On December 3, 2021, the parties signed an Agreement of Purchase and Sale for a property in Birchcliffe-Cliffside, Toronto, at $2,100,000, with closing set for February 17, 2022.
On December 7, 2021, the sellers (appellants) refused to proceed with the sale and later confirmed their repudiation through legal counsel.
The buyers (respondents) accepted the anticipatory breach on January 11, 2022, and their deposit was returned on February 8, 2022.
On April 25, 2022, they purchased a replacement home in the Beaches and later sued for damages.
Lower Court Decision:
Summary judgment awarded buyers $605,000:
$525,000 (property value difference).
$80,000 (increased borrowing costs and land transfer tax).
Court accepted the buyers’ expert valuation ($2,625,000) over the sellers’ expert ($2,200,000).
Appeal & Ruling:
Sellers argued valuation errors and requested a trial on damages.
The Court of Appeal upheld the decision, finding no errors in the motion judge’s assessment.
Appeal dismissed; sellers to pay $10,000 in costs.
