No, the place isn't actually LEGALLY called baker's island.. it's just the colloquial name for it, (also known as beer island, weed island... you get the idea. )
I tagged along with a group of my friends once and saw this beautiful sight (:
It was a neat little island, very chill, everyone very friendly. Had an entire 10 minute conversation with a stranger about Sensible BC haha, let's just say, he's very passionate about his horticulture.
Vancouver honestly is an awe-inspiring place sometimes. As disgusting as the weather can be sometimes, when it's a nice day.. you truly learn to appreciate it.