A new fintech platform has come online, allowing Canadians to save for housing by converting their daily purchases into contributions toward rent deposits and down payments.
Toronto-based startup Quarters announced the launch of its “Home Savings Rewards” program last week, which it says is the first of its kind in Canada. Unlike traditional loyalty platforms that offer points for travel or retail gift cards, Quarters directs rewards toward housing costs — an area where affordability concerns remain top of mind for many Canadians.
“Flights are nice, but how about we get Canadians into homes first?” Romir Joshi, CEO of Quarters, said in a statement.
Turning everyday spending into savings
Housing affordability has deteriorated sharply over the past few years. In many Canadian markets, the share of household income needed to carry the costs of owning a home has climbed to over 50% in 2024, up from about 39% in 2019, according to CMHC.
The agency also estimates that Canada needs to build at least 430,000 to 480,000 new units per year for the next decade just to restore affordability to pre-pandemic levels. Even with some recent improvement, housing costs remain well above historic norms.
To address these affordability issues, Quarters provides a way for consumers to make tangible savings towards their housing goals.
The platform allows users to link to debit and credit cards so that rewards accrue automatically on day-to-day transactions. Boosted rewards are available at partner businesses, and savings can later be redeemed toward rent deposits, down payments or even ongoing mortgage payments.
“Quarters turns everyday life into home savings, so progress happens automatically,” Jonathon Barbaro, CFA and co-founder of Quarters, told Money.ca. “From coffee to groceries, every transaction builds momentum toward a lease deposit or down payment.”
The company also emphasizes that users don’t need to give up other rewards programs. “They don’t have to switch,” Barbaro added. “Quarters stacks on top of existing credit card rewards and even covers debit spending, creating a ‘home savings boost’ Canadians can’t get anywhere else.”
Who stands to benefit from saving with Quarters
Housing affordability challenges have disproportionately affected younger Canadians, making it harder to save for major housing milestones.
According to Barbaro, the platform is aimed primarily at “Gen Z and Millennials, especially renters and first-time buyers.” But he stressed that overall, it’s “built for anyone who wants to reduce rent deposits or build toward buying a home, making housing goals feel possible again.”
Quarters also promises a seamless process when it comes to actually converting those spending rewards into housing benefits. “It’s effortless,” Barbaro said. “Rewards are tracked automatically and redeemed directly through our platform, reducing deposits, down payments and closing costs without any extra steps for the user.”
A broader movement?
The startup is positioning itself as more than just a fintech app, highlighting partnerships with businesses and real estate firms that support the platform. According to their recent launch statement, Quarters views itself as a “loyalty engine” where consumers can build meaningful progress toward housing goals, businesses can earn loyalty by accelerating savings and housing partners can engage with motivated customers.
Quarters believes that this will help create a community-based model in which consumer spending, business loyalty and housing providers all connect around the goal of improving affordability.
“Quarters isn’t a fringe perk, it’s the first rewards platform built for housing,” said Barbaro. “By embedding home savings into everyday life, it transforms routine spending into real progress toward affordability, while uniting consumers, businesses and real estate partners in a shared solution.”
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.