Pine acquires Properly

Pine, the Canadian real estate startup backed by Intact Ventures, has acquired the brokerage and search portal of Properly Inc, a Canadian real estate startup that’s also backed by Intact’s venture arm.

Founded in 2018, Properly’s original proposition allowed homebuyers to purchase a new home before listing their current property on the market. If the home doesn’t sell on the market within 90 days, Properly buys it from the seller at the agreed-upon price.

The startup raised ~$70 million in equity and a similar figure in debt. Last year, Properly announced layoffs, and earlier this year it discontinued its buying and selling service.

In August, American real estate company Compass entered into a definitive agreement to acquire certain non-brokerage assets of Properly for $32 million in equity.

Founded in 2021, Pine allows Canadian homebuyers to apply for a mortgage in under 10 minutes. The startup has raised $40 in VC funding and has processed “billions” in mortgage applications.

“Pine’s vision has always been to support Canadians at every step of their homeownership journey by building innovative digital experiences. By acquiring Properly, we are dramatically increasing our reach and ability to provide a delightful, end-to-end home buying experience to more consumers. The company is a perfect complement to our existing mortgage platform.” – Justin Herlick, CEO of Pine.