“Do Canadian Universities have In and out of state costs?”
A few do. McGill has three sets of costs: Resident of Quebec; Canadian but not from Quebec; and international. The last time that I checked a “Canadian born abroad” gets to pay “resident of Quebec” costs. A few other schools have very small additional costs for “out of province” students (such as some are perhaps C$1,000 per year more for out of province Canadian students).
To return to OP’s problem: If you care a lot about the difference in cost, then you can call Toronto and see what they say. It is likely that you can forfeit your relatively small deposit and still attend UBC. However, first make sure that you actually want to do this.
Toronto is an academically very challenging university. However, if you are up for an academic challenge, it is an excellent school and for many subjects the top ranked university in Canada. It might be worth the extra $7,500. If that is the total difference over four years at least by US standards that is not much to worry about.
Are the entrance scholarships for one year only? At a minimum check this for both scholarships. Also compute what the total cost will be over four years. You might want to include travel costs since depending upon where you are coming from Toronto might or might not be easier to get to compared to Vancouver.
What is your intended major? When you say “U of T” do you mean Toronto?
Looking at the total cost over four years, we were certainly not too concerned about spending an extra C$7,500 compared to the least expensive possible school.
Also, as @twoinanddone said, don’t forget that this is in Canadian dollars. If you are coming from the US, the exchange rate is very favorable for us. If you are coming from elsewhere, paying in Canadian dollars is still a lot less than numbers that sound the same but in US dollars.