If you’re looking into first-time home buyer incentives in Simcoe County, you’ve landed in the right place — because in 2026, it’s something old, something new, something borrowed, something near you, and a tax break too. If you’re breaking into the real estate market in 2026, it might just be the most exciting year to make your move.

First-time home buyer incentives are government programs, rebates, tax credits, and savings tools designed to help you reduce the cost of purchasing a home. In Ontario, these incentives can include the FHSA, Home Buyers’ Plan, land transfer tax rebates, and regional down payment assistance programs. 

Right now, all three levels of government are rolling out the welcome mat for first-time home buyers. That means real money back in your pocket — through savings accounts, rebates, tax credits, and local programs — that can add up to tens of thousands of dollars toward your first home. And here’s an added bonus – right now it’s a buyer’s market. Prices have come down and there’s more inventory to choose from. The spring market is heating up though, so if you’ve been sitting on the fence, it’s time to take a closer look.

As a licensed mortgage broker in Simcoe County, I’m an expert in all of the government programs available to you and how they can work together. Let’s walk through every first-time home buyer incentive in 2026, explained in plain language with no jargon and no fine print fog.

Something Old: The First Home Savings Account (FHSA)

The FHSA has been around since 2023, but if you haven’t opened one yet, don’t wait another day. This registered savings account is genuinely one of the best deals the federal government has ever offered as a first-time home buyer incentive.

Here’s why it’s so good: your contributions are tax-deductible (like an RRSP), and when you withdraw the money to buy your first home, it comes out completely tax-free (like a TFSA). You can contribute up to $8,000 per year and save up to $40,000 lifetime in the account. If you and your partner each have one, that’s up to $80,000 of down payment money you already got a tax deduction on and you never have to pay it back.

Here’s an important mortgage broker tip. Open your FHSA as soon as possible, even if you can’t fill it up right away. Your contribution room starts accumulating the moment the account is open, and you need an active account to make a qualifying withdrawal when the time comes. Think of it as planting a seed, the sooner you plant it, the more it grows.

Something New: The HST Rebate on New Homes

This first-time home buyer incentive is brand new and it’s a big deal.  In March 2026, Ontario and the federal government announced expanded HST relief measures for qualifying first-time buyers purchasing eligible new homes up to $1 million. That means if you’re buying a new construction home or a pre-construction condo, you could save up to $130,000 in sales tax alone.

The catch? This is a time-limited offer. To qualify, your agreement of purchase and sale needs to be signed before March 31, 2027. This applies to brand-new builds, not resale homes. If you’ve been comparing new construction versus an existing home, this rebate could absolutely tip the scales.

This is the single largest housing incentive Ontario has introduced in years, and for buyers in Simcoe County who are eyeing new developments in Barrie, Innisfil, Midland, or anywhere across the county, this is worth paying very close attention to.

Something to Borrow From: The Home Buyers’ Plan (HBP)

Think of the Home Buyers’ Plan as your RRSP doing double duty. If you already have money saved in a Registered Retirement Savings Plan, you can withdraw up to $60,000 from it — tax-free — to put toward your first home. If you’re buying with a partner, you can each pull out up to $60,000, giving you a combined $120,000 to work with.

The money does need to be paid back over 15 years (starting five years after your withdrawal), but interest-free repayment on a six-figure amount is still a pretty sweet deal.

Here’s the real magic: you can use both the FHSA and the HBP on the same purchase. Between the two programs, a single buyer could access up to $140,000 in tax-advantaged funds for their down payment — and a couple could reach $280,000. That’s a serious head start on homeownership.

Something Near You: The Simcoe County Homeownership Program

This first-time home buyer’s incentive is close to home — literally. The County of Simcoe runs a Homeownership Program designed to help moderate-income renters make the leap to owning their own place. The program offers down payment assistance through a forgivable loan, which means if you stay in your home long enough, you don’t have to pay it back.

To qualify, you need to be a current resident of Simcoe County (including Barrie and Orillia), a first-time home buyer, and have a net household income at or below the program’s income threshold. You’ll also need to get a mortgage pre-approval before you apply. There can be a waiting list depending on funding availability, but applicants are encouraged to apply. Working with a local mortgage broker who knows the program inside and out can make the whole process a lot smoother.

