The fair market value of a Toronto apartment building was in issue because of its deemed disposition on the taxpayer's death. In rejecting the valuation of the Minister's expert, Campbell J noted that his valuation arrived at through the discounted cash flow method assumed that an unrealistically large number of tenants would vacate, thereby permitting rent increases. Campbell J stated (at para. 57):
Common sense dictates that, based on practicalities, tenants paying below-market rents would not vacate their units to relocate to at-market rentals, except in exceptional circumstances and [provided] they could not otherwise be forced out.