The introduction of three new Status values in Paragon®, will clarify the true status of a listing for members as well as buyers and sellers. The new statuses will help with your day-to-day home search and give you a better sense of where a sale is within the lifecycle of a transaction. 

The new statuses include:

1. “Active Under Contract” — This status indicates the listing is still being actively marketed, but there is a conditional deal on the property. This is an optional status, to be decided with your seller.
2. “Pending” — Replacing the current “Sold” status, the new “Pending” status will be applied to listings that are unconditionally sold.
3. “Closed” — Listings will automatically move from “Pending” to “Closed” on the completion date.

Pending is the New Sold Status

The current “Sold” status can leave you wondering, “Has the deal closed? Has money changed hands?” The use of “Pending” and “Closed” together will add clarity. 

Starting in late-May or early-June the status will be set to “Pending” after subjects have been removed or after an unconditional offer has been accepted. When there is an unconditional deal on the property, the listing brokerage will send the contract to the MLS® Department at the Board office and MLS® staff will enter all the pertinent sale data. Your business practices won’t change, just the new status label.

The sold price of the listing will appear on Paragon® and Paragon Collaboration Centre once the status of the listing has been reported as “Pending”. 

Closed Indicates the Transaction is Complete

On the completion date, the status will be set to “Closed,” indicating title and money have changed hands. 

Source of Information: http://www.fvreb.bc.ca