First time code buyer dilema

Hi, I am a first time home buyer in Canada looking to buy a codo in one of the Vancouver suburbs. I am planning to use $40k I have in my RRSP as a downpayment for it. However I currently live and work downtown and have a pretty decent rent, so don't have a big inventive right now to move to the suburb. I was wondering if it would be possible for me to purchase the house and continue living downtown by renting out the first property and if so what would be some of the financial and government benefits I will be forgoing and any financial pelanties and other exepenses that will apply to me? Would highly appreciate any advise on this.