I'd go with buying. This way you and your daughter have a lot more choice over who she rooms with. Although your son may not be going to school in Edm, you still have the option of renting (or flipping) that property when your daughter is done school. Of course this all depends on how comfortable you are with property management. I wouldn't recommend res. I don't really think it's that great of a networking opportunity. It can be hit or miss. Some people really enjoy res, others really hate it and it does tend to be more of a party atmosphere because everyone is in the same age group and on their own for pretty much the first time in their lives. Trust me - I've been to a quite a few res parties and while I enjoyed them, I am personally glad I didn't live in res. It would depend again on her personality (your daughter) and what she is comfortable with. Also, your daughter will make a lot more connections in her classes.
Renting would be my second option. Given your daughter's situation, she would probably prefer to rent a single bedroom (otherwise she is in the same situation as before potentially) close to school. I think this is good if you don't want to deal with the cost of buying or renting out the property afterwards. This isn't for everybody, so you'd need to assess your comfort level on that.
My only other advice is that make sure your daughter is also on board with whatever arrangement you two decide. Although it's your money, it's important that she's comfortable and happy with the arrangement so that she can focus on school and enjoying this time in her life.
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