I'm just finishing up grad school at UBC.
I really like Kitsilano and the campus. Great public transport, $2 drop in ice hockey for students on campus, and there is a ton of fantastic food in Kits. When I move, I'll probably miss the food the most. Everything is really close and accessible.
All that comes at a price though. It is difficult to find a single person studio for less than $900/month, which can be pretty tough to afford on my graduate student salary. A lot of the places asking that amount are very crappy too.
In terms of academics, UBC is considered the better school in every ranking I have seen but I don't think that tells the whole story. UBC is definitely a research oriented school. In my opinion, it puts less emphasis on class work, especially at the graduate level. I have found course selection at UBC kind of lacking in science/biology, if that is the area you are going into.
Also, if you are going into undergraduate biological science, in my opinion it really doesn't matter where you get your undergraduate degree. Graduate schools in biology do not seem to care, including professional schools like medicine, dentistry and vet.
I never have lived or gone to school in Victoria, so I can't comment much on UVic. I have a lot of friends that did though, and they enjoyed it.
Regardless of which school you choose, if you are an perspective undergraduate I think you should consider living in res. You make some life long friends and those were some of the best years of my life so far.
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