The purchase from Angelina Forest Products will be funded with cash on hand and is expected to close after receiving U.S. regulatory approvals. The Vancouver-based company will provide further details about the transaction during its third-quarter earnings call on Oct. 28.
The east side of the park was closed in May to allow remediation work after hundreds of campers were moved to indoor housing. The campers moved to Strathcona after being forced out of two other city parks.
During a virtual summit, Prime Minister Justin Trudeau and his fellow G20 leaders discussed the crisis in Afghanistan created by the Taliban rout of Kabul's Western-backed government.
There are 5,183 active cases of COVID-19 in the province and 186,955 people who tested positive have recovered. Of the active cases, 357 individuals are in hospital and 153 are in intensive care. The remaining people are recovering at home in self-isolation.
Kareen Rispal, France's ambassador to Canada, said that in addition to unfinished business the two countries started before the COVID-19 pandemic, Macron wants to hear Trudeau's views on the alliance formed last month between the United States, Britain and Australia.
Health Minister Adrian Dix says 55 critically ill people have been transferred from the region to intensive care units elsewhere in the province and that 43 of them were infected with COVID-19, with all but one of them not being fully vaccinated.