In short, yes.
Vancouver has the second highest cost of living in the world.
I made about $26K last year and had to be budget conscious. Housing alone, in a two bedroom in the cheaper part of town was $675/month. You can find cheaper if you are willing to live with more people, but living closer to UBC will be more expensive.
Grocery prices vary wildly depending on where you shop, but it is definitely possible to eat quite cheaply.
If you have specific questions I can probably answer them.
And congratulations!