That's weekly, not biweekly. Divide by 26 to get biweekly.
No. Because the interest compounds daily, you grossly underestimate your interest paid by just adding 10% to the mortgage value. Using your assumptions, you're looking at over $1300 a month.
There are more costs as well. Because your down payment is so low, you need to add CMHC insurance onto the mortgage amount, which is about 3%, as well as closing costs (including your lawyer), which could be another 3%. That should add close to $10K to your mortgage. In addition, you need to figure out how much you'll be paying in property taxes.
My opinion: Buying a house is something everyone should strive for. However, if you're single and making less than $50K a year, you might want to hold off for a little while, lest you overextend yourself.