I recently bought a 2001 XC70, with the 2.5 Turbo, at 150,000m. The timing belt was done recently, before I bought it. The CEL came on, and my neigbourhood mechanic said the code showed it was the valve timing solenoid. He fiddled with the solenoid (I think), and the light is now out. He says the solenoid probably needs to be replaced, the part (in Canada) could cost $150 or so, but the job will also require re-doing the timing belt (another $600), as the belt has to be removed and can get stretched. (I think that is roughly what he said.) He said to drive the car, but if I notice hesitation or that the timing seems off, I will need to replace the solenoid.

Anyone with experience with this? Can a valve timing solenoid be swapped out without having to re-do a new timing belt?