The Canadian developer Rosehaven Homes has unveiled an extended deposit program for potential buyers in the upcoming The Rebecca Residences condominium project in Hamilton, Ontario.
According to the company, purchasers can pay a deposit starting at $250 per week over a 48-month period. The payment cost is determined by the size of unit. The company added the payment model differs from the traditional method of making large installment payments before construction.
The 23-story condominium development offers 393 units. Available residences include one-bedroom units from 423 square feet starting in the $300,000s, one-bedroom-plus-dens units from 480 square feet starting in the $400,000s, and two-bedroom units from 717 square feet starting in the $500,000s.
Construction is scheduled to begin in the late autumn, with occupancy slated for early 2030.
“At a time when many Canadians have felt priced out, shut out, or forced to put homeownership on hold, The Rebecca Residences responds to one of the market’s most discouraging barriers: the challenge of coming up with large upfront deposit payments, even when the desire and long-term capacity to own are there,” said Stefano Guglietti, vice president of high-rise sales at Rosehaven Homes, who added the rollout of Ontario’s new limited-time housing harmonized sales tax (HST) rebate program enables Rosehaven to reduce its purchase prices even further.
“We are able to remove an average of approximately $40,000 from the price on select units,” Guglietti continued, noting the tax break is now available through March 1, 2027, and removes the full 13% HST on new construction homes priced up to $1 million.
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