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id="i-network" viewBox="0 0 24 24"><circle cx="12" cy="12" r="3" fill="none" stroke="currentColor" stroke-width="2"/><circle cx="4" cy="6" r="2" fill="none" stroke="currentColor" stroke-width="2"/><circle cx="20" cy="6" r="2" fill="none" stroke="currentColor" stroke-width="2"/><circle cx="4" cy="18" r="2" fill="none" stroke="currentColor" stroke-width="2"/><circle cx="20" cy="18" r="2" fill="none" stroke="currentColor" stroke-width="2"/><path stroke="currentColor" stroke-width="2" d="M6 7l4 3M18 7l-4 3M6 17l4-3M18 17l-4-3"/></symbol>73 <symbol id="i-report" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M14 2H6a2 2 0 0 0-2 2v16a2 2 0 0 0 2 2h12a2 2 0 0 0 2-2V8zM14 2v6h6M8 17l3-4 2 2 3-5"/></symbol>74</svg>7576<a class="skip" href="#main">Aller au contenu</a>77<header class="topbar">78 <div class="topbar-inner">79 <a class="brand" href="/" aria-label="IMM1003 — accueil"><img class="brand-logo" src="/assets/brand/uqo-logo.png" alt="UQO" width="568" height="238"><span class="brand-sep"></span><span class="brand-text"><span class="brand-code">IMM1003</span><span class="brand-title">Éléments d’évaluation immobilière</span></span></a>80 <nav class="topnav" aria-label="Navigation principale"><div class="dd current"><button type="button" aria-expanded="false" aria-haspopup="true">Séances <span class="caret" aria-hidden="true">▾</span></button><div class="dd-menu wide"><div class="dd-part"><i style="background:#2976bb"></i>Partie I — Fondements de l’évaluation immobilière</div><a href="/seance/01/" data-ch="01"><span class="pastille" style="background:#2976bb">1</span><span>Introduction à l'évaluation immobilière</span></a><a href="/seance/02/" data-ch="02"><span class="pastille" style="background:#2976bb">2</span><span>Le cadre professionnel au Québec</span></a><a href="/seance/03/" data-ch="03"><span class="pastille" style="background:#2976bb">3</span><span>Les principes fondamentaux de l'évaluation</span></a><div class="dd-part"><i style="background:#0f8b8d"></i>Partie II — Valeur, marché et données</div><a href="/seance/04/" data-ch="04"><span class="pastille" style="background:#0f8b8d">4</span><span>La valeur : concepts et types</span></a><a href="/seance/05/" data-ch="05"><span class="pastille" style="background:#0f8b8d">5</span><span>Le marché immobilier québécois</span></a><a href="/seance/06/" data-ch="06"><span class="pastille" style="background:#0f8b8d">6</span><span>Collecte et analyse des données</span></a><a href="/seance/07/" data-ch="07"><span class="pastille" style="background:#0f8b8d">7</span><span>Examen mi-session : révision des blocs 1 et 2</span></a><div class="dd-part"><i style="background:#cca424"></i>Partie III — Les trois méthodes d’évaluation</div><a href="/seance/08/" data-ch="08"><span class="pastille" style="background:#cca424">8</span><span>La méthode de comparaison — Partie 1 : principes et sélection des comparables</span></a><a href="/seance/09/" data-ch="09"><span class="pastille" style="background:#cca424">9</span><span>La méthode de comparaison — Partie 2 : ajustements et réconciliation</span></a><a href="/seance/10/" data-ch="10"><span class="pastille" style="background:#cca424">10</span><span>La méthode du coût</span></a><a href="/seance/11/" data-ch="11"><span class="pastille" style="background:#cca424">11</span><span>La méthode du revenu — Partie 1 : du revenu brut au RNE</span></a><a href="/seance/12/" data-ch="12"><span class="pastille" style="background:#cca424">12</span><span>La méthode du revenu — Partie 2 : le taux et le DCF</span></a><div class="dd-part"><i style="background:#6b4fbb"></i>Partie IV — Synthèse et pratique professionnelle</div><a href="/seance/13/" data-ch="13"><span class="pastille" style="background:#6b4fbb">13</span><span>Le rapport d'évaluation</span></a><a href="/seance/14/" data-ch="14"><span class="pastille" style="background:#6b4fbb">14</span><span>Révision générale et cas intégrateur</span></a><div class="dd-part">Annexes</div><a href="/aide-memoire/"><span class="pastille">A</span><span>Aide-mémoire des formules</span></a><a href="/glossaire/"><span class="pastille">B</span><span>Glossaire</span></a><a href="/rapport/"><span class="pastille" style="background:var(--teal)">R</span><span>Rapport — Le marché de l’habitation au Québec</span></a></div></div><div class="dd"><button type="button" aria-expanded="false" aria-haspopup="true">Réviser <span class="caret" aria-hidden="true">▾</span></button><div class="dd-menu "><a href="/aide-memoire/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg></span><span>Aide-mémoire<span class="dd-desc">Toutes les formules commentées</span></span></a><a href="/glossaire/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span>Glossaire<span class="dd-desc">Termes du métier, équivalents anglais</span></span></a><a href="/definitions/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-list"/></svg></span><span>Toutes les définitions<span class="dd-desc">Les formulations attendues aux examens</span></span></a><a href="/fiches/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-cards"/></svg></span><span>Fiches de révision<span class="dd-desc">Recto-verso, suivi d’acquisition</span></span></a><a href="/carte/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-network"/></svg></span><span>Carte du cours<span class="dd-desc">Les 14 séances et leurs objectifs en un coup d’œil</span></span></a><a href="/exercices/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span>Banque d’exercices<span class="dd-desc">Tous les exercices corrigés</span></span></a></div></div><div class="dd"><button type="button" aria-expanded="false" aria-haspopup="true">S’exercer <span class="caret" aria-hidden="true">▾</span></button><div class="dd-menu "><a href="/quiz/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-quiz"/></svg></span><span>Quiz et examens blancs<span class="dd-desc">QCM avec rétroaction, chronomètre</span></span></a><a href="/entrainement/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-dumbbell"/></svg></span><span>Entraînement<span class="dd-desc">Problèmes à données aléatoires, corrigés pas à pas</span></span></a><a href="/jeux/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-game"/></svg></span><span>Jeux de révision<span class="dd-desc">Association, vrai ou faux, remise en ordre</span></span></a><a href="/outils/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-calc"/></svg></span><span>Calculateurs<span class="dd-desc">Les formules en interactif</span></span></a><a href="/progression/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-progress"/></svg></span><span>Ma progression<span class="dd-desc">Lecture, quiz, objectifs, notes</span></span></a></div></div><div class="dd"><button type="button" aria-expanded="false" aria-haspopup="true">Ressources <span class="caret" aria-hidden="true">▾</span></button><div class="dd-menu "><a href="/diapositives/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-slides"/></svg></span><span>Diapositives<span class="dd-desc">Les 14 présentations en ligne</span></span></a><a href="/ressources/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-download"/></svg></span><span>Téléchargements<span class="dd-desc">Manuel, plan, TP, gabarits Excel</span></span></a><a href="/rapport/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-report"/></svg></span><span>Rapport marché QC<span class="dd-desc">Indices de prix, macro, abordabilité — 26 sections, 67 figures</span></span></a><a href="/bibliographie/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-bib"/></svg></span><span>Bibliographie<span class="dd-desc">Références citées</span></span></a><a href="/recherche/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-search"/></svg></span><span>Recherche<span class="dd-desc">Tout le manuel indexé</span></span></a></div></div></nav>81 <div class="topbar-actions">82 <button class="icon-btn search-btn" type="button" data-action="search" aria-label="Rechercher"><svg class="" aria-hidden="true"><use href="#i-search"/></svg><span>Rechercher</span><kbd>⌘K</kbd></button>83 <button class="icon-btn" type="button" data-action="theme" aria-label="Thème clair ou sombre" title="Thème"><svg class="" aria-hidden="true"><use href="#i-sun"/></svg></button>84 <button class="icon-btn menu-btn" type="button" aria-label="Menu" aria-expanded="false"><svg class="" aria-hidden="true"><use href="#i-menu"/></svg></button>85 </div>86 </div>87 <div class="readbar"><div class="readbar-fill"></div></div>88</header>8990<main id="main" class="chapter-page" data-chapter="08" data-title="Séance 8 — La méthode de comparaison — Partie 1 : principes et sélection des comparables" data-words="9157">91 92<header class="ch-hero">93 <svg class="deco" viewBox="0 0 1200 300" preserveAspectRatio="xMaxYMin slice" aria-hidden="true"><circle cx="1090" cy="20" r="110"/><circle cx="1160" cy="110" r="160"/><circle class="gold" cx="990" cy="170" r="45"/></svg>94 <div class="watermark" aria-hidden="true">08</div>95 <div class="ch-hero-inner">96 <div class="eyebrow"><span class="part-chip">Partie III</span> Les trois méthodes d’évaluation · Séance 8 · IMM1003</div>97 <h1>La méthode de comparaison — Partie 1 : principes et sélection des comparables</h1>98 <div class="ch-sub">Éléments d’évaluation immobilière · Automne 2026 · Simon-Pierre Boucher · UQO</div>99 <div class="ch-meta">100 <span class="chip"><svg class="" aria-hidden="true"><use href="#i-list"/></svg> 8 sections</span>101 <span class="chip"><svg class="" aria-hidden="true"><use href="#i-book"/></svg> 4 définitions</span>102 <span class="chip"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg> 2 formules</span>103 <span class="chip"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg> 12 exemples</span>104 <span class="chip"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg> 5 exercices</span>105 <span class="chip"><svg class="" aria-hidden="true"><use href="#i-eye"/></svg> ≈ 51 min de lecture</span>106 107 108 </div>109 <div class="ch-tools">110 <a class="btn btn-ghost" href="/files/slides/seance08.pdf" target="_blank" rel="noopener"><svg class="" aria-hidden="true"><use href="#i-slides"/></svg> Diapositives (PDF)</a>111 <button class="btn btn-ghost" type="button" data-action="revision" aria-pressed="false"><svg