The appellant vendor appealed a summary judgment that granted specific performance to purchasers of three townhomes and dismissed the vendor's motion for forfeiture of deposits.
The transactions failed to close on the scheduled date due to delayed mortgage funds.
The motion judge found the vendor in anticipatory breach for prematurely terminating the Agreement of Purchase and Sale (APS), ruling that the "time is of the essence" clause did not impose a specific closing time and that the vendor acted unreasonably.
The Court of Appeal upheld the motion judge's decision, finding no error in the interpretation of the "time is of the essence" clause or the finding of anticipatory breach and bad faith.
The Court also denied leave to appeal the costs award, finding no error in principle or irrationality in the quantum.
