ICICI allows you to deduct the shortfall from income rather than add it to liabilities. This is a significant advantage of this worksheet. Again, 100% of rental income and 100% of condo fees are used.

Our app also calculates the standard DSCR, whereas the worksheet does not add those additional calculations.

Also, it's important to note that Vacancy rates differ based on the property's location. Here is what we gathered.

Vacancy Rate Map
AB    5.50%
BC    1.40%
MB    2.90%
ON    1.80%
SK    8.70%
NF    6.00%
PEI    0.30%
NS    2.00%
NB    3.20%
QC    2.30%
NWT    1.90%

Some notes about vacancy rates

  • ICICI references Newfoundland as NF (not NL)
  • ICICI references Northwest territories as NWT (not NT)
  • No values for Yukon, so we use NT instead
  • No values for Nunavut, so we use NT instead


It needs to be clarified how ICICI treats HELOCs when it comes to the calculation of the minimum debt payments. In the app, we assume that ICICI uses HELOC balance instead of limit when amortizing it over 25 years using the BOC rate.