Well, not exactly. They can still take them away but within the Municipality of Vancouver the local police won't charge you. All the surrounding areas are policed by RCMP, and possession is still a federal and provincial crime, so it depends on the cop and how you relate to them. In my parts they are strict- no head-shops, no dispensaries, or even karaoke bars.
I can tell you that the majority of police chiefs in Canada are in favour of decriminalization. The see the waste of time, energy, and huge sums of money ruining ordinary people's careers, families, etc, but they must do their job as long is it is law.