Homeownership Forgivable Loan

The 20-year forgivable loan is worth up to 10% of the purchase price and supports current City of Barrie residents who are ready to purchase and maintain a home, but do not have enough funds to put towards a downpayment.

The loan is paid at closing directly to the applicant’s lawyer in trust and registered on title in second place behind the first mortgage (from a financial institution). If you live in the home for 20 years, and do not refinance for an amount exceeding your original mortgage, no repayment of the loan is required.

Funding is limited and there are eligibility criteria for both the applicant/purchaser and the property/home that must be met. Eligible applicants are encouraged to apply even though there may be a waiting list for this program. Future budget for this program will be set by Council through the annual budget process.

You can only receive assistance from one homeownership program. While the County of Simcoe administers both County- and City-funded affordable homeownership programs, eligible applicants will only be approved for one, not both.

Applicant Eligibility Requirements

Below is a summary of criteria applicants seeking the City of Barrie Homeownership Forgivable Loan funding must meet, but please review the County of Simcoe’s Affordable Homeownership Program for detailed eligibility requirements:

• Applicants must currently rent in the City of Barrie
• Applicants must be a Canadian citizen or permanent resident
• Applicants do not need to be a first-time homebuyer but must not currently own a home or any other real estate
• Applicants must not make more than the maximum gross household income threshold established in the most current Development Services Housing Bulletin at the time of purchase and sale agreement, which is currently $129,200. An applicant’s spouse, multiple borrowers, or combined families are permitted to apply for one grant provided that their combined household income does not exceed the maximum threshold established in the Housing Bulletin.
• Applicants must not exceed the maximum household personal contribution towards the downpayment (e.g. gifting amounts from friends or family, savings, GICs, RRSPs of first-time home buyers, etc.) established in the most current Development Services Housing Bulletin, which is currently $50,000
• Applicants must agree to enter into an agreement with the County of Simcoe outlining the terms of the down payment assistance grant, which will include details regarding default provisions of the grant provided, and conditions regarding potential repayment of the grant should they sell their home
• Applicants cannot use more than one homeownership assistance program at the same time

Property/Home Eligibility Requirements

Below is a summary of criteria homes purchased using the City of Barrie Homeownership Forgivable Loan funding must meet, but please review the County of Simcoe’s Affordable Homeownership Program for detailed eligibility requirements:

• Property must be located within the City of Barrie
• Homes can be new construction or re-sale
• Homes may be detached, semi-detached, condominiums, stacked homes, row/ town houses, modular homes on owned land or apartments 
• The property cannot be located on leased land
• The purchase price cannot exceed the maximum purchase price indicated on the most current Development Services Housing Bulletin at the time of sale and agreement
• Homes purchased must be occupied by the owner as their primary residence, they cannot be purchased as an investment property

How to Apply 

Applications must be submitted to the County of Simcoe through the Affordable Homeownership Program. Full details, including application forms, frequently asked questions, and conditions of repayment are available on the County’s program website. Interested applicants will be required to:

1. Apply for mortgage pre-approval by contacting a mortgage broker, trust company, credit union, bank, or other qualified lender to apply for a no-cost mortgage pre-approval.
2. Complete the homeownership application. Available on request; see County contact information below or download at simcoe.ca/homeownership.  
3. Review the application carefully to ensure all requested supporting documentation is attached (incomplete applications will be returned).
4. Submit the application in person or by mail to the County of Simcoe.

Please contact County staff directly to confirm current funding availability/waitlists, or for any program questions:

• Email: IAH@simcoe.ca  
• Phone: 705-735-6901 x1119
• Address: County of Simcoe Housing Programs Department 1110 Hwy. 26 Midhurst, ON L9X 1N6