First time home buyer

[Andres Rivera]

Hello guys, 

I am really lookig for some advice on this one..... Me and my family are looking to buy our first home . We live in Montreal, QC (Canada). We already got a pre-approval for 470k, we have been looking for the past 4 months and all the offers we have made have been rejected. The market here is crazy. 30-40 visit in just one weekend; 12-16 offers. Most of them giving 80k, 90k 100k more than asking price. We have looked for a price range of 400k, we have offered 470k and still didnt get them. 

I would like to have an advice here... are we taking the rigth path or we should focus on a small house and see this market as an investment opportunity. A house we can rent easily in a short term.

I will really appreciate your help on this one.

Andres R