What is the test for determining fair market value for a real estate?
British Columbia, Canada
The following excerpt is from Kariminia v Nasser, 2018 BCSC 695 (CanLII):
The respondent seeks to rely upon current values for equivalent real estate but without adducing any admissible evidence on value. In want of any admissible evidence, I am unable to determine the fair market value, i.e., “the price at which a transaction would occur, in an open and unrestricted market between informed and prudent parties acting at arm's length, where neither party is acting under compulsion”: Maguire v. Maguire, 2016 BCCA 431 at para. 30 (emphasis in original).
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