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Pineapple Financial Inc. (NYSE American: PAPL), a tech-focused mortgage brokerage with an integrated network of partner brokerages and agents across Canada, today announced it has added three experienced Alberta-based teams to its network. This move represents the company's first foray into the Alberta market.
This expansion is expected to provide access to Alberta's rapidly growing economy, expanding population, and affordable housing options, and provide incremental revenue of more than $150 million in the next 12 months, said the company.
"Pineapple proudly welcomes industry leaders Brad Gavin, Cherie Birch, Ajay Menezes and their teams to our expanding network," stated Pineapple Chief Strategy Officer Christa Mitchell, "These teams will play a pivotal role in driving our success in the Alberta market."
According to Pineapple National Inc., a wholly owned subsidiary of Pineapple Financial Inc., the teams anticipate a surge in activity following the Bank of Canada's projected interest rate reductions later this year.
Mr. Menezes added, "We believe there will be increased opportunity for those who didn't qualify before, particularly those looking to move from private to alternative mortgages and alternative to prime rate products."
Mr. Gavin noted, "There will likely be tremendous potential to utilize available equity and re-amortize loans, enabling our clients to maintain lower payments."
Commenting on the ongoing provincial migration driven by the affordable housing options in the province, Ms. Birch said, "Alberta's appeal to investors and residents is undeniable. With accessible property prices and impressive rental returns, we've also seen an uptick in investors and out-of-province buyers looking to secure more accessible pricing options."
Echoing the sentiment, Mr. Menezes stated, "First-time homebuyers utilizing government incentives will continue to fuel this momentum, with developers focusing on building homes that cater to increased buyer demand in affordable housing."
All three teams added that they have ambitious plans for expansion and team development in 2024 by leveraging Pineapple's cutting-edge technology and training program to support their growth and revenue potential.
"Pineapple remains committed to supporting our partners' growth and success," concluded Ms. Mitchell. "We're excited to embark on this journey together, as we continue to expand rapidly across Canada."
Pineapple Financial Inc. now has operations in nine Canadian provinces, including Alberta, British Columbia, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Newfoundland and Labrador and PEI.
Posted In: PAPL
