What is the test for determining that a defect in the value of a home is unique to the property and known on the date of valuation?
Ontario, Canada
The following excerpt is from 1510231 Ontario Limited v London (City), 2015 CanLII 20614 (ON ARB):
To support their argument that the defect as well as the cost to cure must be unique to the property and known on the valuation date, the City relies upon Gale v. Municipal Property Assessment Corporation, Region No. 3 [2014] O.A.R.B.D. No. 293 at para 14, (“Gale”), A willing buyer expects a certain level of repair from a property that it intends to purchase. Where there are obvious and unexpected immediate repairs required, such as a failing septic system, a buyer would reduce any offer to purchase by the cost of that repair. This is known as the ‘cost to cure’ adjustment and operates as a reduction from the market value of the property. ‘Cost to cure’ should only be applied where the repairs are immediate and unusual.
"The most advanced legal research software ever built."
The above passage should not be considered legal advice. Reliable answers to complex legal questions require comprehensive research memos. To learn more visit www.alexi.com.
Other Questions
If a property has been valued at a fair value after the date of a valuation date, can the value of the property change from its original valuation date to its current value? (Ontario, Canada)
What is the test for a party to determine the value of a property that they own on the Valuation Date Matrimonial Home? (Ontario, Canada)
Does a judge have to include the value of severance packages received by both parties after the date of valuation as property as of valuation day? (Ontario, Canada)
What steps must the Assessment Review Board take to determine the value of a property for purposes of property tax? (Ontario, Canada)
What factors are considered to be determinative in determining whether a person will be successful in their claim to be a property owner? (Ontario, Canada)
Is a chalet owner entitled to increase the value of the property as a result of the owner's efforts to improve its value? (Ontario, Canada)
What is the test for a court to determine whether a party to a claim against a property is entitled to sue the property owner? (Ontario, Canada)
What is the test for determining whether a latent defect in a building can be found to be a "latent defect" in a construction contract? (Ontario, Canada)
What is the test for determining whether a property is unique? (Ontario, Canada)
Is a wife entitled to a pro-rated portion of her income tax refund for the purposes of determining the value of her expenses? (Ontario, Canada)
