The Appraisal Institute of Canada designation an appraiser typically holds means their number comes from measured comparable sales, not from what a buyer was willing to pay in a competitive moment, so a large gap between offer and appraisal is a real possibility in a fast-moving segment of the market.
A financing condition is the protection that matters here. Without one, an offer is firm regardless of what the appraisal says, and any shortfall becomes cash you owe on possession day rather than a problem you can walk away from.
Knowing the real comparables before you write the offer, not after it is accepted, is what keeps an emotional number from becoming a financing problem. Budgeting for a home inspection, typically $400 to $600, before you write matters just as much as the price itself. Get your hand-reviewed valuation from Joel Dyck.