I have stayed at Air BnB and similar accommodations, as well as traditional bed and breakfasts, in the US, the UK, and Europe.
My one takeaway is: They vary a lot. That is both their strength and their weakness. I'd suggest you decide on a personality for your property, which should be something distinctive -- which I don't think will be a problem for you

-- and run with it. You probably don't want to compete with the people running essentially small corporate hotels, and attracting like-minded folks may reduce issues.
Some bed and breakfasts will be happy to arrange transportation, including simply meeting or picking a guest up at a station. This is especially the case in rural areas, where the place might be a ways from the train station. While distance of that sort is not a factor in your plan, offering pickups or transport for a fee might be a way for you to generate more money from a given guest. You could have pre-pay, just like for the accommodation. Or you could partner with an Uber type driver to offer the service. Anything that adds convenience may be a plus, especially for people arriving on a long flight.
I don't think a no smoking policy will be a problem. I don't think any of the accommodations I've stayed in of this type allowed smoking, except one apartment in Paris that didn't mention it but didn't have ashtrays out, either. I don't know how you'd enforce a ban on alcohol or drugs, though, especially if Canada goes through with the legalization of cannabis. In US states with legal marijuana, edible versions have apparently become popular. How could you prevent someone from buying and eating a pot brownie at the place? Just a thought.
Finally, I kind of like Air BnB and I'm neither a millennial nor a spring chicken.
Two reasons: #1, Love them or not, the big platforms generate a lot of users and user feedback, which I find invaluable. Properties that aren't as advertised are impossible to identify otherwise, as those of us who remember the bad old days know. I may or may not actually gain from reading others' feedback, but it gives me more confidence about what I'm getting. #2, When I had a problem, Air B&B was surprisingly responsive. They worked things out quickly and very very smoothly. I wouldn't necessarily expect that experience with a small site, where you're at the mercy of the owner and the site management. In the short term, that might seem like a benefit to the property owner, but long term I think the service is important.
It's a fact that I -- like other travelers -- will pay more for a good location and less for a less-desirable one, but that's simply how real estate and related things work: "Location, location, location." Vancouver shouldn't be a problem for that. It's also another way for the personality of your property to add value.