There are a number of proposals in Vancouver currently, with some more immediate than others so it's kind of a complicated question. But here's what I've got.
So this is what the current SkyTrain (grade-separated light metro) system looks like: (the brown line is a frequent high-capacity passenger ferry. It goes in and out of my future pics, don't worry too much about it - or about the stations that I took out after!)
Existing by
Glass_City, on Flickr
And if I'm just showing the one line I want to be built from there, it's this one. That corridor, Broadway, is one of the busiest bus corridors in North America right now, with over 100,000 passengers a day. They go to major employers along the middle of the line, and the University of British Columbia at the western end. It would help tons of people, and the corridor just needs capacity relief; it can't take much more.
Want 3 by
Glass_City, on Flickr
Now the current immediate proposal includes a Broadway line going halfway to UBC, so just serving the office area, as well as an LRT line in Surrey:
Immediate Proposal by
Glass_City, on Flickr
In which case my priority would still be to extend the line to UBC.
The more longterm proposals also include finishing the line to UBC, and building an LRT line from Surrey to Langley:
Longterm Proposal by
Glass_City, on Flickr
In this case, I think the number one priority would be a line on the North Shore. There are some good urban neighbourhoods there, with a good amount of existing density and transit ridership, and traffic there is absolutely brutal. Because connections downtown from the western end would be long and circuitous, I connect it on the east. Plus, downtown is already served by a frequent high capacity passenger ferry, that I put in brown:
Want 4 by
Glass_City, on Flickr