It depends on whether you are the seller or buyer. If seller, it may mean a postponement while the bank works on a modification or a short sale. If you are a buyer, it may be an indication that the property is no longer available unless you are the party in the contract. You may want to smit a realtor who can point you in the right direction through our expertise and referral partners.
I assume you are the homeowner. What do you mean the trustee sale is off the calendar? Has it been postponed? If so, was this the 1st postponement? Have you contacted the Trustee to confirm that no new date has been set? The exact meaning is unknown without more information. Step 1 is contact the Trustee and confirm that there is no current date. Step 2 is contact your bank and check out the current status. Step 3 is do something to take control of your situation. Foreclosure processes don't just go away. Either short sale or modify the loan (permanent modification).
Typically 'off-calendar' means the lender is trying to work out a modification or short sale with the borrower and the Trustee has been asked to take the sale off the calendar. Be very careful, though. You should always contact your lender to confirm, or if you are doing a short sale, have your agent provide you with the proof -