Many years ago I was in the computer science co-op at UVIC. I had a couple of work terms in Ottawa and a couple in Vancouver. Even if you don't save money from the work terms the experience helps you land a job after university. I think being in the co-op helped me a lot.
For the work terms in Ottawa somehow I wound up sharing a house with other co-op students from other universities who were all on work terms with the same company. I can't remember how that came to be though. The UVIC co-op must have set it up for me or something. When I worked in Vancouver I rented a cheap furnished apartment.
Working for a big company that has many co-op students is usually more fun than working for a small company where you are the only co-op student.