My advice: do it, especially while you're still young and have the freedom to try new things. I went to school at UVic for three years in my mid-twenties and enjoyed it. By the end of it I was missing the "big city" amenities, and ended up moving back to Calgary (work/family also played into this). However, looking back, I definitely preferred the relaxed pace.
People that are complaining about the weather are ridiculous. It may rain everyone once in a while in the winter, but (i) I never thought it was an issue, (ii) it's nothing compared to Vancouver, and (iii) it's 1000x better than -30 winter in Calgary. The other three seasons are very mild; lots of flowers in the spring.
If you need off the island, Vancouver is a ferry ride away; you can also take the clipper over to Seattle.
P.S. Great advice above about "trying new things" -- it something you don't realize when you're younger but looking back I'm glad I had that opportunity.
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