It's not often there's a bargain to be found in the Vancouver real estate market, but today a slew of property goes under the hammer, at a fraction of its resale value.

Everything from west side single family homes to downtown condos are up for auction at the City of Vancouver's sale to reclaim unpaid property taxes — at starting prices mostly under $10,000.

There is a catch, of course: the current owners of the homes have one year following the auction sale to pay their arrears in full, plus interest accrued and any monies paid by buyers over the auction starting price.

But, while the home may never actually become yours, if the original owner does pay up within the year, you receive your money back plus six per cent interest. Purchases must be made by cheque, debit card or cash only.

Read the full list of properties available for purchase, and view a selection below.

#2108-1199 Seymour Street

Assessed land value: $280,000

Starting price: $2,553.92

Currently being advertised as a furnished rental for $2,095 per month.

1199 Seymour Street Vancouver

Currently listed as a furnished rental, this 21st floor apartment is listed for auction at $2,553.92 (rentitfurnished.com)

1231 Salsbury Drive

Assessed land value: $602,000

Starting price: $3,263.76

1231 Salsbury Drive

This property near Commercial Drive has a starting price of $3,263.76. (Google Street View)

1248 West 15th Avenue

Assessed land value: $882,000

Starting price: $6,419.52

Currently operating as Hycroft Suites, a four-unit vacation rental with rack rates of between $250 and $400 per night.

1248 West 15th Avenue

This property, at 1248 West 15th Ave, is currently operating as Hycroft Suites, a 4-unit vacation rental. (hycroft.com)

654 East Broadway

Assessed land value: $1,255,000

Starting price: $24,230.52

This mixed-use building has both living and commercial space.

654 East Broadway

The property at 654 East Broadway is home to a popular East Van restaurant. (Google maps.)

Corrections

  • The City of Vancouver auction started at 10 a.m. on November 12. An earlier version of this story was incorrect.
    Nov 12, 2015 4:50 PM PT