Upon appeal, the appellants contended that the motion judge failed to address the issue of mitigation because the respondent had allegedly fallen short of taking reasonable steps to mitigate its damages and had only resold the property several months after the agreement’s termination. The appellants criticized the respondent’s practice of selling directly and internally through its own agents, instead of by listing through an agent and by advertising the property on the multiple listing service.
The Court of Appeal for Ontario dismissed the appeal. While the appellate court accepted that the appellants implicitly raised the question of mitigation in their statement of defence, it ruled that it was now too late to take issue, on appeal, with matters not properly addressed during the lower court’s proceedings.
The appellants failed to challenge the respondent’s two affidavits discussing the resale process during cross‑examination and failed to provide evidence showing that the respondent’s efforts to resell the property were unreasonable or that the respondent could have reasonably mitigated its damages, the appellate court said. The appellate court noted that the respondent presented uncontradicted appraisal evidence supporting its position.
The appellate court also dismissed the respondent’s cross-appeal, disagreeing with the respondent’s submission that s. 130 of the Courts of Justice Act, which discusses the court’s discretion to depart from prejudgment and postjudgment interest under s. 128 and s. 129, is exhaustive. The appellate court, noting that the motion judge had relied on her inherent jurisdiction to reduce the interest rate, said that a departure from a contractual interest rate is justifiable under special circumstances.
Canadian Real Estate Just Made The First Back-To-Back GDP Drop In Over A Year – Better Dwelling
In a competitive real estate market, it pays to shop smart – Vernon Morning Star
Today’s real estate market may seem a bit intimidating, especially for first-time buyers, “smart-sizers,” or those who are looking to move up. No matter what your position on the ladder, these days buying a home requires knowledgeable, expert advice, and not just to choose the right area.
When buying a home, some factors seem obvious, including its location, proximity to schools, and the commute to work, for example. You might also consider recreation opportunities nearby and whether the home will fit your family today, and tomorrow, note Value Plus 3% Real Estate’s Paula Skladan-Roughton and Nik Roughton.
Together, they can help you figure out what you need and want in a home in practical terms and also help you navigate the fast-paced sellers’ market that is today’s real estate reality.
Changes to how homes are purchased has meant changes to how they’re sold too, and many buyers find the process intimidating and confusing. It’s essential to find a local real estate team that brings their expertise to the table to make the complicated process of buying a home in today’s hot market as enjoyable as it can be. “We know what you can expect in today’s market and will make sure you’re prepared to meet the demands of a different way of buying and selling.”
More than bricks and mortar
Buying a home today is about far more than its physical location. To be successful, buyers need to be prepared to make an offer that will tick all the boxes for the seller and the buyer.
When a home comes onto the market, most sellers are offering limited showings, and then will accept offers within a certain timeframe, meaning buyers must be prepared with market know-how and a clear idea of their real estate needs, Paula notes. With only one chance to make a blind offer, you need to know how to play the game.
“This time can be an emotional roller-coaster for buyers, so it’s important to understand the current market dynamics so you can make the best offer you can,” Nik says, noting that by looking at the history of offers on similar houses vs. the final selling prices, they’ll take into account what you feel good about paying. “Your home is a big investment, so you want to make sure it’s the right home at the right price.”
Everyone is asking when the market will crash, but Nik notes that “the way we buy and sell houses has changed since the last market correction.”
Changes to government regulations on real estate sales have created more stability in the market, and Nik doesn’t expect a correction any time soon, especially in sought-after communities like Vernon, and with COVID showing that we can work from home.
“Buying a new home is an exciting time, and we can use our experience to help you make the best offer on the home you want,” Paula adds.
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What Sold: 31 Newport County real estate sales, transactions (July 25 – 31) – What'sUpNewp
Real estate, like any industry, is based on the foundation of supply and demand. Sellers are seeing premium prices for their homes due to low-interest rates and even lower inventory; which makes for a very competitive environment from a buyer’s perspective.
If you’re considering selling or simply want to know what your home may be worth in today’s market, I am offering confidential, complimentary, and no-strings-attached home value analyses to anyone interested.
