There is nothing wrong with leaving home at 16. Many teenagers choose to go to school and continue their education (college, university) in another city, and that requires leaving home.
The question is whether you are doing this WITH or WITHOUT your parents permission. If you are under 18 years old (19 yrs in BC I believe), then your parents are still considered your legal guardians and are responsible for you and your welfare.
Moving out without your parents' permission can be a problem unless you are able to get the courts to recognize you as an adult. This is known as emancipation, and I believe you would need to seek the advice of a lawyer that specializes in youth rights and family law.
I would suggest that you try calling the KIDS HELP PHONE, for free confidential advice. They are available at 1-800-668-6868 across Canada, 24 hours a day, 7 days a week. It's a free call. If they can't answer your question, they should at least be able to direct you to someone who can.
And of course, the best situation is if your parents are accepting of your desire for more independence, and would assist you. Perhaps they can rent an apartment for you and the three friends, which you pay them back by each person paying 25% of the rent. Your mom and/or dad are then listed on the lease just in case you cannot or will not pay the rent, since most places do not want to rent to four teeangers. Most landlords are nervous about that because they don't want noisy parties at all hours of the day, damage to the apartment, and are worried the place may become a haven for drug use since there are no adults supervising.
The other option is just stay where you are and tough it out. It's only 2-3 more years and it will go pretty quickly. If it is your parents you are trying to get away from, just spend a lot of time at school and doing extracurricular activities, and get a summer job so that you are not spending a lot of time at home. The more you know, the better opportunities you will have as you get older, and saving money from a summer job gets you a car or payments for an apartment once you are 19.