I'm a current student at the U of A, and the U of A does tend to get quite a lot of outside funding for both Masters (depending on the field), and PhD programs, having said that, the money that you are paid as a postgraduate student isn't easy to live off of alone. Although Edmonton is much cheaper than Vancouver, rent prices are increasing. I currently live on campus in a company owned building, and I pay 1195$ for a one bedroom (not the worst), but if you live in residence such as ECV it isn't so terrible. I'm not from Edmonton (or Canada), however Vancouver is a much nicer city than Edmonton in every respect. The winters are brutal, and the city is rather dirty. I spend most of my time in the university area which isn't so bad, however you're wanting to explore and live in a vibrant city, I would say Vancouver is the better option.