Thanks everyone. So many helpful comments. I read all of your posts and I'm glad I made this thread. Of course, posts on threads like this aren't meant to be taken as gospel. But I've always found it easier to narrow my focus when I ask ridiculous questions like "why do you prefer real estate over index investing" etc... Basically I'm hunting for a reason/reasons to motivate myself to look at an issue more closely.
So to recap this thread, for a person looking for a more urban setting Calgary is probably the better choice. Calgary also looks and feels more modern. The transportation system and the bike paths are also slightly better. Judging from pictures, videos and the types of units available on the market in both cities, purchasing real estate in Calgary is the more prudent choice (at least in a purely mechanistic sense).
For now I'm patiently waiting to hear back from both schools.
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