Canadian Pure Math Master's: Waterloo vs McMaster vs UBC

[onmyway]

I've got offers from all of these schools and I'm trying to decide where to go. I'm more leaning towards Waterloo or McMaster since they are much closer to me than UBC which is the other side of the country. I'm interested in algebra/number theory mostly. Another thing is that I received an NSERC CGS-M at McMaster so my funding is better there, and I would feel kind of silly turning that down. But I think that overall Waterloo is a better school for math. There is research at both places I find interesting though. Any thoughts?

[Casorati]

Reputation-wise, McMaster is much weaker than UBC. Waterloo has some good people but they are not super famous. For graduate mathematics programs in Canada, a general perception is that only Toronto and UBC are in tier-1.