A conventional mortgage is a type of home loan that is not insured or guaranteed by the government. In Canada, conventional mortgages are typically offered by banks and other financial institutions, and they are typically the most common type of mortgage used to purchase a home.

Conventional mortgages are typically available in both fixed-rate and variable-rate options. A fixed-rate mortgage has an interest rate that stays the same over the term of the loan, while a variable-rate mortgage has an interest rate that can change over time.

To qualify for a conventional mortgage in Canada, borrowers typically need to meet certain credit and income requirements. They also need to have a down payment of at least 5% of the purchase price of the home. The amount of the down payment may affect the mortgage rate and the total amount that the borrower can borrow.

It's important to note that conventional mortgages may have stricter eligibility requirements than other types of mortgages, such as government-insured mortgages, which may make them more difficult to obtain for some borrowers. However, they may also offer more flexible terms and lower interest rates, which can make them an attractive option for some borrowers. It's always a good idea to ask a mortgage broker.