As sales continue to stagnate and homeownership remains unattainable for many in the GTHA, one housing developer is offering a unique new way for aspiring homeowners to get into the market.
The Rebecca Residences in downtown Hamilton is an upcoming 23-storey condo building from Ontario developer Rosehaven Homes. It’s currently offering a range of preconstruction units starting in the $300,000s, but interested buyers are not required to shell out a hefty downpayment. At least not outright.
This is because Rosehaven has implemented an extended deposit program that offers a buy now, pay later payment model. For a one-bedroom starting in the $300,000s, for example, buyers can pay just $250 per week for 48 months ($48,000 over four years). The same goes for its one-bedroom-plus-den units starting in the $400,000s, and its two-bedroom units starting in the $500,000s, where buyers would pay $300 and $350 per week, respectively.
The developer has also been able to shave $40,000 of the price of select units thanks to the province’s limited-time housing HST rebate program, which will last until March 1, 2027.
Debbie Cosic, Founder and CEO of In2ition Realty, is Rosehaven’s sales and marketing partner for The Rebecca Residences. She says the program was pitched as a solution to the barrier of saving up for a large downpayment.
“The vast majority of the marketplace can afford $250 a week, but it’s really difficult to accumulate a large lump sum,” says Cosic. “If the average condo in Hamilton starts in the $300,000, you still need $60,000 downpayment. That's a big ticket for a first-time buyer or a younger move-up couple.”
While the buy now, pay later model — increasingly popularized by platforms like Afterpay and Klarna — offers an alternative way for consumers to afford large purchases, there can be drawbacks. For some, this model can encourage unwise spending and lead to debt accumulation.
But Ron Butler, Principal Broker at Butler Mortgage, says it depends on the buyer and their financial situation. “Somebody could start paying for their unit and then a year and a half later, they can't pay anymore and the developer seizes their deposit,” says Butler. “The other side is also true. It could give some people who can make that $250 a week, but can't save it up easily, a way to get into the market.”
He recommends people take a close look at their finances and spending habits before committing to an extended deposit program.
“Each individual potential buyer should make a choice based off of what they know about their own spending abilities at that time,” says Butler. “We're all adults. We all have the right to make a mistake, and we all have the right to have a chance.”
The Rebecca Residence (renderings)
The Rebecca Residences is expected to begin construction in Fall 2026, with occupancy in early 2030. Once completed, it will deliver 393 condo units to the John Rebecca Park corridor in downtown Hamilton. Units range in size from 423 to 717 sq. ft, and amenities include a fitness centre, yoga studio, co-working space, and a rooftop terrace with barbecues and outdoor dining areas.
