Condos are generally the most budget-friendly housing option in Ontario. According to a May report from the Cornerstone Association of Realtors, the average sales price of a condo in Hamilton was $394,372 as of June. However, many potential buyers still find the large upfront payments intimidating, especially when prices in other areas are so high.
For those putting down significant deposits on pre- or under-construction condos, managing finances can be tough-even if those payments are spread out over time during construction.
To help ease this burden and support more people in becoming homeowners, a new project in Hamilton is allowing buyers to pay their deposits in smaller installments starting at around $250 each week.
“Overall, we find that homeownership today has become more difficult for people who are trying to [buy],” says Stefano Guglietti, vice president of high-rise sales at Rosehaven Homes, speaking with INsauga. com.
“It’s not like previous generations who could save up for a down payment. Everything costs more now, and coming up with a deposit isn’t easy.”
Guglietti points out that financial challenges are particularly acute for younger buyers.
While living costs have risen across Canada, lower- and middle-income earners and households in Ontario feel especially squeezed-especially in the province’s major cities.
The cost of living is steep throughout the province, especially in the Greater Toronto Area (GTA). Spergel, which specializes in debt relief and bankruptcy solutions, found that by 2025, an individual would need about $3,800-$4,300 monthly just to live comfortably; for families of four, it rises to around $6,800- $7,800 each month.
This cost includes expenses such as housing, transportation, groceries, utilities, health care services and insurance.
To give more potential buyers a shot at entering the market-Rosehaven Homes has initiated an extended deposit plan for its upcoming Rebecca Residences project. Located downtown Hamilton along the revitalized John Rebecca Park corridor-the building will feature 23 storeys and 393 units with construction set to begin this fall and completion expected by 2030.
Prices start from the low $300k range.
With Rosehaven’s new program-buyers can make weekly deposits of $250 (the specific amount depends on unit size) over four years.
The company explains this structure allows buyers to pay over time instead of facing hefty upfront payments typical at other pre-construction properties.
Guglietti mentions that Rosehaven-a family-owned business-was inspired by watching family members struggle when trying to purchase their first homes.
“It takes time to save that money,” he says. “Often it feels like this huge blow when you have these large deposits due while construction is ongoing. Sometimes you think you’re okay after paying your five percent deposit only to find another five percent due later on down the line.”
The company also noted that due to Ontario’s newly launched limited-time housing HST rebate program-it was able to further lower its purchase prices. This tax break runs from April 1st 2026 until March 1st 2027 removing all HST fees on new-construction homes valued under $1 million.
<p“We’ve managed to take off around $40k from select units because of this,” Guglietti explained through a news release.
The initiative currently only applies specifically to Rebecca Residences but aims at making homeownership easier for first-time buyers-and differs from similar programs like extended deposit or rent-to-own schemes since it’s less common among lending institutions.”
“Typically banks require some initial deposit before they’ll provide financing usually aiming for ten percent,” he elaborates.
“What we’ve done here at Rosehaven is step up ourselves-we’re providing our equity support so folks can achieve homeownership sooner than later.” He adds they’re attempting something different compared with past methods used for financing these projects.”
The feedback thus far has been encouraging according to Guglietti-as renters find value being able set aside smaller amounts regularly as they prepare for future ownership opportunities.
“For example renters currently residing Downtown Hamilton or elsewhere paying monthly rent may use some savings gradually working towards owning their own place eventually,” he shares.
“So we’ve seen how well this stretch deposit approach resonates positively.”
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“For example renters currently residing Downtown Hamilton or elsewhere paying monthly rent may use some savings gradually working towards owning their own place eventually,” he shares.“So we’ve seen how well this stretch deposit approach resonates positively.”
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