The City of Vancouver is preparing to start selling homes that are not currently in use as rental accommodation.
The property department will start selling properties that are used for temporary rental accommodation on Sept. 18.
The properties will only be available for a limited time, and then will have to be removed from the rental market.
The department said it will not offer new homes as rentals, as that would violate the city’s regulations, which require new rental homes to be at least 30 days old.
“We will only sell properties that were not originally used for rental purposes,” a spokesperson said.
“The department has worked closely with the City of Montreal and the City’s Planning and Housing Committee to identify new rental properties that can be sold in a reasonable period of time to provide renters with affordable and accessible rental housing options.”
The spokesperson said the department would be selling the properties at market rates, but that a property would only be sold for one year, as well as the lease term.
This is the third sale of a Vancouver-area rental property in 2017.
The first sale in March was for $3.8 million and the second was for more than $7 million.