I can't speak for other regions, but for Vancouver $120k CAD is about the upper end of the middle. Most truly senior developers in the $150k-$180k range.
I'm just going off of what senior folks have told me in the Toronto area, for banking, or at big employers like AMD. $150-180k makes it far more reasonable, and if I had seen hints that offers would be close to that, I would have moved back to Ontario years ago.
Senior positions at EA, MS, and Amazon all pay at that level in Vancouver. That's what I was making as a TD at EA 7 years ago -- wow I can't believe it's been that long. Pretty much everyone in my peer group has a base salary in that range.
The problem in Vancouver is that it often feels like any PHP jockey with 3 years of industry experience is called "senior". This doesn't happen in other market's I've experienced. It happens here because the Vancouver talent pool is very shallow. We have a very wide base of low skilled juniors and intermediates with a very narrow point of experienced senior engineers. There are far more juniors than there is demand for juniors so that pushes down salaries. Conversely, there is a lot more demand for seniors, real seniors, than there is supply in the local market and that pushes up salaries.