@OP, if all things are equal between schools with your program, I'd definitely recommend living in Calgary over Edmonton. Born and raised up north, but had opportunity to work in Calgary for a few years and loved it, despite the pro-Edmonton bias I showed up with..
First up, transit far better in Calgary. The c-train not only covers more distance, but links in more/better facilities than Edm LRT does. If you aren't working or living too far from c-train going car-free is pretty viable.
I also found winters to be much better in Calgary, and being close to the mountains is a huge plus, in addition to actually having interesting terrain in the city. Sadly, some of the best views up in flat city can be found from an overpass..
Bike paths are also better in Calgary. Despite the charms of Edmonton's river valley, the paths are disjointed, and last I rode there still wasn't a continuous path end to end..
As far as urbanity of the cores go, 15 years back I would have given Edmonton the edge, but Calgary has progressed leaps and bound since then. And as you saw on MLS, there's definitely a better selection of recent housing stock in the Calgary core vs Edmonton.
Pluses for Edmonton? Definitely a lower cost of living across the board, housing, food, gas, etc. The business environment in Edmonton is also a lot more relaxed than Calgary, so if you're a dirty hippy or a beardo, may hold some sway..
In any case, either city is objectively pretty great compared to a lot of places in the world these days, so you can't really lose in AB
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