Vancouver is incredible if you can afford it. The city itself is gorgeous and pretty well planned out- they had a limit on the height buildings could be downtown so that they wouldn't block the mountains. There are lots of nice parks within the city (both Pacific Spirit and Stanley Park having a large trail network). I'm in Calgary for school now and I must say I don't like it nearly as much. Because the weather in Vancouver stays mild throughout the winter businesses are street-based rather than mall-based. As a result you get cool places to hang out like Main St, Commercial, South Granville, 4th, Granville Island, Gastown etc., and each is able to develop their own character.
That said, although I only live 10 minutes from UBC I have never really wanted to go there. It seems really large and impersonal and focused on money before anything else. Yes some of the buildings are really nice, the labs are the most recent technology and the Japanese gardens are gorgeous but it also seems like something is missing.