class="" aria-hidden="true"><use href="#i-eye"/></svg> Mode révision</button>112 <button class="btn btn-ghost" type="button" data-action="tts"><svg class="" aria-hidden="true"><use href="#i-audio"/></svg> Écouter</button>113 <a class="btn btn-ghost" href="#quiz"><svg class="" aria-hidden="true"><use href="#i-quiz"/></svg> Quiz de la séance</a>114 </div>115 </div>116</header>117<div class="stepper-wrap"><nav class="stepper" aria-label="Sections"><a href="#s-8-1"><span class="n">1</span>Fondements de la méthode</a><a href="#s-8-2"><span class="n">2</span>La sélection des comparables</a><a href="#s-8-3"><span class="n">3</span>Les huit critères de comparaison</a><a href="#s-8-4"><span class="n">4</span>L'ordre d'application des ajustements</a><a href="#s-8-5"><span class="n">5</span>Les unités de comparaison</a><a href="#s-8-6"><span class="n">6</span>Étude de cas : bungalow du secteur Hull</a><a href="#s-8-7"><span class="n">7</span>Bonnes pratiques et limites de la méthode</a><a href="#s-8-8"><span class="n">8</span>Exercices</a><span class="rem" id="read-remaining"></span></nav></div>118 <div class="ch-layout">119 120<aside class="ch-toc" aria-label="Sommaire de la séance">121 <div class="toc-progress"><div class="bar"><i></i></div><span>0 % lu</span></div>122 <h4>Dans cette séance</h4>123 <ol><li class="lvl2"><a href="#s-8-1"><span class="toc-num">8.1</span><span>Fondements de la méthode</span></a></li><li class="lvl3"><a href="#s-8-1-1"><span class="toc-num">8.1.1</span><span>Définition et appellations</span></a></li><li class="lvl3"><a href="#s-8-1-2"><span class="toc-num">8.1.2</span><span>Le principe de substitution, fondement théorique</span></a></li><li class="lvl3"><a href="#s-8-1-3"><span class="toc-num">8.1.3</span><span>Quand la méthode s'applique-t-elle bien?</span></a></li><li class="lvl3"><a href="#s-8-1-4"><span class="toc-num">8.1.4</span><span>Le processus en six étapes</span></a></li><li class="lvl2"><a href="#s-8-2"><span class="toc-num">8.2</span><span>La sélection des comparables</span></a></li><li class="lvl3"><a href="#s-8-2-1"><span class="toc-num">8.2.1</span><span>Le portrait du comparable idéal</span></a></li><li class="lvl3"><a href="#s-8-2-2"><span class="toc-num">8.2.2</span><span>Les sources de données québécoises</span></a></li><li class="lvl3"><a href="#s-8-2-3"><span class="toc-num">8.2.3</span><span>La vérification : l'étape non négociable</span></a></li><li class="lvl2"><a href="#s-8-3"><span class="toc-num">8.3</span><span>Les huit critères de comparaison</span></a></li><li class="lvl3"><a href="#s-8-3-1"><span class="toc-num">8.3.1</span><span>Critère 1 : les droits de propriété transférés</span></a></li><li class="lvl3"><a href="#s-8-3-2"><span class="toc-num">8.3.2</span><span>Critère 2 : les conditions de financement</span></a></li><li class="lvl3"><a href="#s-8-3-3"><span class="toc-num">8.3.3</span><span>Critère 3 : les conditions de vente</span></a></li><li class="lvl3"><a href="#s-8-3-4"><span class="toc-num">8.3.4</span><span>Critère 4 : les dépenses à engager immédiatement après l'achat</span></a></li><li class="lvl3"><a href="#s-8-3-5"><span class="toc-num">8.3.5</span><span>Critère 5 : le temps (conditions de marché)</span></a></li><li class="lvl3"><a href="#s-8-3-6"><span class="toc-num">8.3.6</span><span>Critère 6 : la localisation</span></a></li><li class="lvl3"><a href="#s-8-3-7"><span class="toc-num">8.3.7</span><span>Critère 7 : les caractéristiques physiques</span></a></li><li class="lvl3"><a href="#s-8-3-8"><span class="toc-num">8.3.8</span><span>Critère 8 : les composantes non immobilières</span></a></li><li class="lvl2"><a href="#s-8-4"><span class="toc-num">8.4</span><span>L'ordre d'application des ajustements</span></a></li><li class="lvl2"><a href="#s-8-5"><span class="toc-num">8.5</span><span>Les unités de comparaison</span></a></li><li class="lvl2"><a href="#s-8-6"><span class="toc-num">8.6</span><span>Étude de cas : bungalow du secteur Hull</span></a></li><li class="lvl3"><a href="#s-8-6-1"><span class="toc-num">8.6.1</span><span>Le mandat et le sujet</span></a></li><li class="lvl3"><a href="#s-8-6-2"><span class="toc-num">8.6.2</span><span>Les comparables</span></a></li><li class="lvl3"><a href="#s-8-6-3"><span class="toc-num">8.6.3</span><span>Étape 1 : les ajustements transactionnels</span></a></li><li class="lvl3"><a href="#s-8-6-4"><span class="toc-num">8.6.4</span><span>Étape 2 : les ajustements de propriété</span></a></li><li class="lvl3"><a href="#s-8-6-5"><span class="toc-num">8.6.5</span><span>Étape 3 : l'ampleur des ajustements et la fiabilité</span></a></li><li class="lvl3"><a href="#s-8-6-6"><span class="toc-num">8.6.6</span><span>Étape 4 : la réconciliation et la conclusion</span></a></li><li class="lvl3"><a href="#s-8-6-7"><span class="toc-num">8.6.7</span><span>Étape 5 : la contre-vérification par sensibilité</span></a></li><li class="lvl2"><a href="#s-8-7"><span class="toc-num">8.7</span><span>Bonnes pratiques et limites de la méthode</span></a></li><li class="lvl3"><a href="#s-8-7-1"><span class="toc-num">8.7.1</span><span>Le code de conduite de la grille d'ajustement</span></a></li><li class="lvl3"><a href="#s-8-7-2"><span class="toc-num">8.7.2</span><span>Les limites intrinsèques</span></a></li><li class="lvl3"><a href="#s-8-7-3"><span class="toc-num">8.7.3</span><span>La comparaison à l'ère des évaluations automatisées</span></a></li><li class="lvl2"><a href="#s-8-8"><span class="toc-num">8.8</span><span>Exercices</span></a></li></ol>124 <div class="toc-extra">125 <a href="#objectifs"><svg class="" aria-hidden="true"><use href="#i-target"/></svg> Objectifs d’apprentissage</a>126 <a href="#synthese"><svg class="" aria-hidden="true"><use href="#i-clipboard"/></svg> L’essentiel de la séance</a>127 <a href="#quiz"><svg class="" aria-hidden="true"><use href="#i-quiz"/></svg> Testez-vous</a>128 <a href="/fiches/?ch=08"><svg class="" aria-hidden="true"><use href="#i-cards"/></svg> Fiches de la séance</a>129 <a href="/entrainement/"><svg class="" aria-hidden="true"><use href="#i-dumbbell"/></svg> Entraînement</a>130 <a href="/aide-memoire/"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg> Aide-mémoire</a>131 </div>132 <h4 style="margin-top:14px">Raccourcis</h4>133 <div style="font-size:.76rem;color:var(--gris)"><kbd>←</kbd> <kbd>→</kbd> séance précédente / suivante · <kbd>⌘K</kbd> recherche · sélectionnez un passage pour le surligner</div>134</aside>135 <div class="ch-body">136 <div class="revision-banner"><svg class="" aria-hidden="true"><use href="#i-eye"/></svg><span><strong>Mode révision</strong> — seuls les définitions, formules, mises en garde, « À retenir », notes marginales et la fiche synthèse sont affichés.</span><button class="btn btn-sm btn-ghost" type="button" data-action="revision-off">Quitter</button></div>137 <div style="display:flex;justify-content:flex-end;margin-bottom:8px"><button class="btn btn-sm btn-ghost" type="button" data-action="toggle-solutions">Révéler toutes les solutions</button></div>138 <article class="prose" id="notes">139 <p id="p8-1">Avec cette séance s'ouvre le bloc consacré aux <strong class="c-bleu">trois méthodes d'évaluation</strong>. Nous commençons par la plus intuitive et la plus utilisée d'entre elles : la <span class="motcle" data-term="méthode de comparaison">méthode de comparaison</span>, dite aussi méthode de parité. Son idée maîtresse tient en une phrase : un bien vaut ce que le marché paie pour des biens semblables. Toute la technique — sélection des comparables, vérification des ventes, critères de comparaison, ajustements — ne fait que discipliner ce raisonnement naturel, celui-là même qu'adopte spontanément un acheteur qui « magasine ». Ce chapitre pose les fondements : le principe de substitution, les conditions d'application, la sélection et la vérification des comparables, puis les huit critères de comparaison et leur ordre d'application, illustrés par une étude de cas complète dans le secteur Hull de Gatineau. La séance 9 approfondira le calcul des ajustements et la réconciliation.</p>140<section class="box box-obj" id="objectifs"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-target"/></svg></span><span class="box-label">Objectifs d’apprentissage</span><span class="obj-progress" aria-live="polite"></span></div><div class="box-body"><ul><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-8-1" data-obj="obj-8-1"><span class="obj-text">Définir la méthode de comparaison et la rattacher au principe de substitution;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-8-2" data-obj="obj-8-2"><span class="obj-text">Reconnaître les conditions de marché favorables et défavorables à son application;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-8-3" data-obj="obj-8-3"><span class="obj-text">Sélectionner des ventes comparables selon des critères rigoureux et les vérifier auprès des sources québécoises;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-8-4" data-obj="obj-8-4"><span class="obj-text">Distinguer les huit critères de comparaison et le rôle de chacun;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-8-5" data-obj="obj-8-5"><span class="obj-text">Appliquer les ajustements dans le bon ordre : transactionnels en séquence, puis ajustements de propriété additifs;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-8-6" data-obj="obj-8-6"><span class="obj-text">Choisir l'unité de comparaison appropriée au type de bien;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-8-7" data-obj="obj-8-7"><span class="obj-text">Compléter une grille d'ajustement simple et en tirer une conclusion de valeur motivée.</span></label></li></ul></div></section>141<h2 id="s-8-1" class="h-section"><span class="h-num">8.1</span><span class="h-text">Fondements de la méthode</span><a class="h-anchor" href="#s-8-1" aria-label="Lien vers cette section">#</a></h2>142<h3 id="s-8-1-1" class="h-subsection"><span class="h-num">8.1.1</span><span class="h-text">Définition et appellations</span><a class="h-anchor" href="#s-8-1-1" aria-label="Lien vers cette section">#</a></h3>143<div class="box box-def" id="def-8-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 8.1</span><span class="box-title">— méthode de comparaison</span><a class="box-anchor" href="#def-8-1" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-9">La <strong>méthode de comparaison</strong> (<em>Sales Comparison Approach</em>) estime la valeur d'un bien en le comparant à des <strong>biens similaires récemment vendus</strong> sur le même marché. Les prix de vente des comparables sont <strong>ajustés</strong> pour refléter leurs différences avec le bien sujet, afin d'en déduire une <strong>indication de valeur</strong>.