The appellant, Wasif Rashidi, entered into a purchase agreement for a property valued at $998,230.
He failed to secure financing by the closing date (September 1, 2022), resulting in the sale falling through.
The respondent, M.T. Johnstone Construction Ltd., resold the property for $815,000 after unsuccessfully relisting it at a higher price.
The respondent was awarded $151,470.65 in damages, comprising:
$102,150.44 for the difference in sale price minus the appellant’s $60,000 deposit.
$49,320.21 for carrying costs, interest, and other expenses.
Appeal Grounds:
Oral Assignment Promise: The appellant claimed he was orally promised the right to assign the purchase agreement by his realtor, which was not honored. The court rejected this as the realtor was not acting on behalf of the respondent, and no evidence supported the claim.
Failure to Mitigate Damages: The appellant argued the respondent did not take reasonable steps to mitigate losses. This was dismissed as the court found the respondent acted reasonably.
Decision:
The appeal was dismissed, and the appellant was ordered to pay $11,000 in costs.
