The Toronto-based mortgage lender announced Thursday that it has completed its acquisition of Properly in an all-cash deal. In an interview with The Logic, Pine’s CEO and co-founder Justin Herlick said the deal will make Pine a “one-stop shop” for Canadians looking to find a home and apply for a mortgage. He declined to disclose the financial terms of the takeover. (The Logic)

Talking point: Properly’s real estate agents and less than 10 employees will remain with Pine, Herlick said. The previous leadership team has parted ways, he added. Last month, Properly CEO Anshul Ruparell announced in a LinkedIn post that he was exiting the business and that its non-brokerage real estate assets had been sold to New York-based proptech Compass in August. Properly, which says it has raised over $190 million to date in equity and debt capital, laid off 71 employees in late 2022 citing “one of the most significant corrections in the history of the Canadian housing market.” Herlick said Pine is able to weather the current market slowdown because its business is focused more on Canadians renewing their mortgages, not buying and selling homes.