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The Court of Appeal upheld a summary judgment for damages from a failed real estate transaction and affirmed the motion judge's discretion to reduce the contractual interest rate.
This is an appeal from a summary judgment awarding damages for the appellants' failure to close a residential real estate transaction.
The appellants challenged the damages amount, arguing failure to mitigate and issues with expert evidence.
The respondent cross-appealed the prejudgment and postjudgment interest rates.
The Court of Appeal dismissed both the appeal, finding the appellants failed to discharge their onus on mitigation, and the cross-appeal, affirming the motion judge's discretion to depart from the contractual interest rate due to special circumstances (respondent's delay in marketing the property).
