The applicant sought damages after the respondent wrongfully refused to discharge a vendor take-back mortgage upon full payment.
The respondent's refusal prevented the applicant from refinancing the property, causing him to lose a lucrative opportunity to purchase another commercial investment property.
The court found the respondent breached its contractual obligation to discharge the mortgage within a reasonable time and acted in bad faith.
The court awarded the applicant $150,375 in compensatory damages for the lost opportunity, but dismissed the claim for punitive damages as there was no independent actionable wrong.
