Except that if it goes on for too long, a bunch of people end up building a life/business/network/etc there. Someone up-thread mentioned that this is how Hollywood ended up on the other side of the country to New York.
It seems pretty hard to argue that the US's current immigration policies aren't helping out Canada right now.
It's only hard to argue they aren't helping out Canadian companies' shareholders. Other Canadians' lives don't get better in obvious ways when yuppies move into the neighborhood.
I think, in the long term, their lives would get better. Their country would end up with more resources at their disposal, which (if we look at the countries around the world) seems fairly well correlated with quality of life of the inhabitants.
Given Canada's immigration system, it's plausible (I'd guess likely, on a national scale), but it still depends on parameters like the country's current population, or the current availability of desirous places to live. For example, it's pretty clear that without immigrants bidding up property values, British Columbia would have had much higher net interprovincial migration. We see the same thing in California, with people moving out because land is too expensive.
It seems pretty hard to argue that the US's current immigration policies aren't helping out Canada right now.
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