Hi jenste. I am not doing graduate studies at Laurier but I (male) did attend Laurier for undergrad. I can tell a few things:
Near the Laurier and University of Waterloo campuses, the area is mostly filled with students. There are more girls than guys at Laurier and with Waterloo there are a lot of Asians (mostly Oriental, Chinese, Korean, etc.). Overall, the diversity at Laurier is not too bad, it is balanced.
There is truth to the Laurier students partying a lot especially on Homecoming, St. Patrick;s Day, Octoberfest (Kitchener has German roots.), Winter Carnival, etc.
About malls and shopping, there is Conestoga Mall which is up farther north of both campuses, there's the nice Uptown Waterloo which is south of Laurier, and Fairview Mall in Kitchener which would require a lengthy bus ride using the iXpress service.
I hope this helps.