Claim For Loss Of Opportunity Damages

Case Study: Akelius Canada Inc. v. 2436196 Ontario Inc. and B'Nei Fishel Corp

In Akelius Canada Inc. V. 2426196 Ontario Inc.,¹ J. Morgan ruled on the matter of whether a European based real estate investor who suffered a breach of contract by a seller in Toronto could be awarded damages based on a loss of opportunity to cash in on a local real estate boom.

Facts

On August 25, 2015, the parties entered into an agreement of purchase and sale for seven residential apartment buildings for a total price of $228,958,320. The payments were to be made in three installments with two deposits of one million and nine million dollars respectively with the final remaining balance being transferred by the agreed-upon closing date of January 7, 2016. On October 23, 2015, the plaintiff noted encumbrances on several of the properties that were a part of the transaction and were not permitted by the initial agreement. It resulted that the defendant either could not or would not