A lot of websites have perhaps been passing along misrepresentations of what del Toro said. He said nothing about Silent Hills being “canceled,” only that he wasn’t collaborating with Kojima anymore:
>>It’s important to note del Toro was speaking only on collaborating with Kojima, not whether or not the game has been cancelled. “You’ll have to go after Konami for those answers,” our source said.<<
Of course, this isn’t a direct and official source either, but I still suggest that fans wait for official announcements rather than freaking out because of some random dude’s twitter posts.
PT expiring also has nothing to do with anything, since demos often do that.