A conventional mortgage in Canada is a loan where the down payment is at least 20% of the property’s purchase price, conforming to accepted lending standards. Unlike high-ratio mortgages, conventional mortgages avoid the additional cost of mortgage loan insurance, resulting in potentially significant savings over the loan’s lifespan. However, it’s crucial to balance the decision between a conventional and high-ratio mortgage with your financial status, savings, income stability, and future financial commitments. Understanding conventional mortgages can help create a better fit for your personal financial situation in becoming a homeowner.