If you value the knowledge and job placement the most, UBC might be a better option since it's bigger and better known. I don't really know the engineering program at vic too much, but I do know that they're known for both the hardest workers and the craziest partiers.
I go to UVic and it's my favorite place in the world. Just wrapped up my 2nd year in geography. There are a bunch of NSers there, we like to chill around (arts students haha). So so so many hot girls too. The campus is small enough to get around and run into people a lot, but it's big enough to have your space and keep things fresh. There's a really friendly chill vibe to the place. If you don't like hippies though, you'd probably get annoyed at how many of them there are.
And Vic is small enough that students basically take over all the bars and clubs downtown on thursdays, fridays, and saturdays. This means no shitty guido doucher scene like downtown van.