Vancouver is considering the requirement of a $150 permit for homeowners who rent accommodation during the Olympics. Vancouver is considering the requirement of a $150 permit for homeowners who rent accommodation during the Olympics. (CBC)

City of Vancouver residents who rent out their homes to Olympic visitors during the 2010 Winter Games may first have to hand over $150 to city hall for a new permit.

According to city planner Celine Mauboules, the short-term rentals would be illegal without the proposed permit.

"Under our existing bylaw you're not allowed to rent under 30 days," said Mauboules on Thursday.

Houses and apartments close to official Games venues are reportedly renting for hundreds and even thousands of dollars a night to visitors during the Games.

Planning staff will present a report to council on the proposed permits on Tuesday. If the proposal is passed, people who rent out their homes without the permit could face a fine of $2,000.

The permit plan would be cost neutral, with the permit fees used to cover the cost of additional legal resources, according to Mauboules.