My only issue with OVRX is that it's only R3.2 under the floor, which isn't much, and R12 of XPS is a hair less vapor-permeable than some folks recommend (but close enough- most say R10 max, if XPS.) But their moisture control reasoning is sound. The air gap idea is brain-dead unless it's fully vented to the outdoors somehow.
On the slab R5-R10 of (1-2") of XPS sheathing would be more appropriate for Vancouver's subsoil temps & heating fuel costs. Foamular 150 is good enough- you don't need the high compressive strength of C-300 in a residential flooring app. with a full subfloor above it. This is a house, not a road-bed or airport runway.) Cheaper still would be to use Type-II EPS (bead-board) under the sub-flooring, but it takes up comparatively more headroom, and it takes some long tapcons to go higher than R16 (~4"). But if you have the headroom, there's an economic argument for R16 in EPS where there isn't if XPS.
Similarly on the walls, R12 is a bit on the minimalist side. R16-20 is reasonable if you do it cheaply. You can get there with 1-1.5" of XPS (R7.5) glued to the foundation wall, with a batt-insulated 2x4 studwall w/batts snugged right up against it. In Vancouver's climate as long as the foam/fiber R ratio is 1/3 or higher the cold edge of the studs will stay well above the dew point of the interior air, and NO interior vapor barrier should be used- not even kraft facers and certainly no poly. (This is in contravention to Canadian code, but valid building science.) The XPS is permeable enough to allow ground moisture to continue to dry toward the interior rather than rise higher in the foundation wall putting the foundation sill & band joist at risk, and with the mild winter temperature averages of the coastal climate there is little to no condensation/mold risk as long as the studwall can dry toward the interior. The argument is best made to the inspector that the XPS is the vapor barrier (which it is, at a perm rating about an order of magnitude higher than poly.) A 16" on center studwall with R13 batts comes in at about R10-R11 when the thermal bridging of the studs and plates are factored in, so with an inch of XPS you're looking at ~ R16 total. If you went with 2" of unfaced low density Type-I EPS rather than an inch of XPS you'd be looking at R19-R20 for similar money, with better interior drying capacity, along with even fewer condensing hours at the foam/fiber interface. (Avoid vinyl, poly, or foil faced goods for the wall insulation to keep the foundation's moisture content low enough to protect the sill.)
Since the studwall isn't structural, it's fine to put the bottom plate directly on the floor's insulation layer or on the subfloor (which would only extend up to the wall's foam layer, not the concrete), which gives it a good capillary break from the slab. You can also increase the stud spacing from 16" to 24" to reduce thermal bridging, at the cost of some wall-flatness. Similiarly, the top & bottom plates need not be doubled up as they might be in a structural wall reducing the thermal bridging.
The moisture dynamics in
this analysis of high-R basements was for a much colder climate than Vancouver's. What I've recommend above is similar to Case 4 and Case 8. When reviewing the other possibilities, pay close attention to the location of the capillary breaks installed at both the footings, slab edges and foundation sill. Unless your house was built that way (probably not), you're better off keeping the vapor permeability of the wall high- no more than 2" of XPS (or 4" of EPS), and dealing with the winter moisture accumulation issues in the studwall with the balance of foam/fiber R values. (In that analysis R10 foam/R13 fiber works for Minneapolis, but R5/R13 wasn't so great. But since Vancouver's winter outdoor temperature averages are on the order 10C higher than Minneapolis, the R5/R13 ratio works just fine in Vancouver.)