</p></div></div>144<p id="p8-10">La littérature emploie plusieurs appellations équivalentes<label for="sn-8-1" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-8-1" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">Parité = comparaison = SCA = DCA : quatre noms, une seule méthode.</span> : méthode de parité, approche par comparaison directe, <em>Sales Comparison Approach</em> (SCA) ou <em>Direct Comparison Approach</em> (DCA). C'est la méthode privilégiée pour les <strong>propriétés résidentielles</strong>, les <strong>terrains vacants</strong> et, plus généralement, tout bien disposant d'un <strong>marché actif</strong> de transactions comparables.</p>145<h3 id="s-8-1-2" class="h-subsection"><span class="h-num">8.1.2</span><span class="h-text">Le principe de substitution, fondement théorique</span><a class="h-anchor" href="#s-8-1-2" aria-label="Lien vers cette section">#</a></h3>146<div class="box box-def" id="def-8-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 8.2</span><span class="box-title">— principe de substitution appliqué à la comparaison</span><a class="box-anchor" href="#def-8-2" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-11">Un acheteur rationnel et informé ne paiera pas plus pour un bien que le <strong>coût d'acquisition d'un substitut équivalent</strong> offrant la même utilité. La valeur d'un bien est donc <strong>bornée</strong> par les prix payés pour des biens comparables sur le marché.</p></div></div>147<p id="p8-12">Ce principe, déjà rencontré à la séance 3, devient ici opérationnel. La logique économique se déroule en quatre temps : le marché fixe les prix par le jeu de l'<strong>offre et de la demande</strong>; les transactions passées révèlent le <strong>comportement effectif des acheteurs</strong> (et non leurs intentions déclarées); les ajustements mesurent la <strong>valeur marginale</strong> que le marché attribue à chaque différence entre le sujet et un comparable; enfin, la <strong>réconciliation</strong> des indications produit l'opinion de valeur. La méthode ne demande pas à l'évaluateur ce que vaut le bien : elle le demande au marché, et l'évaluateur traduit.</p>148<p id="p8-13">La validité du raisonnement repose toutefois sur des hypothèses qu'il faut savoir énoncer, car chacune, si elle est violée, fragilise la conclusion<label for="sn-8-2" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-8-2" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">Cinq hypothèses : marché actif, parties rationnelles, substituts disponibles, pas de contraintes inhabituelles, délai raisonnable.</span> : un marché actif générant des transactions récentes; des acheteurs et vendeurs rationnels et informés; des biens substituables effectivement disponibles; l'absence de contraintes inhabituelles; un délai de mise en marché raisonnable. On reconnaît là, presque mot pour mot, les éléments constitutifs de la définition de la valeur marchande — ce n'est pas un hasard : la méthode de comparaison est la traduction la plus directe de cette définition.</p>149<p id="p8-14">Il vaut la peine de s'arrêter un instant sur ce que la méthode suppose du marché, car c'est ce qui fait sa force épistémologique. Un prix de vente n'est pas une opinion : c'est une <strong class="c-bleu">préférence révélée</strong>, le point où un acheteur réel a engagé son propre argent et où un vendeur réel a accepté de se départir de son bien. Chaque transaction condense ainsi des dizaines de jugements individuels — sur le quartier, sur l'état du bâtiment, sur l'avenir des taux — que personne, pas même l'évaluateur le plus expérimenté, ne saurait reconstituer par introspection. La théorie économique parle de <span class="motcle" data-term="prix hédoniques">prix hédoniques</span> : le prix d'un bien hétérogène se décompose en prix implicites de ses caractéristiques (tant pour un pied carré, tant pour un garage, tant pour la tranquillité d'une rue). L'évaluateur qui ajuste une grille fait, sans le formaliser, de l'économétrie hédonique artisanale : il estime les prix implicites à partir d'un petit échantillon local, là où le statisticien les estimerait par régression sur des milliers d'observations. Garder cette parenté en tête aide à comprendre à la fois la légitimité des ajustements — ils existent réellement dans les prix — et leur fragilité — un petit échantillon les mesure avec bruit.</p>150<div class="box box-rem" id="remarque-8-15"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pen"/></svg></span><span class="box-label">Une méthode, deux tempéraments</span><a class="box-anchor" href="#remarque-8-15" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-16">La même mécanique sert deux usages de tempérament opposé. Dans un mandat d'évaluation, elle produit une <em>opinion de valeur</em> prudente et documentée. Dans la négociation courante, acheteurs et courtiers la pratiquent intuitivement — « la maison d'à côté s'est vendue tant » — mais sans vérification des ventes ni discipline des signes. La différence entre les deux n'est pas l'idée, c'est la <em>rigueur</em> : tout ce chapitre peut se lire comme l'ensemble des garde-fous qui séparent l'impression de marché d'une preuve de marché.</p></div></div>151<h3 id="s-8-1-3" class="h-subsection"><span class="h-num">8.1.3</span><span class="h-text">Quand la méthode s'applique-t-elle bien?</span><a class="h-anchor" href="#s-8-1-3" aria-label="Lien vers cette section">#</a></h3>152<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Conditions favorables</th><th>Conditions défavorables</th></tr></thead><tbody><tr><td>Marché actif avec suffisamment de ventes comparables</td><td>Peu ou pas de ventes comparables</td></tr><tr><td>Biens relativement homogènes (secteur résidentiel type)</td><td>Biens uniques ou spécialisés (église, hôpital, usine sur mesure)</td></tr><tr><td>Données de vente disponibles et vérifiables</td><td>Données non fiables ou inaccessibles</td></tr><tr><td>Conditions de marché stables ou ajustables</td><td>Marché inactif ou en transition rapide</td></tr><tr><td>Biens standards</td><td>Nombreuses conditions de vente atypiques</td></tr></tbody></table></div></div>153<div class="box box-rem" id="remarque-8-17"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pen"/></svg></span><span class="box-label">Quand la comparaison cède le pas</span><a class="box-anchor" href="#remarque-8-17" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-18">Lorsque la méthode de comparaison ne peut s'appliquer efficacement, on se tourne vers la <strong>méthode du coût</strong> (biens spécialisés sans marché) ou la <strong>méthode du revenu</strong> (immeubles locatifs, où l'acheteur raisonne en rendement). Le choix de la méthode dominante découle toujours de la façon dont <em>le marché lui-même</em> raisonne pour le type de bien évalué.</p></div></div>154<h3 id="s-8-1-4" class="h-subsection"><span class="h-num">8.1.4</span><span class="h-text">Le processus en six étapes</span><a class="h-anchor" href="#s-8-1-4" aria-label="Lien vers cette section">#</a></h3>155<div class="center"><div class="tikz"><img src="/assets/fig/ddd6330ec205be6c.svg" alt="Figure" width="418" height="229" style="width:min(100%,607px)" loading="lazy" decoding="async"></div></div>156<p id="p8-19">Chaque étape conditionne la suivante : des comparables mal choisis (étape 1) ou mal vérifiés (étape 2) ne peuvent être rachetés par des ajustements raffinés (étape 4). En pratique professionnelle, la moitié du temps d'un mandat résidentiel se passe aux étapes 1 et 2 — et c'est du temps bien investi.</p>157<h2 id="s-8-2" class="h-section"><span class="h-num">8.2</span><span class="h-text">La sélection des comparables</span><a class="h-anchor" href="#s-8-2" aria-label="Lien vers cette section">#</a></h2>158<h3 id="s-8-2-1" class="h-subsection"><span class="h-num">8.2.1</span><span class="h-text">Le portrait du comparable idéal</span><a class="h-anchor" href="#s-8-2-1" aria-label="Lien vers cette section">#</a></h3>159<div class="box box-def" id="def-8-3"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 8.3</span><span class="box-title">— comparable idéal</span><a class="box-anchor" href="#def-8-3" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-20">Un <span class="motcle" data-term="comparable">comparable</span> idéal est une propriété <strong>identique</strong> au bien sujet, vendue récemment, dans des conditions de marché normales, dans le même secteur. Comme il n'existe à peu près jamais, on recherche en pratique les biens les plus <strong>similaires possible</strong>, en acceptant que chaque différence résiduelle devra être ajustée.</p></div></div>160<p id="p8-21">Six critères guident la sélection :</p>161<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Critère</th><th>Description</th></tr></thead><tbody><tr><td>Proximité géographique</td><td>Même quartier ou secteur comparable (voisinage similaire)</td></tr><tr><td>Date de vente récente</td><td>Idéalement moins de 6 mois; acceptable jusqu'à 12 à 18 mois avec ajustement temporel</td></tr><tr><td>Similarité physique</td><td>Type, taille, âge, état, nombre de pièces</td></tr><tr><td>Conditions de vente</td><td>Transaction libre, sans lien de dépendance</td></tr><tr><td>Usage similaire</td><td>Même type d'utilisation (résidentiel, commercial…)</td></tr><tr><td>Nombre suffisant</td><td>Minimum 3, recommandé 3 à 5, idéalement davantage</td></tr></tbody></table></div></div>162<div class="box box-rem" id="remarque-8-22"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pen"/></svg></span><span class="box-label">Pourquoi trois comparables au minimum?</span><a class="box-anchor" href="#remarque-8-22" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-23">Trois points de données permettent de dégager une <strong>tendance</strong> et réduisent le risque qu'une transaction atypique isolée dicte la conclusion. Les CUSPAP (édition 2026) n'imposent pas de nombre magique : elles exigent un nombre <em>suffisant</em> pour appuyer la conclusion — c'est un standard de preuve, pas un quota.