AbstractLarge‐scale transit projects, such as light rail, are transformational for cities due to their ability to attract investment, curb sprawl, and intensify urban areas. In part because of enhancements to the public realm and improved connectivity, areas along new transit lines witness significant growth and investment, making them less affordable for residents already there. However, very little research has examined experiences of transit‐induced gentrification, particularly at the early stages of a new transit project. The purpose of this article is to document these experiences from the perspective of those living along the planned LRT corridor in Hamilton, Ontario. Importantly, our research was conducted before construction started. Through in‐depth interviews with residents living within 800 m of the planned LRT route, we found disparate experiences of change and ongoing housing affordability concerns on an individual, neighbourhood, and city scale. Many Hamilton residents express a need for more community engagement and transparency in the decision‐making process. We detail these experiences and offer policy recommendations to inhibit further housing insecurity and displacement in light of the LRT development.