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Resale price to an arm's length purchaser is the presumptive fair market value for calculating damages.
The respondents failed to close a residential real estate transaction, and the appellants (vendors) sued for breach of contract.
At trial, the judge awarded damages based on an appraiser's assessment of fair market value rather than the actual resale price, finding the appellants failed to mitigate their damages.
The Divisional Court allowed the appeal, holding that the trial judge erred in law by bypassing the resale price as the presumptive fair market value and by relying on expert evidence that exceeded the appraiser's qualifications regarding marketing practices.
The Court awarded damages based on the difference between the original contract price and the resale price, plus certain expenses and legal fees.
Tribunal schedules further Case Management Conference to allow completion of field studies and settlement discussions.
The appellants appealed a Stop Order issued by the Ministry of the Environment, Conservation and Parks regarding the alleged destruction of species at risk habitat.
At a Case Management Conference, the parties advised that field studies were underway and the Stop Order was being complied with.
The Tribunal scheduled a further Case Management Conference for May 2022 to allow the parties to complete the studies and continue settlement discussions.