</p></div></div>163<p id="p8-24">Quand les comparables se font rares, on applique une <strong class="c-bleu">hiérarchie de qualité</strong><label for="sn-8-3" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-8-3" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">Hiérarchie : même quartier récent <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>></mo></mrow><annotation encoding="application/x-tex">></annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.5782em;vertical-align:-0.0391em;"></span><span class="mrel">></span></span></span></span> quartier similaire <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>></mo></mrow><annotation encoding="application/x-tex">></annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.5782em;vertical-align:-0.0391em;"></span><span class="mrel">></span></span></span></span> même quartier plus ancien <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>></mo></mrow><annotation encoding="application/x-tex">></annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.5782em;vertical-align:-0.0391em;"></span><span class="mrel">></span></span></span></span> secteur élargi <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>></mo></mrow><annotation encoding="application/x-tex">></annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.5782em;vertical-align:-0.0391em;"></span><span class="mrel">></span></span></span></span> inscriptions actives.</span> : d'abord les ventes récentes du même quartier; puis les ventes récentes d'un quartier similaire; puis les ventes un peu plus anciennes du même quartier; puis le secteur élargi comparable; enfin, à titre de données secondaires seulement, les inscriptions actives et offres refusées — qui indiquent un plafond (le marché n'a pas encore accepté ce prix), jamais une valeur.</p>164<p id="p8-25">En pratique, la recherche procède <strong class="c-bleu">en entonnoir</strong> : on part d'une requête large, puis on resserre tant que le bassin de candidats le permet, et l'on relâche un critère à la fois — en le documentant — dès que le bassin s'assèche. L'ordre de relâchement n'est pas arbitraire : on élargit d'abord la <em>période</em> (de 6 à 12, puis 18 mois, en sachant que l'ajustement temporel compensera), ensuite le <em>périmètre</em> (du quartier au secteur comparable), et seulement en dernier recours la <em>similarité physique</em>, car c'est elle qui engendre les ajustements les plus incertains.</p>165<div class="box box-ex" id="ex-8-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 8.1</span><span class="box-title">— recherche en entonnoir dans Centris</span><a class="box-anchor" href="#ex-8-1" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-26">Sujet : bungalow de <span class="num">1200</span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> dans le Vieux-Gatineau. Requête initiale — bungalows vendus, même district, 6 derniers mois, <span class="num">1000</span>–<span class="num">1400</span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> : <strong>2 résultats</strong>. Insuffisant. Élargissement no 1 — période portée à 12 mois : <strong>5 résultats</strong>, dont une vente de succession (exclue après vérification) : 4 candidats. Élargissement no 2 (non nécessaire ici, mais préparé) : districts limitrophes comparables. La note au dossier consigne l'entonnoir : « bassin initial insuffisant (2 ventes); période étendue à 12 mois avec ajustement temporel au prorata; une vente exclue pour condition de succession ». Le lecteur du rapport peut ainsi reconstituer — et contester s'il y a lieu — chaque décision de sélection.</p></div></div>166<h3 id="s-8-2-2" class="h-subsection"><span class="h-num">8.2.2</span><span class="h-text">Les sources de données québécoises</span><a class="h-anchor" href="#s-8-2-2" aria-label="Lien vers cette section">#</a></h3>167<div class="box box-qc" id="quebec-8-27"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-map"/></svg></span><span class="box-label">Où trouve-t-on les comparables au Québec?</span><a class="box-anchor" href="#quebec-8-27" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-28">Les sources principales : <strong>Centris</strong> (le système MLS de l'APCIQ — inscriptions, ventes, prix et conditions), <strong>JLR / Registrex</strong> (prix de vente confirmés par acte notarié), le <strong>Registre foncier</strong> (actes de vente, hypothèques, servitudes; consultation en ligne tarifée) et le <strong>rôle d'évaluation municipal</strong> (valeur foncière, dimensions, année de construction). En complément : les rapports de la <strong>SCHL</strong>, les banques de données internes du bureau, le dossier municipal (permis, zonage), les courtiers (conditions de vente) et, si possible, l'inspection physique des comparables.</p></div></div>168<h3 id="s-8-2-3" class="h-subsection"><span class="h-num">8.2.3</span><span class="h-text">La vérification : l'étape non négociable</span><a class="h-anchor" href="#s-8-2-3" aria-label="Lien vers cette section">#</a></h3>169<div class="box box-att" id="attention-8-29"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-warning"/></svg></span><span class="box-label">Vérifier avant d'utiliser</span><a class="box-anchor" href="#attention-8-29" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-30">Avant d'intégrer un comparable à la grille, l'évaluateur <strong>doit</strong> confirmer cinq choses : (1) le <strong>prix réel</strong> de la transaction (et non le prix demandé); (2) les <strong>conditions de vente</strong> — vente libre, lien de dépendance, vente forcée; (3) le <strong>financement</strong> — conditions de marché normales ou reprise de balance; (4) les <strong>inclusions et exclusions</strong> — meubles, équipements, crédits au vendeur; (5) la <strong>motivation des parties</strong>. Une seule vente mal vérifiée contamine l'analyse entière.</p></div></div>170<p id="p8-31">Certaines transactions doivent être <strong class="c-rouge">exclues d'office ou lourdement ajustées</strong><label for="sn-8-4" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-8-4" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-terme"><strong class="sn-term">Vente avec lien de dépendance</strong> Transaction entre parties liées (famille, associés) : prix généralement hors marché.</span> : ventes entre parties liées, ventes sous contrainte (faillite, saisie, succession pressée), ventes à financement non conventionnel (balance de prix significative), ventes avec inclusions inhabituelles. Au Québec, la promesse d'achat — le formulaire de courtage — précise les inclusions et exclusions : c'est une pièce à vérifier systématiquement.</p>171<div class="box box-terrain" id="terrain-8-32"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-hardhat"/></svg></span><span class="box-label">Sur le terrain</span><a class="box-anchor" href="#terrain-8-32" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-33">Comment vérifie-t-on concrètement une vente? On croise Centris (prix de vente déclaré, délai de mise en marché, remarques de l'inscription), l'acte publié au Registre foncier (prix officiel, identité des parties — un même nom de famille de part et d'autre met la puce à l'oreille) et, au besoin, un appel au courtier inscripteur : « La vente s'est-elle conclue avec des inclusions particulières? Y avait-il un contexte de succession? » Les courtiers collaborent volontiers : ils auront besoin de l'évaluateur au dossier suivant.</p></div></div>172<h2 id="s-8-3" class="h-section"><span class="h-num">8.3</span><span class="h-text">Les huit critères de comparaison</span><a class="h-anchor" href="#s-8-3" aria-label="Lien vers cette section">#</a></h2>173<p id="p8-34">Toute différence entre le sujet et un comparable se range dans l'une de huit familles, que la doctrine ordonne en deux groupes : les <strong>ajustements transactionnels</strong> (critères 1 à 5), qui corrigent la transaction elle-même et s'appliquent <em>en séquence</em>, et les <strong>ajustements de propriété</strong> (critères 6 à 8), qui corrigent les caractéristiques du bien et sont <em>additifs</em>.</p>174<div class="center"><div class="tikz"><img src="/assets/fig/fde7893e6de81628.svg" alt="Figure" width="448" height="212" style="width:min(100%,649px)" loading="lazy" decoding="async"></div></div>175<h3 id="s-8-3-1" class="h-subsection"><span class="h-num">8.3.1</span><span class="h-text">Critère 1 : les droits de propriété transférés</span><a class="h-anchor" href="#s-8-3-1" aria-label="Lien vers cette section">#</a></h3>176<p id="p8-35">Le prix d'un comparable dépend de la <strong>nature des droits</strong> transférés : comparer une pleine propriété à un droit démembré, c'est comparer deux marchandises différentes.</p>177<div class="box box-qc" id="quebec-8-36"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-map"/></svg></span><span class="box-label">Usus, fructus, abusus</span><a class="box-anchor" href="#quebec-8-36" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-37">Au Québec, le droit de propriété est régi par le Code civil (art. 947 et s. C.c.Q.). La pleine propriété réunit trois attributs : l'<strong>usus</strong> (le droit d'user du bien — l'occuper, s'en servir), le <strong>fructus</strong> (le droit d'en percevoir les fruits — loyers, revenus) et l'<strong>abusus</strong> (le droit d'en disposer — vendre, hypothéquer, démolir). Tout démembrement — usufruit, emphytéose, servitude — retire un ou plusieurs attributs et <strong class="c-rouge">réduit la valeur</strong> du droit évalué.</p></div></div>178<p id="p8-38">En pratique : la pleine propriété commande la valeur maximale; une propriété sur terrain loué (bail emphytéotique) vaut moins; une copropriété divise se compare à des fractions équivalentes (en tenant compte des charges communes); une propriété grevée d'une servitude se déprécie selon l'impact de celle-ci.