It's not that Canadian VC's are risk adverse as much as they are not well positioned to invest at the seed stage where risk is highest.
Canadian VC's used to enjoy a supply/demand imbalance where they could rely on being able to have a high chance to participate in a great Canadian company's round simply because there were so few funds and most entrepreneurs limited their fundraising within Canada.
That's changed dramatically where now Canadian entrepreneurs can successfully raise from great US investors at any stage.
Canadian VC's have become perceived as "funds of last resort" by many Canadian entrepreneurs I know of.
Getting familiar with the landscape of US investors can be daunting for Canadian entrepreneurs. I am happy to help any Canadian thinking about raising from US investors.