Do it man! I'm in rez at U of C (anybody here lived on 5K?) and it's an absolute blast. Even if your parents bought you a house, screw it dude. Live in rez for a year. The friends that I've made are unreal and the parties are legen...wait for it...dary! I've spent way too much money on booze haha. Get ready to never have enough sleep, always be sick, and always be pissed off at someone for something. But trust me it's worth it. Like I said, you'll make a bunch of friends and always have something (or someone haha) to do. Sure, you might not get a lot of work done, and you might just about fail some courses
but screw it, it's only first year.
If you do wanna study, there's always the library or ack lounges to go to...and beware of falling into the trap that is not keeping up on your readings and instead deciding to play video games all day with everyone.
I have a buddy from home who goes to Calgary as well (he's first year ENGG) who lives just off campus, and he isn't a huge fan of it. He's a little choked that he didn't really meet anyone, instead he just goes to class then goes home, or comes and gets loaded or games or whatever with us.
Oh and I'd have to say go for a double. Split a room with another person you've never met before. Of course, I'm saying this cause I completely lucked out and got pretty much the best roommate I could've. If you're the party type and super giving though, take one for the team. Get a single, and turn it into the party room. Actually that's a lie. Every room can be a party room. Or be like my other ENGG buddy (Good Lord I have too many ENGG friends haha) who smuggled a reclining leather couch into his room. Now we've got a solid chill room as well.
Anyways, enough rambling for now, and good luck with school!