</p>179<div class="box box-ex" id="ex-8-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 8.2</span><span class="box-title">— le comparable emphytéotique</span><a class="box-anchor" href="#ex-8-2" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-39">Parmi les candidats retenus pour évaluer une maison en pleine propriété, une vente à <span class="num">365 000 $</span> détonne : la vérification au Registre foncier révèle une emphytéose — le terrain appartient à un tiers, et il reste 22 ans au bail. L'acheteur n'a acquis ni l'abusus complet ni la perpétuité : il a payé un droit <em>différent</em>, structurellement moins cher qu'une pleine propriété équivalente (souvent de 15 à 25 % selon la durée résiduelle et la rente). Deux traitements sont défendables : exclure la vente — le plus prudent, car chiffrer l'écart exige une analyse actuarielle du bail — ou, si les données du bail le permettent, la convertir en équivalent pleine propriété avec démonstration à l'appui. Ce qu'on ne peut pas faire : la glisser telle quelle dans la grille. C'est exactement le genre de piège que le critère 1 est chargé d'attraper, et la raison pour laquelle il s'applique <em>en premier</em>.</p></div></div>180<h3 id="s-8-3-2" class="h-subsection"><span class="h-num">8.3.2</span><span class="h-text">Critère 2 : les conditions de financement</span><a class="h-anchor" href="#s-8-3-2" aria-label="Lien vers cette section">#</a></h3>181<p id="p8-40">Un financement <strong>non conventionnel</strong> peut gonfler le prix payé : l'acheteur « achète » à la fois l'immeuble et un avantage financier.</p>182<div class="box box-ex" id="ex-8-3"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 8.3</span><span class="box-title">— reprise de balance à taux avantageux</span><a class="box-anchor" href="#ex-8-3" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-41">Un comparable s'est vendu <span class="num">425 000 $</span> avec une reprise de balance de <span class="num">100 000 $</span> consentie par le vendeur à 2 %, alors que le taux du marché est de 5 %. L'acheteur économise environ 3 points d'intérêt sur <span class="num">100 000 $</span> pendant la durée de la balance — un avantage dont la valeur actualisée avoisine <span class="num">10 000 $</span>. Ce montant a vraisemblablement été payé <em>en sus</em> de la valeur de l'immeuble. <strong>Ajustement :</strong> <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mtext> </mtext><mn>10</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">-\,10\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>, ramenant le comparable à un prix « comptant équivalent » de <span class="num">415 000 $</span>. C'est toujours l'objectif de ce critère : retrouver le prix qu'aurait commandé la transaction en financement de marché.</p></div></div>183<p id="p8-42">Les situations à dépister : reprise de balance à taux avantageux, financement partiel par le vendeur, crédit au vendeur pour réparations, taux sous le marché assumé par l'acheteur.</p>184<h3 id="s-8-3-3" class="h-subsection"><span class="h-num">8.3.3</span><span class="h-text">Critère 3 : les conditions de vente</span><a class="h-anchor" href="#s-8-3-3" aria-label="Lien vers cette section">#</a></h3>185<p id="p8-43">Ce critère filtre les transactions dont les <strong>circonstances</strong> ont écarté le prix du marché<label for="sn-8-5" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-8-5" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">La transaction <em>libre</em> est l'étalon : c'est elle qui incarne la définition de la valeur marchande.</span> :</p>186<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Condition</th><th>Description</th><th>Traitement</th></tr></thead><tbody><tr><td>Lien de dépendance</td><td>Vente entre famille, associés</td><td>Prix généralement sous le marché : exclure ou ajuster à la hausse</td></tr><tr><td>Vente forcée</td><td>Saisie, faillite</td><td>Sous le marché : exclure ou ajuster à la hausse</td></tr><tr><td>Motivation spéciale</td><td>Urgence de vendre ou d'acheter</td><td>Selon la situation</td></tr><tr><td>Vente en bloc</td><td>Plusieurs propriétés ensemble</td><td>Escompte de volume possible</td></tr><tr><td>Transaction libre</td><td>Conditions normales</td><td>Aucun ajustement — c'est la référence</td></tr></tbody></table></div></div>187<h3 id="s-8-3-4" class="h-subsection"><span class="h-num">8.3.4</span><span class="h-text">Critère 4 : les dépenses à engager immédiatement après l'achat</span><a class="h-anchor" href="#s-8-3-4" aria-label="Lien vers cette section">#</a></h3>188<p id="p8-44">Lorsque l'acheteur d'un comparable savait, <em>au moment de la vente</em>, qu'il devrait engager des dépenses immédiates — toiture en fin de vie, décontamination, démolition d'une dépendance —, le prix négocié en tient compte. Pour retrouver l'équivalent d'un bien sans ces travaux, on <strong>ajoute</strong> le coût connu au prix de vente.</p>189<div class="box box-ex" id="ex-8-4"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 8.4</span><span class="box-title">— la toiture escomptée</span><a class="box-anchor" href="#ex-8-4" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-45">Un comparable s'est vendu <span class="num">410 000 $</span>; les deux parties savaient que la toiture devait être remplacée (coût estimé : <span class="num">15 000 $</span>), et l'inspection préachat l'avait documenté. Prix équivalent « toiture en bon état » : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>410</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>15</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>425</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">410\,000 + 15\,000 = 425\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">410</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">425</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. Sans cette correction, le comparable paraîtrait artificiellement bon marché et tirerait la valeur du sujet vers le bas.</p></div></div>190<h3 id="s-8-3-5" class="h-subsection"><span class="h-num">8.3.5</span><span class="h-text">Critère 5 : le temps (conditions de marché)</span><a class="h-anchor" href="#s-8-3-5" aria-label="Lien vers cette section">#</a></h3>191<div class="box box-def" id="def-8-4"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 8.4</span><span class="box-title">— ajustement temporel</span><a class="box-anchor" href="#def-8-4" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-46">L'<span class="motcle" data-term="ajustement temporel">ajustement temporel</span> corrige le prix d'un comparable pour refléter l'<strong>évolution du marché</strong> entre sa date de vente et la date d'évaluation. C'est un ajustement <em>transactionnel</em>, appliqué avant les ajustements de propriété.</p></div></div>192<div class="box box-form" id="form-8-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg></span><span class="box-label">Formule 8.1</span><span class="box-title">— ajustement temporel au prorata</span><a class="box-anchor" href="#form-8-1" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-47">Pour un taux d'évolution annuel du marché <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>g</mi></mrow><annotation encoding="application/x-tex">g</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.625em;vertical-align:-0.1944em;"></span><span class="mord mathnormal" style="margin-right:0.0359em;">g</span></span></span></span> et un délai de <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>m</mi></mrow><annotation encoding="application/x-tex">m</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.4306em;"></span><span class="mord mathnormal">m</span></span></span></span> mois entre la vente du comparable et la date d'évaluation :</p>193<div class="eq" id="eq-8-1"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable width="100%"><mtr><mtd width="50%"></mtd><mtd><mrow><mtext>Ajustement</mtext><mtext> </mtext><mo>=</mo><mtext> </mtext><msub><mi>P</mi><mtext>vente</mtext></msub><mo>×</mo><mi>g</mi><mo>×</mo><mfrac><mi>m</mi><mn>12</mn></mfrac><mspace width="2em"/><mtext>et</mtext><mspace width="2em"/><msub><mi>P</mi><mrow><mtext>ajust</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover></mrow></msub><mtext> </mtext><mo>=</mo><mtext> </mtext><msub><mi>P</mi><mtext>vente</mtext></msub><mrow><mo fence="true">(</mo><mn>1</mn><mo>+</mo><mi>g</mi><mtext> </mtext><mfrac><mi>m</mi><mn>12</mn></mfrac><mo fence="true">)</mo></mrow></mrow></mtd><mtd width="50%"></mtd><mtd><mtext>(8.1)</mtext></mtd></mtr></mtable><annotation encoding="application/x-tex">\text{Ajustement} \;=\; P_{\text{vente}} \times g \times \frac{m}{12}194\qquad\text{et}\qquad195P_{\text{ajusté}} \;=\; P_{\text{vente}}\left(1 + g\,\frac{m}{12}\right)\tag{8.1}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8778em;vertical-align:-0.1944em;"></span><span class="mord text"><span class="mord">Ajustement</span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.1389em;">P</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.2806em;"><span style="top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">vente</span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7778em;vertical-align:-0.1944em;"></span><span class="mord mathnormal" style="margin-right:0.0359em;">g</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1.7936em;vertical-align:-0.686em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.1076em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord">12</span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.677em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord mathnormal">m</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.686em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mspace" style="margin-right:2em;"></span><span class="mord text"><span class="mord">et</span></span><span class="mspace" style="margin-right:2em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.1389em;">P</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">ajust</span><span class="mord katex-accent mtight"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-2.7em;"><span class="pstrut" style="height:2.7em;"></span><span class="mord mtight">e</span></span><span style="top:-2.7em;"><span class="pstrut" style="height:2.7em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord mtight">ˊ</span></span></span></span></span></span></span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.2861em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1.836em;vertical-align:-0.686em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.1389em;">P</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.2806em;"><span