Background:

• • The High Profile Cannabis Corp (Defendant) purchased industrial land for $890,000 in 2019, financed by a Vendor Take Back Mortgage.
  • The mortgage, amended in 2021, had a balance of $347,000 with 5% interest, maturing in 2022.
  • The Defendant defaulted, and the Plaintiff initiated foreclosure proceedings in late 2022.

Dispute:

• Significant discrepancies in property valuations arose:
  • Plaintiff’s appraiser: Market value of $375,000; forced sale value of $320,000.
  • Defendant’s appraiser: Market value of $1,900,000; forced sale value of $1,650,000.
• Municipal assessment: $658,910 (2022).

Court’s Considerations:

• The Defendant’s appraiser’s comparables were critiqued but deemed not wholly unreliable.
• The Court emphasized ensuring a fair market process while considering factors like the mortgage maturity, interest rate, and the Defendant’s inability to redeem the property.

Decision:

• Redemption period set at one day from service of the Order.
• The property will be listed for 90 days at $1,900,000, reflecting the Defendant’s appraised market value.
• A realtor selected by the Plaintiff will handle the listing, with a commission cap of 3%.
• No monetary award was specified.