Gen Z has nearly given up on the dream of owning a home, but Rosehaven Homes is challenging the traditional down payment barrier with a more manageable deposit scheme. The developer's new project, The Rebecca Residences in Hamilton, introduces a flexible payment plan that allows buyers to spread their deposits over time.
A Flexible Approach to Deposits
Beginning with The Rebecca Residences, set to open in 2029, buyers can make weekly deposits of $250 over a 48-month period, depending on the unit size. This innovative plan aims to ease the financial burden on young buyers who struggle to save for a large upfront payment.
"For years, Canadians have felt priced out of the real estate market. Either that – or they just feel shut out, or forced to put home ownership on hold," says Stefano Guglietti, Vice President of High-Rise Sales at Rosehaven Homes. "We’re a family business, so we know how important home ownership is. My grandparents saved up and bought a house, my parents are in their second home. But now it’s the next wave of people who are struggling to even get a foothold in the market."
Guglietti notes that salaries have not kept pace with the cost of living, making it difficult for many young people to accumulate a down payment. "Times are different now. In the past, most people were able to purchase a home. But now with inflation, every aspect of our lives costs more than it used to. So putting money aside isn’t easy, especially at the beginning of one’s career."
Project Details and Amenities
Located at 71 Rebecca St. in downtown Hamilton, the 23-storey project features a large podium and tower, 16,000 sq. ft. of indoor and outdoor amenities. Planned amenities include a fitness centre, yoga studio, co-working space, rooftop terrace with barbeques, outdoor dining areas, and views of the city and water. Additional features include a children’s playroom, ground floor commercial space, and a pedestrian-friendly streetscape.
"We would love to see a weekend farmer’s market there or a street festival in the future," says Guglietti. "The extended landscaping also makes the development a great spot for families as the property overlooks a currently-underutilized park along the John Rebecca Park corridor."
Available residences include one-bedroom units from 423 square feet starting in the $300,000s, one-bedroom-plus-dens from 480 square feet starting in the $400,000s, and two-bedrooms from 717 square feet starting in the $500,000s.
Rosehaven's Commitment to Accessibility
The extended deposit program is the second of its kind for Rosehaven, following a different deposit structure for its KiWi Condos on King William in Hamilton. For KiWi condos, the additional perk of a three per cent discount coupled with a flexible payment plan. Rosehaven was also behind Odyssey Condos – an award-winning lakeside community in Grimsby.
The project contributes to Hamilton’s broader revitalization efforts, with the city anticipating an additional 200,000 people by 2041. "Hamilton also has the transit infrastructure to facilitate a quick connection to Toronto’s downtown core," says Guglietti, adding that the city expects at least 200,000 new jobs in the district. With over $1 billion in building permits issued in the area, Hamilton is positioning itself as a key alternative to Ontario’s capital.
