After being accused of forcing subsidised seniors out of its assisted living facility purely for profit, the company that owns Terraces on 7th in Vancouver has changed its mind.

The company, Retirement Concepts, has decided that instead of evicting the 20 seniors, they can stay for now.

In a statement sent to CBC News Thursday, Retirement Concepts president Azim Jamal said Terraces on 7th has worked with Vancouver Coastal Health to find a solution that will allow them to continue to house those residents.

The statement also adds that they "regret any undue stress that this unfortunate situation has caused for residents and their families."

The original eviction would have meant the privately owned facility would only have kept residents who could pay the full rent.

The affected residents pay a portion of their rent, which is subsidized by Vancouver Coastal Health.

But now, Retirement Concepts says it will honour the contract it has with the subsidised residents, set to end in March 2019.

Once that date comes, the owner said they will work with VCH on longer term plans for the elderly renters.

With files from Megan Batchelor