1) Canada's YC is...YC. There is nothing preventing a Canadian from applying to and participating in YC.
2) It's misleading when they say "Grow Lab has matched Y Combinator's relationship with Yuri Milner and SV Angel (Ron Conway)" -- the $150k cash is important, but it's not even half of the value you get from those guys when they invest, even as part of a YC class.
Wow, apparently they matched the 150k Yuri/SV Angel deal now. Will be interesting to see how well they do. Vancouver is a bit of a disadvantaged market compared to SV, so I wonder if they will have enough large exits.