If you’ve been renting in Simcoe County and wondering whether homeownership is actually within reach, this program exists specifically for you.

And a Tax Break Too: The Ontario Land Transfer Tax Rebate

Every time a property changes hands in Ontario, the buyer pays a land transfer tax. For first-time buyers, the provincial government gives that money back — up to $4,000 as a rebate on your Ontario Land Transfer Tax. It’s not a huge number on its own, but every dollar counts, and this one comes back to you at closing through your real estate lawyer.

Combined with everything else on this list, the savings stack up quickly. And that’s kind of the whole point, these programs are designed to work together.

How Much Can First-Time Home Buyer Incentives Save You in 2026?

This is where things start to get really interesting. A lot of first-time home buyers don’t realize these programs are designed to stack together, and when they do, the numbers can get pretty substantial.

Let’s say a first home buyer in Simcoe County purchases a $750,000 home in 2026 and takes advantage of every major program available.

Here’s what that could look like:

• Up to $40,000 withdrawn tax-free from an FHSA
• Up to $60,000 through the Home Buyers’ Plan (HBP) from an RRSP
• Up to $4,000 back through the Ontario Land Transfer Tax rebate
• Up to $97,500 in HST savings on a qualifying newly built home under the new rebate program
• Potential additional down payment assistance through the Simcoe County Homeownership 
• Program for eligible applicants

And if two buyers are purchasing together? The FHSA and HBP numbers can double. That means a couple could potentially access up to $200,000 in tax-advantaged down payment funds, before even factoring in HST savings or local assistance programs.

That’s the difference between scraping together a down payment and actually having room to breathe after closing day.

Common Mistakes First Home Buyers Make

I see two mistakes come up all the time with first home buyers.

The first is waiting until after finding a home to start talking to a mortgage broker. By then, buyers are often rushing to figure out what they qualify for, whether they’re eligible for programs, and how much they can realistically afford. Some first-time home buyer incentives work best when there’s a bit of planning ahead of time, especially programs like the FHSA, where contribution room starts building once the account is opened.

The second mistake is focusing only on getting the absolute lowest mortgage rate while overlooking the programs and incentives that could save far more money overall. A slightly lower interest rate is great, but if a buyer misses out on rebates, tax savings, or down payment assistance, it can end up costing much more in the long run.

That’s why working with a mortgage broker is so valuable. A good mortgage strategy isn’t just about finding a rate, it’s about making sure every available first-time home buyer incentive is working together to help make homeownership more affordable.

How a Mortgage Broker Can Help You Access First-Time Home Buyer Incentives

Here’s the thing about all these programs: they each have their own rules, deadlines, income limits, and application windows. Miss a step or misunderstand an eligibility requirement, and you could leave thousands of dollars on the table. That’s where working with a mortgage broker becomes genuinely valuable.

I specialize in helping first-time home buyers in Simcoe County walk through every step of the process — from figuring out which programs you qualify for, to getting your pre-approval, to finding the best mortgage for you at the lowest rate, to making sure all the paperwork is filled out correctly. As a mortgage broker, I work with dozens of lenders to find you the best mortgage rate and product for your situation, and I walk you through everything in plain language so you’re never left guessing.

Getting a pre-approval isn’t just a bureaucratic checkbox, it’s what tells you how much home you can actually afford, and it opens the door to programs like the Simcoe County Homeownership Program. 

Ready to Get Started On Buying Your Very First Home?

If you’re thinking of buying your first home in 2026, the best thing you can do right now is have a conversation before you sign anything. I can walk you through which of these first-time home buyer incentives apply to your situation, how to stack them for maximum savings, and what your next steps look like. As a licensed mortgage broker serving first-time home buyers across Simcoe County, I can have you pre-approved and ready to move fast when the right home comes along. And in a spring market that’s heating up, that matters a lot.

Give me a call at 705-315-0516, or book a free consultation online, and let’s explore all the options that are available to help you move into your dream home.