style="top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">vente</span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.1667em;"></span><span class="minner"><span class="mopen delimcenter" style="top:0em;"><span class="delimsizing size2">(</span></span><span class="mord">1</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord mathnormal" style="margin-right:0.0359em;">g</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.1076em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord">12</span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.677em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord mathnormal">m</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.686em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mclose delimcenter" style="top:0em;"><span class="delimsizing size2">)</span></span></span></span><span class="katex-tag"><span class="katex-strut" style="height:1.836em;vertical-align:-0.686em;"></span><span class="mord text"><span class="mord">(</span><span class="mord"><span class="mord">8.1</span></span><span class="mord">)</span></span></span></span></span></span></div>196<p id="p8-48">où <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>P</mi><mtext>vente</mtext></msub></mrow><annotation encoding="application/x-tex">P_{\text{vente}}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.1389em;">P</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.2806em;"><span style="top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">vente</span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span></span> est le prix de vente (après les critères 1 à 4).</p></div></div>197<div class="box box-ex" id="ex-8-5"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 8.5</span><span class="box-title">— marché gatinois en hausse de 5 % par année</span><a class="box-anchor" href="#ex-8-5" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-49">Un comparable s'est vendu <span class="num">400 000 $</span> il y a 12 mois; le marché du secteur progresse de 5 % par année. Ajustement : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>400</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,05</mn><mo>×</mo><mn>12</mn><mi mathvariant="normal">/</mi><mn>12</mn><mo>=</mo><mo>+</mo><mtext> </mtext><mn>20</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">400\,000 \times 0{,}05 \times 12/12 = +\,20\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">400</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">05</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">12/12</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">20</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>; prix ajusté : <span class="num">420 000 $</span>. Pour une vente d'il y a 6 mois : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>400</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,05</mn><mo>×</mo><mn>6</mn><mi mathvariant="normal">/</mi><mn>12</mn><mo>=</mo><mo>+</mo><mtext> </mtext><mn>10</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">400\,000 \times 0{,}05 \times 6/12 = +\,10\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">400</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">05</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">6/12</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>.</p></div></div>198<p id="p8-50">Le taux <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>g</mi></mrow><annotation encoding="application/x-tex">g</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.625em;vertical-align:-0.1944em;"></span><span class="mord mathnormal" style="margin-right:0.0359em;">g</span></span></span></span> ne s'invente pas : il s'<strong>extrait du marché local</strong> par l'analyse des reventes (le même bien vendu deux fois), la tendance des prix médians, les indices de prix (Teranet, APCIQ) ou une régression temporelle. <strong class="c-rouge">Jamais une moyenne provinciale</strong> : le marché d'Aylmer n'évolue pas comme celui de Baie-Comeau.</p>199<div class="box box-ex" id="ex-8-6"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 8.6</span><span class="box-title">— extraire le taux <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>g</mi></mrow><annotation encoding="application/x-tex">g</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.625em;vertical-align:-0.1944em;"></span><span class="mord mathnormal" style="margin-right:0.0359em;">g</span></span></span></span> par reventes appariées</span><a class="box-anchor" href="#ex-8-6" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-51">Trois propriétés du secteur, vendues deux fois sans rénovation majeure entre les deux ventes : la première, <span class="num">365 000 $</span> puis <span class="num">402 000 $</span> sur 24 mois (soit <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>37</mn><mtext> </mtext><mn>000</mn><mi mathvariant="normal">/</mi><mn>365</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>10,1</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">37\,000/365\,000 = 10{,}1\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">37</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000/365</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">10</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> en deux ans, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≈</mo><mn>5,1</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">\approx2005{,}1\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.4831em;"></span><span class="mrel">≈</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">5</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> par année); la deuxième, <span class="num">410 000 $</span> puis <span class="num">429 000 $</span> sur 11 mois (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>4,6</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">4{,}6\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">4</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">6</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≈</mo><mn>5,1</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">\approx 5{,}1\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.4831em;"></span><span class="mrel">≈</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">5</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> annualisé); la troisième, <span class="num">298 000 $</span> puis <span class="num">312 000 $</span> sur 12 mois (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>4,7</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">4{,}7\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">4</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">7</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>). La convergence des trois indications autour de <strong class="c-or">5 % par année</strong> autorise ce taux pour l'ajustement temporel — et la note au dossier cite les trois reventes. Si l'une des trois avait montré <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>18</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">+18\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">18</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>, il aurait fallu la vérifier (rénovations entre les ventes? première vente hors marché?) plutôt que de la moyenner aveuglément : la technique des reventes n'est fiable que si le bien est resté <em>le même</em> entre les deux transactions.</p></div></div>201<div class="box box-att" id="attention-8-52"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-warning"/></svg></span><span class="box-label">Le piège du marché volatil</span><a class="box-anchor" href="#attention-8-52" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-53">En marché volatil, l'ajustement temporel est souvent <em>le plus important de toute la grille</em> : le négliger fausse tous les calculs en aval. En marché stable, il peut être faible, voire nul — mais il doit tout de même être <strong>analysé et documenté</strong>. « Aucun ajustement requis » est une conclusion d'analyse, pas une omission.</p></div></div>202<h3 id="s-8-3-6" class="h-subsection"><span class="h-num">8.3.6</span><span class="h-text">Critère 6 : la localisation</span><a class="h-anchor" href="#s-8-3-6" aria-label="Lien vers cette section">#</a></h3>203<p id="p8-54">La localisation est souvent le facteur le plus déterminant de la valeur immobilière — d'où l'adage du courtage, <em>location, location, location</em>. L'ajustement compare l'<strong>emplacement</strong> du comparable à celui du sujet : quartier et voisinage (réputation, homogénéité, tendance), proximité des services (écoles, commerces, transports en commun), accès routier, environnement (vue, calme, espaces verts, bord de l'eau), nuisances (bruit d'autoroute ou d'aéroport, industrie, lignes à haute tension), et même le secteur fiscal, puisque les taux de taxation varient d'une municipalité à l'autre.</p>204<p id="p8-55">L'analyse gagne à distinguer deux échelles. La <strong class="c-bleu">macro-localisation</strong><label for="sn-8-6" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-8-6" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">Macro : le quartier. Micro : la rue, le côté de la rue, le voisin.</span> compare des quartiers entiers — Aylmer contre Hull, le Plateau contre Buckingham — et se chiffre volontiers en pourcentage, car l'écart affecte l'ensemble du panier de caractéristiques. La <strong class="c-bleu">micro-localisation</strong> compare des positions à l'intérieur d'un même quartier : rue passante ou cul-de-sac, terrain adossé à un parc ou à un stationnement commercial, voisinage immédiat soigné ou négligé; elle se chiffre plutôt en dollars, par paires de ventes de la même rue. Les deux échelles peuvent jouer en sens contraire — un excellent emplacement dans un quartier moyen, ou l'inverse — et une grille rigoureuse les évalue séparément avant de les combiner. C'est aussi la micro-localisation qui échappe le plus aux données publiques : elle se constate à pied, lors de l'inspection, carnet en main.