No, the price does not change once your 2 years is up. I guess it's to encourage you to upgrade to a new device. You can switch to a Bring Your Own Device Plan of your choosing at a discount of about $15 per month off any current plan, but it does mean making a choice to switch - it's not automatic.
Telus' sister company Koodo has a TAB, which is an additional payment you make above & beyond your plan cost, which does end once paid off. Koodo does not offer as large a subsidy on most phones as does Telus though, so YMMV.
I think some of the misunderstanding is the term "subsidy." A phone subsidy is not an installment plan, as the tablet Easy Payment Plan is, customers aren't actually paying monthly for the phone, but just for the phone services--locked into a set service fee for the life of the contract. The "device balance" can be seen as the contract buyout clause, the buyout that then lets the customer change services, which they can also do at the contract end, if they choose.
Contract subsidies are coming and going in the US. Hard to keep up.