Here are the key benefits and implications of introducing the new statuses:
- The new “Active Under Contract” status will not alter the agent’s fiduciary duty. The listing is considered “Active” will still be visible on REALTOR.ca and Paragon.
- The usage of the “Active Under Contract” status is voluntary. Members and their clients can discuss whether to use this new status depending on their situation and needs.
- The new status values are a proactive response to legal challenges in Canada, aiming to stay ahead of mandates and ensure market transparency.
- If a conditional deal falls through, the listing status changes from “Active Under Contract” back to “Active,” triggering notifications to interested parties. This ensures potential buyers are promptly informed of status changes.
- The sold price will be displayed on Paragon® once a listing is changed to “Pending”.
- By introducing “Active Under Contact”, members can learn the true status of the listing and save themselves the trouble of contacting the listing agent.
We are pleased to advise that the implementation of the new status values on Paragon® is proceeding well and will take place in due course. Our team is dedicated to delivering an excellent product and is working to ensure that our rigorous quality assurance checks are tested, and standards are met before the launch. Thank you for your patience as we prepare for a seamless launch.