Closed
Last Update: April 29, 2026
Funding available
$ 10
Timeline
- Receipt of requests is now closed
Location
Barrie, Ontario, Canada
Overview
This program provides up to 10% down payment assistance through a 20-year forgivable loan. It supports eligible households buying an owner-occupied home in Barrie or Simcoe County, including eligible new builds and resale properties.
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Opportunity Score
Moderate potential, but conditions must align.
At a glance
Funding available
Financing goals
- Increase social or community impact
Eligible Funding
- Maximum amount : 10 $
- Up to 10% of project cost
Timeline
- Receipt of requests is now closed
Eligible candidates
Eligible Industries
- Real estate and rental and leasing
Location
- Barrie
- Ontario
Legal structures
- Sole proprietorship
Annual revenue
- All revenue ranges
Organisation size
- All organization sizes
Audience
- Indigenous Peoples
- Rural or Northern Residents
- Canadians
Next Steps
1
Determine your project
2
Validate your eligibility
Activities funded
- Purchase of an eligible home for owner occupancy
- Purchase of a new construction or resale home
Documents Needed
- Mortgage pre-approval
- Completed homeownership application
- Proof of income
- Government-issued photo identification
- Proof of current rental status
Eligibility
Who is eligible?
- Current renters in Simcoe County, including Barrie and Orillia
- Low- to moderate-income households
- Individuals and families seeking homeownership
Who is not eligible
- Current homeowners
- Applicants seeking funding for an investment property
- Households buying a property on leased land
- Applicants using more than one homeownership assistance program
Eligible expenses
- Down payment at closing
Ineligible Costs and Activities
- Closing costs
- Mortgage payments
- Purchase of an investment property
- Construction costs on land already owned
Eligible geographic areas
- City of Barrie
- Simcoe County
- Orillia
Processing and Agreement
- Applications are reviewed after submission for completeness and eligibility.
- Incomplete applications are returned.
- Applicants may be placed on a waiting list if funds are not available.
- A loan agreement must be signed before funding is advanced.
Additional information
- Only one homeownership assistance program can be used at a time.
- Funding is limited and applicants may be placed on a waiting list.
- Some funding is reserved for Social Housing and Indigenous/Aboriginal households.
- The loan is forgivable after 20 years if program conditions are met.
Contacts
Frequently Asked Questions about the Homeownership Forgivable Loan Program
Here are answers to the most common questions about the Homeownership Forgivable Loan. This section explains what the program is, how much funding is available, eligibility requirements, application deadlines, and other important details to help you determine if this grant is right for your business.
What is the Homeownership Forgivable Loan?
This program provides up to 10% down payment assistance through a 20-year forgivable loan. It supports eligible households buying an owner-occupied home in Barrie or Simcoe County, including eligible new builds and resale properties.
How much funding can be received?
Homeownership Forgivable Loan Funds up to 10% of admissible expenses, capped at $10 per project.
Who is eligible for the Homeownership Forgivable Loan program?
To be eligible for the Homeownership Forgivable Loan program, you must:
Current renter in the area
No current home ownership
Income and asset limits apply
What expenses are eligible under Homeownership Forgivable Loan?
Purchase of an eligible home for owner occupancy
Purchase of a new construction or resale home
Who can I contact for more information about the Homeownership Forgivable Loan?
You can contact City of Barrie by email at iah@simcoe.ca or by phone at 705-725-6901 x1119.
Where is the Homeownership Forgivable Loan available?
The Homeownership Forgivable Loan program is available the province of Ontario.
Is the Homeownership Forgivable Loan a grant, loan, or tax credit?
Homeownership Forgivable Loan is a Loans and Capital investments