The plaintiff brought a motion for summary judgment arising from the defendant's breach of an agreement of purchase and sale for a residential property in Mississauga.
The purchase price was $8,385,000 and the defendant failed to close the transaction after multiple extensions.
The parties agreed that carrying cost damages were $550,000, leaving only the loss of the benefit of the bargain in dispute.
The defendant argued the plaintiff failed to mitigate damages by not accepting a $7 million offer with a vendor takeback mortgage and by initially listing the property at the original price in a declining market, but led no expert or appraisal evidence despite being given an adjournment to do so.
The court found the plaintiff took reasonable steps to mitigate by relisting the property within two weeks and reducing the price on several occasions, and granted summary judgment for $1,835,000 in loss of bargain damages plus $550,000 in carrying costs.