With buying, you can't just look at the mortgage payment. You also need to look at the strata fees and property taxes. That means that your monthly carrying cost would be $1,300-1,400, plus your insurance will go up. I was paying ~$100/year for renter's insurance and am now paying ~$200/year for condo owner's insurance. So buying would require tying up $45,000 of your own cash, playing closing costs, moving, and then paying double what you're paying now each month. You also have no idea what interest rates would look like in 5-10 years when you have to renew your mortgage.
I understand the interest in owning, but I went from paying $X/month in rent last year for a 700 sqft apartment to paying $X/month in carrying costs for a 1200 sqft condo with a second bedroom and I'm now paying less than that since refinancing. I couldn't fathom going from $X/month in rent to $2X/month in rent for a comparable unit. When you buy, you want to buy a place that will last you, life-wise, for at least 5 years. Would a tiny condo do that for you?
I would also be super, super hesitant to buy a place with someone who I am not already legally tied to. Do you guys plan on getting married at some point?
I would consider buying a place like this IF I could pay cash for it and I planned on living in it forever. Since then, your monthly carrying costs would be cheaper than renting no matter what.