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.

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