Most Term 1 students are placed in a shared dorm: 1 room, 2 beds, kitchenette, bathroom. Some do get placed in a triple where you have your own bdrm, but share a kitchen/bathroom. You have to reapply every term in the housing lottery. If you get housing, you can specify if you want to stay in the same place, and who you want to live with, but its not guaranteed. Neither is the lottery. If you aren't chosen to get housing, you can go on the wait list. I have heard horror stories about the wait list, but I have never heard of anyone not getting some sort of housing. (You have to be flexible.)
You can specify preferred housing for first term, but you guys are the last to be assigned housing, so whatever is available is what there is.
"I am the master of my fate, I am the captain of my soul." ~W.E. Henley