No generally they are not that high.
If you check out the Amazon link, the hardcover is showing as $ 2.90 and the ebook at $ 8.99. My guess is they are trying to get rid of the hardcovers.
Sometimes the ebook is the same price as a new release because the publishers don't want to discourage people from buying the hardcovers. Kind of like how the cheaper paperback version doesn't come out for 6 months to 2 years. Generally though the ebook is the same price or less than the paperback.
Also, Kobo offers a lot of coupons via email, so make sure you use those up!
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