I have been to both, Vancouver for both work and pleasure and Cabo for a bachelor party.
I would not go to Vancouver, especially since you won't be skiing/snowboarding. Vancouver is a cool city, but it's not really a bachelor party city unless you plan on doing typical city things. There really isn't anything special there that would be a cool destination to do. Anyways, the more common "bachelor party city" for Canada is Montreal.
Cabo is more a typical bachelor party place - but be warned, you won't be the only bachelor party. In fact, it's basically nothing but bachelor and bachelorette parties. The bars are incredibly cheesy and most of the people are a bunch of drunk Californians and Texans. The beaches are fun and everything is severely overpriced. It does not feel like Mexico at all. I think the beach aspect alone is enough to be a better destination. Great surf too.
For my buddies Cabo bachelor party, we rented an awesome house about ten minutes from the main street of the bars and a few blocks from the beach - and it had a hot tub. Needless to say, some of the single guys in the group brought back drunk Persian girls. You'll probably end up at Squid Roe. Oh and Cabo Wabo is really lame.