Understand the difference between a pre-approval and an approval, because it is the whole risk. A pre-approval qualifies you and holds a rate. It does not commit the lender to the specific property, which still has to pass underwriting and usually an appraisal. Removing the financing condition on the strength of a pre-approval means you have committed to buy a house your lender has not yet agreed to finance.
The consequences are not abstract. If financing fails after conditions are removed, your deposit is at risk and the seller can pursue damages if the property later resells for less, a claim that goes to the Court of King's Bench. Buyers weighing a few days of condition time against that exposure usually decide the days are cheap.
There are safer ways to make an offer competitive. A shorter condition period of three or four business days rather than a week, a larger deposit, flexible possession to suit the seller, and fewer trailing conditions all read as strength without gambling the deposit. Joel Dyck structures offers that way and lines the lender up before writing so the timeline is realistic.