</p>205<div class="box box-qc" id="quebec-8-56"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-map"/></svg></span><span class="box-label">L'écart de localisation en chiffres</span><a class="box-anchor" href="#quebec-8-56" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-57">À titre d'illustration : le prix médian d'une unifamiliale s'établissait à environ <span class="num">477 000 $</span> dans la RMR de Gatineau contre <span class="num">519 000 $</span> pour l'ensemble du Québec (APCIQ, juin 2026) — et, à l'intérieur même de Gatineau, les écarts entre le Plateau, le Vieux-Hull et Buckingham dépassent souvent 20 %. La localisation explique une large part de ces différences, ce qui justifie qu'on lui consacre un critère d'ajustement à part entière.</p></div></div>206<h3 id="s-8-3-7" class="h-subsection"><span class="h-num">8.3.7</span><span class="h-text">Critère 7 : les caractéristiques physiques</span><a class="h-anchor" href="#s-8-3-7" aria-label="Lien vers cette section">#</a></h3>207<p id="p8-58">C'est la famille la plus fournie : elle couvre le <strong>terrain</strong> (superficie, forme — rectangulaire optimale —, topographie, façade, orientation, services) et le <strong>bâtiment</strong> (type, superficie habitable, âge effectif, état et qualité, chambres, salles de bain, sous-sol, garage, extras).</p>208<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Caractéristique</th><th>Éléments comparés</th><th>Méthode d'ajustement</th></tr></thead><tbody><tr><td>Type de bâtiment</td><td>Bungalow, deux étages, paliers multiples</td><td>Données de marché</td></tr><tr><td>Superficie habitable</td><td>Pieds carrés hors sol</td><td>$/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> marginal</td></tr><tr><td>Âge effectif</td><td>Année de construction et rénovations</td><td>Coût de dépréciation</td></tr><tr><td>État / qualité</td><td>Excellent, bon, moyen, faible</td><td>Coût de mise à niveau</td></tr><tr><td>Chambres</td><td>2, 3, 4 chambres</td><td>Analyse par paires</td></tr><tr><td>Salles de bain</td><td>Nombre et type (complète, demi)</td><td>Données de marché</td></tr><tr><td>Sous-sol</td><td>Fini, partiellement fini, non fini</td><td>$/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> réduit</td></tr><tr><td>Garage</td><td>Simple, double, attaché, détaché</td><td>Coût / extraction</td></tr><tr><td>Extras</td><td>Piscine, foyer, climatisation</td><td>Contribution au marché</td></tr></tbody></table></div></div>209<div class="box box-ex" id="ex-8-7"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 8.7</span><span class="box-title">— ajustement de terrain</span><a class="box-anchor" href="#ex-8-7" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-59">Sujet : terrain de <span class="num">5500</span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>. Comparable : <span class="num">7000</span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>, soit <span class="num">1500</span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> de plus. Valeur marginale du pied carré de terrain dans le secteur : 10 $/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>. Le comparable est <em>supérieur</em> au sujet sur ce point : on <strong>réduit</strong> son prix de <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>1</mn><mtext> </mtext><mn>500</mn><mo>×</mo><mn>10</mn><mo>=</mo><mn>15</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">1\,500 \times 10 =21015\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">500</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">10</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> pour le ramener au niveau du sujet. Remarquez le mot <em>marginal</em> : le pied carré excédentaire d'un grand terrain ne vaut pas le prix moyen du pied carré — principe des rendements décroissants.</p></div></div>211<h3 id="s-8-3-8" class="h-subsection"><span class="h-num">8.3.8</span><span class="h-text">Critère 8 : les composantes non immobilières</span><a class="h-anchor" href="#s-8-3-8" aria-label="Lien vers cette section">#</a></h3>212<p id="p8-60">L'évaluation porte sur le <strong>droit immobilier</strong> seulement. Si la vente d'un comparable incluait des biens meubles — électroménagers, mobilier, équipement de piscine, luminaires haut de gamme —, leur valeur doit être <strong>retranchée</strong> du prix avant toute comparaison.</p>213<div class="box box-ex" id="ex-8-8"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 8.8</span><span class="box-title">— inclusions à retrancher</span><a class="box-anchor" href="#ex-8-8" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-61">Comparable vendu <span class="num">440 000 $</span> incluant des électroménagers haut de gamme (valeur estimée : <span class="num">8000 $</span>) et un mobilier de terrasse (<span class="num">2000 $</span>). Prix immobilier : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>440</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>8</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>2</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>430</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">440\,000 - 8\,000 - 2\,000 =214430\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">440</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">8</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">2</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">430</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. Une inclusion importante non retranchée <strong class="c-rouge">surestime</strong> le comparable — et, par ricochet, la valeur du sujet.</p></div></div>215<h2 id="s-8-4" class="h-section"><span class="h-num">8.4</span><span class="h-text">L'ordre d'application des ajustements</span><a class="h-anchor" href="#s-8-4" aria-label="Lien vers cette section">#</a></h2>216<div class="center"><div class="tikz"><img src="/assets/fig/0fd57b315ecf3382.svg" alt="Figure" width="418" height="164" style="width:min(100%,607px)" loading="lazy" decoding="async"></div></div>217<p id="p8-62">Pourquoi cet ordre? Parce que les ajustements transactionnels <strong>redéfinissent la base</strong> sur laquelle les suivants se calculent. Tant que le prix n'a pas été ramené à une transaction libre, en financement de marché, à la date d'évaluation, il ne représente pas un « prix de marché » comparable : ajuster la superficie d'un prix encore gonflé par un financement avantageux, c'est mesurer avec une règle faussée.</p>218<div class="box box-ex" id="ex-8-9"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 8.9</span><span class="box-title">— l'ordre change le résultat</span><a class="box-anchor" href="#ex-8-9" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-63">Comparable vendu <span class="num">400 000 $</span> il y a un an, marché à <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>5</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">+5\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">5</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>/an, et avantage de financement de 3 % du prix. <strong>Bon ordre</strong> : on retire d'abord le financement (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>400</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,97</mn><mo>=</mo><mn>388</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">400\,000 \times 0{,}97 = 388\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">400</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">97</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">388</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span>), puis on applique le temps (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>388</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>1,05</mn><mo>=</mo><mn>407</mn><mtext> </mtext><mn>400</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">388\,000 \times 1{,}05 = 407\,400\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">388</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">1</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">05</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">407</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">400</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>). <strong>Mauvais ordre</strong> : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>400</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>1,05</mn><mo>=</mo><mn>420</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">400\,000 \times 1{,}05 = 420\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">400</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">1</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">05</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">420</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span>, puis <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>420</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,97</mn><mo>=</mo><mn>407</mn><mtext> </mtext><mn>400</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">420\,000 \times 0{,}97 = 407\,400\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">420</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">97</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">407</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">400</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>… identique ici parce que les deux sont multiplicatifs, mais si le financement est un montant <em>fixe</em> (<span class="num">12 000 $</span>), le bon ordre donne <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo stretchy="false">(</mo><mn>400</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>12</mn><mtext> </mtext><mn>000</mn><mo stretchy="false">)</mo><mo>×</mo><mn>1,05</mn><mo>=</mo><mn>407</mn><mtext> </mtext><mn>400</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">(400\,000 - 12\,000)219\times 1{,}05 = 407\,400\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mopen">(</span><span class="mord">400</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">12</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mclose">)</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">1</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">05</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">407</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">400</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> et le mauvais <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>400</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>1,05</mn><mo>−</mo><mn>12</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>408</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">400\,000 \times 1{,}05 -22012\,000 = 408\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">400</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">1</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">05</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">12</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">408</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> : <span class="num">600 $</span> d'écart par simple inversion. Multiplié par cinq comparables et des ajustements plus lourds, le désordre devient une source d'erreur systématique.