If you have any real estate questions, please give me a call directly at 401-241-1851 or email me at TylerB@remaxnewportri.com.
In the meantime, here’s what sold in Newport County last week.
225 Ruggles Avenue sold for $9,391,635 on July 26. This 10,530 sq. ft home has 10 beds and 9.2 baths.
21 Chastellux Avenue sold for $7,100,000 on July 27. This 5,000 sq. ft home has 5 beds and 5.1 baths.
19 Stockholm Street sold for $645,200 on July 28. This 1,343 sq. ft home has 3 beds and 2 baths.
26 Mumford Avenue sold for $589,000 on July 30. This 1,320 sq. ft home has 3 beds and 1.1 baths.
50 Admiral Kalbfus Road sold for $410,000 on July 27. This 988 sq. ft home has 3 beds and 1.1 baths.
109 Church Street #3 sold for $360,000 on July 28. This 697 sq. ft home has 1 bed and 1 bath.
35 Pelham Street #E sold for $357,500 on July 28. This 810 sq. ft home has 1 bed and 1.1 baths.
241 Tuckerman Avenue sold for $1,265,000 on July 26. This 1,807 sq. ft home has 3 beds and 2 baths.
35 Bliss Mine Road sold for $705,000 on July 29. This 2,228 sq. ft home has 4 beds and 2 baths.
14 Pocahontas Drive sold for $535,000 on July 27. This 1,914 sq. ft home has 3 beds and 2.1 baths.
1 Wood Road sold for $445,000 on July 26. This 1,552 sq. ft home has 4 beds and 3 baths.
28 Stockton Drive sold for $355,000 on July 30. This 1,116 sq. ft home has 3 beds and 1 bath.
50 Eastover Road sold for $3, 200,000 on July 26. This 6,597 sq. ft home has 6 beds and 5.2 baths.
33 Strawberry Lane sold for $1,406,250 on July 26. This 3,407 sq. ft home has 4 beds and 3.1 baths.
1115 Anthony Road sold for $1,005,000 on July 29. This 2,176 sq. ft home has 4 beds and 4 baths.
25 Mary Lane sold for $745,200 on July 27. This 2,489 sq. ft home has 4 beds and 3 baths.
5 Benedict Avenue sold for $625,000 on July 30. This 2,276 sq. ft home has 4 beds and 3 baths.
120 Pheasant Drive sold for $612,500 on July 30. This 1,330 sq. ft home has 3 beds and 2 baths.
14 Pioneer Lane sold for $390,000 on July 29. This 1,288 sq. ft home has 4 beds and 1 bath.
59 King Phillip Street sold for $335,000 on July 30. This 1,200 sq. ft home has 3 beds and 1 bath.
338 340 West Main Road sold for $406,000 on July 29. This one-story home spans 1,536 sq. ft.
121 Steamboat Street sold for $699,900 on July 27. This 1,288 sq. ft home has 3 beds and 2 baths.
53 Conanicus Avenue #3F sold for $654,900 on July 30. This 1,309 sq. ft home has 2 beds and 2 baths.
274 Teaberry Lane sold for $800,000 on July 28. This 3,030 sq. ft home has 4 beds and 2.1 baths.
120 Horizon Drive sold for $515,000 on July 26. This 1,792 sq. ft home has 3 beds and 3.1 baths.
240 Hooper Street sold for $328,000 on July 30. This 1,154 sq. ft home has 3 beds and 1.1 baths.
60 Kaufman Road sold for $320,000 on July 30. This 1,254 sq. ft home has 3 beds and 1.1 baths.
1034 Stafford Road sold for $295,000 on July 28. This 1,150 sq. ft home has 2 beds and 1 bath.
23 Willow Street sold for $217,500 on July 30. This 546 sq. ft home has 1 bed and 1 bath.
15 Blackbird Street sold for $185,000 on July 29. This 960 sq. ft home has 2 beds and 1.1 baths.
100 Songbird Lane sold for $165,000 on July 30. This 1,300 sq. ft home has 2 beds and 2 baths.
Nothing to report.
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