What is the meaning of the words “fair value” and “all market factors” in the appraiser’s report?

In my opinion, the pronouncement of Kerans J.A. that “[a]s between the mortgagee and the mortgagor, the fair value is the market value unless there are special considerations” is modified by the earlier references to the appraiser’s report. Kerans J.A. makes clear that the appraiser had taken into account “all market factors ... in establishing the market value”. In those circumstances, it is an error of law to artificially discount that figure to arrive at a fair value. The decision in Yorkshire Trust v. Armwest stands only for the proposition that where a fair value is arrived at upon a consideration of “all market factors” it follows that an appellate court will interfere where that fair value has been artificially discounted.