Buying a condo in Metro Vancouver?

TL;DR: Couple (early 30s). First-time home buyers. Looking to buy a ~$600K condo in Metro Vancouver. $120K down payment. Household net income: ~$8000-8500/month, and a $30K emergency fund. NO long-term guaranteed employment situations. zero debt and loans. Planning to live in the condo for at least 3 years, possibly longer. Is buying a good financial move for us, and what should we watch out for? Weighing options between 1-bd in Vancouver/Burnaby vs 2-bd in Coquitlam.

Details:

• Mostly trying to stop "throwing away" rent and start building equity.
• Considering properties around $600K.
• We have over $150K saved but are planning to put down $120K.
• Household net income ~$8000-8500/month.
• No debt.
• Credit score above 800 (only my score).
• Current monthly expenses: ~$3,600 (rent $2200 + other expenses $1400).
• Emergency fund $30K set aside.
• I work full-time in a job with good potential for growth but no guarantees of long-term stability. Most of the household income is from me.
• My spouse works in education on a contract basis, and her contract has been regularly renewed over the past year.
• Plan to live in the condo for at least 3 years, potentially longer if our family doesn’t grow.
• Open to renting it out in the future if we need to move.
• No kids

My back of the envelope calculations:

Mortgage: ~$480K (20% down payment).

Estimated monthly housing costs:

• Mortgage: ~$2800 (5-year fixed rate ~5%).
• Strata fees: ~$400.
• Property tax: ~$180.
• Utilities: ~$150.
• Total: ~$3530.

Questions:

• Is this a financially smart move?
• Vancouver/Burnaby 1-bed vs Coquitlam 2-bed - which makes more sense?
• Any hidden costs we're missing?
• Vancouver real estate market tips?