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Summary judgment of $930,000 granted to vendor for an abortive real estate transaction.
The applicant, DHMK Properties Inc., sought summary judgment for damages following the respondents' (2296608 Ontario Inc. and Mund Real Estate Group Inc.) repudiation of a real estate purchase agreement.
The respondents had refused to close a $5.3 million transaction and subsequently sued for specific performance with an abatement, which was dismissed.
DHMK claimed $930,000 in damages, representing the difference between the contract price and the property's market value, less the forfeited deposit.
The respondents argued DHMK failed to mitigate by refusing a post-judgment offer to complete the original contract and that the damages calculation was flawed by ignoring a warranty regarding net operating income.
The court granted summary judgment to DHMK for $930,000, affirming the standard measure of damages for breach of a land sale contract and rejecting the respondents' mitigation and damages calculation arguments.
