. Heh).