Wealthsimple and Pine unlock more choice when buying a home

TORONTO, ON (May 7, 2024) - Canadians are struggling, grappling with a higher cost of living and a housing affordability crisis. Wealthsimple has partnered with digital-first mortgage lender, Pine, to improve the experience of getting a mortgage with a quicker approval process and low rates. 

To help Canadians today, Wealthsimple chose to leverage Pine’s expertise in mortgage lending and digital platform to aid clients in their home buying journey. Additionally, the more assets a new or existing client holds at Wealthsimple, the better the deal they can secure through a Wealthsimple cash rebate.

“We know how hard our clients are working to save for a home, but they’re troubled by high interest rates and soaring house prices,” said Simon Lejeune, VP of Growth at Wealthsimple. “It’s time for mortgages to evolve and our partnership with Pine will help lessen the application and rate pain for millions of Canadians.”

Pine’s software automates many administrative tasks for their advisors and underwriters, saving time and money. On average, a mortgage application at one of Canada’s big banks takes one to three days to get a conditional rate, and another 30 to 45 days for processing. Wealthsimple clients can expect to get a personalized pre-approval rate in minutes from Pine and a formal approval in less than 48 hours. ​ 

“The mortgage industry has been outdated for decades, bogged down by administrative processes that haven’t really changed since mortgages were first introduced to Canadians in the 1940s,” said Justin Herlick, CEO and co-founder at Pine. “Right now, 80% of mortgages are controlled by the big banks, leaving millions of Canadians with no choice but to settle for opaque rates and unnecessary delays. It’s time for a change.”

_{About Wealthsimple}

_{Wealthsimple is one of Canada’s fastest growing and most trusted money management platforms. The company offers a full suite of simple, sophisticated financial products across managed investing, do-it-yourself trading, cryptocurrency, tax filing, spending and saving. Wealthsimple currently serves 3 million Canadians and holds over $30-billion assets. The company was founded in 2014 by a team of financial experts and technology entrepreneurs, and is headquartered in Toronto, Canada. To learn more, visit www.wealthsimple.com.}

_{Contact: press@wealthsimple.com}

_{About Pine}

_{Pine is an innovative technology company helping millions of Canadians secure low-rate mortgages quickly and conveniently. Backed by investors like Greylock and Inovia Capital, the company is revolutionizing the Canadian real estate industry on their quest to simplify the homeownership journey. The company is based in Toronto, with a presence across the country. Learn more at www.pine.ca.}