Don't annex it to Vancouver. Make it its own municipality.
The UEL is physically separated from Vancouver by Pacific Spirit Park.
The UEL is building a separate municipal center away from Vancouver, and Point Grey residents would likely end up complaining about whatever happens in the University Lands.
IMO, Vancouver should split back to its 1920 borders (I guess with Hastings-Sunrise given to East/South Vancouver) so that it better represents the de-facto divide between the inner suburbs and the urban core (roughly 16th St.)