</p></div></div>221<p id="p8-64">Les ajustements <strong>de propriété</strong>, eux, sont <strong>additifs</strong> : on les somme, et leur ordre interne n'affecte pas le résultat. C'est pourquoi la grille les présente en bloc, après le « prix ajusté transactionnel ».</p>222<div class="box box-terrain" id="terrain-8-65"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-hardhat"/></svg></span><span class="box-label">Sur le terrain</span><a class="box-anchor" href="#terrain-8-65" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-66">Dans les bureaux, la grille vit dans un chiffrier dont la structure épouse exactement cet ordre : un bloc de lignes transactionnelles qui aboutit à une ligne en gras « prix ajusté aux conditions du marché », puis un bloc de lignes de propriété, puis la valeur indiquée, le net et le brut calculés automatiquement. Cette architecture n'est pas un choix cosmétique : elle rend l'ordre <em>matériellement impossible à violer</em>, car chaque bloc se calcule sur la ligne totalisatrice du précédent. Construisez votre gabarit du TP de la même façon — vous éliminerez d'un coup toute une famille d'erreurs, et le correcteur reconnaîtra immédiatement une grille professionnelle.</p></div></div>223<h2 id="s-8-5" class="h-section"><span class="h-num">8.5</span><span class="h-text">Les unités de comparaison</span><a class="h-anchor" href="#s-8-5" aria-label="Lien vers cette section">#</a></h2>224<p id="p8-67">Comparer exige une unité commune. Le choix n'appartient pas à l'évaluateur mais au <strong>marché</strong> : on retient l'unité dans laquelle les acheteurs du type de bien concerné raisonnent effectivement.</p>225<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Unité</th><th>Calcul</th><th>Usage typique</th></tr></thead><tbody><tr><td>Prix total</td><td>Prix de vente global</td><td>Résidentiel unifamilial</td></tr><tr><td>$/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> habitable</td><td>Prix <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>÷</mo></mrow><annotation encoding="application/x-tex">\div</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">÷</span></span></span></span> superficie hors sol</td><td>Résidentiel (normalisation de taille)</td></tr><tr><td>$/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> de terrain</td><td>Prix <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>÷</mo></mrow><annotation encoding="application/x-tex">\div</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">÷</span></span></span></span> superficie du terrain</td><td>Terrains vacants</td></tr><tr><td>$/logement</td><td>Prix <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>÷</mo></mrow><annotation encoding="application/x-tex">\div</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">÷</span></span></span></span> nombre de logements</td><td>Plex et immeubles locatifs</td></tr><tr><td>$/chambre</td><td>Prix <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>÷</mo></mrow><annotation encoding="application/x-tex">\div</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">÷</span></span></span></span> nombre de chambres</td><td>Hôtels</td></tr><tr><td>MRB</td><td>Prix <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>÷</mo></mrow><annotation encoding="application/x-tex">\div</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">÷</span></span></span></span> revenus bruts annuels</td><td>Immeubles à revenus</td></tr></tbody></table></div></div>226<p id="p8-68">Pour le résidentiel québécois, le <strong>prix total</strong> et le <strong>prix au pied carré habitable</strong> dominent. Calculer la même unité pour tous les comparables a une vertu supplémentaire : elle fait ressortir immédiatement les <strong class="c-or">valeurs aberrantes</strong>. Si quatre comparables s'établissent entre 330 et 355 $/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> et qu'un cinquième affiche 260 $/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>, c'est lui qu'il faut réexaminer avant de bâtir la grille.</p>227<div class="box box-ex" id="ex-8-10"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 8.10</span><span class="box-title">— le tamis du prix unitaire</span><a class="box-anchor" href="#ex-8-10" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-69">Cinq ventes candidates de bungalows du même secteur : <span class="num">408 000 $</span> pour <span class="num">1180</span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> (346 $/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>); <span class="num">435 000 $</span> pour <span class="num">1250</span> (348 $/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>); <span class="num">422 000 $</span> pour <span class="num">1210</span> (349 $/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>); <span class="num">451 000 $</span> pour <span class="num">1330</span> (339 $/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>); et <span class="num">372 000 $</span> pour <span class="num">1400</span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> — soit 266 $/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>, à 23 % sous la bande des quatre autres. Avant de rejeter cette cinquième vente, on l'<em>explique</em> : la vérification révèle ici une vente intrafamiliale publiée sans mention sur Centris. Le prix unitaire n'a pas mesuré la valeur : il a servi de <strong class="c-bleu">détecteur d'anomalies</strong>, ce qui est son second métier. Une donnée aberrante expliquée vaut mieux qu'une donnée aberrante supprimée en silence — le dossier doit garder la trace des deux gestes.</p></div></div>228<h2 id="s-8-6" class="h-section"><span class="h-num">8.6</span><span class="h-text">Étude de cas : bungalow du secteur Hull</span><a class="h-anchor" href="#s-8-6" aria-label="Lien vers cette section">#</a></h2>229<p id="p8-70">Déroulons maintenant la méthode de bout en bout sur un cas réaliste. Cette étude de cas sera reprise et raffinée à la séance 9; assurez-vous d'en maîtriser chaque calcul. Le cas est volontairement « propre » — ventes libres, financement conventionnel, aucune inclusion — pour isoler la mécanique des ajustements de propriété et de temps; le TP, lui, réintroduira les frottements du réel. Notez au passage la posture de travail : avant tout calcul, l'évaluateur formule des <em>attentes qualitatives</em> (quel comparable devrait remonter, lequel devrait redescendre), puis laisse la grille les confirmer ou les démentir. C'est le rangement par encadrement, que la séance 9 formalisera.</p>230<h3 id="s-8-6-1" class="h-subsection"><span class="h-num">8.6.1</span><span class="h-text">Le mandat et le sujet</span><a class="h-anchor" href="#s-8-6-1" aria-label="Lien vers cette section">#</a></h3>231<div class="box box-ex" id="ex-8-11"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 8.11</span><span class="box-title">— présentation du mandat</span><a class="box-anchor" href="#ex-8-11" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-71"><strong>Mandat :</strong> estimer la valeur marchande, aux fins de financement hypothécaire (rapport abrégé), de la propriété du 456, rue des Érables, Gatineau (secteur Hull). <strong>Date d'évaluation :</strong> 15 septembre 2026. <strong>Sujet :</strong> bungalow détaché construit en 2008; <span class="num">1200</span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> habitables hors sol; terrain de <span class="num">6000</span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>; 3 chambres; 1 salle de bain complète et 1 salle d'eau; sous-sol partiellement fini (<span class="num">400</span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>); garage simple attaché; bon état; chauffage bi-énergie. <strong>Contexte de marché :</strong> hausse d'environ 5 % par année dans le secteur (APCIQ). Quatre ventes comparables ont été retenues dans Hull, conclues entre mars et août 2026, toutes vérifiées : transactions libres, financement conventionnel, aucune inclusion significative.</p></div></div>232<h3 id="s-8-6-2" class="h-subsection"><span class="h-num">8.6.2</span><span class="h-text">Les comparables</span><a class="h-anchor" href="#s-8-6-2" aria-label="Lien vers cette section">#</a></h3>233<div class="center"><div class="table-wrap"><table class="tbl table-wide"><thead><tr><th>Caractéristique</th><th>Sujet</th><th>Comp. 1</th><th>Comp. 2</th><th>Comp. 3</th><th>Comp. 4</th></tr></thead><tbody><tr><td>Prix de vente</td><td>—</td><td><span class="num">435 000</span> $</td><td><span class="num">415 000</span> $</td><td><span class="num">460 000</span> $</td><td><span class="num">425 000</span> $</td></tr><tr><td>Date de vente</td><td>(éval. 15 sept.)</td><td>juill. 2026</td><td>mai 2026</td><td>août 2026</td><td>mars 2026</td></tr><tr><td>Localisation</td><td>Hull</td><td>Hull (similaire)</td><td>Hull (inférieure)</td><td>Hull (supérieure)</td><td>Hull (similaire)</td></tr><tr><td>Type / année</td><td>Bungalow 2008</td><td>Bungalow 2007</td><td>Bungalow 2010</td><td>Bungalow 2005</td><td>Bungalow 2008</td></tr><tr><td>Superficie (pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>)</td><td><span class="num">1200</span></td><td><span class="num">1250</span></td><td><span class="num">1150</span></td><td><span class="num">1350</span></td><td><span class="num">1200</span></td></tr><tr><td>Terrain (pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>)</td><td><span class="num">6000</span></td><td><span class="num">6200</span></td><td><span class="num">5500</span></td><td><span class="num">7000</span></td><td><span class="num">6000</span></td></tr><tr><td>Chambres</td><td>3</td><td>3</td><td>3</td><td>4</td><td>3</td></tr><tr><td>Salles de bain</td><td>1 + salle d'eau</td><td>1 + salle d'eau</td><td>1 complète</td><td>2 complètes</td><td>1 + salle d'eau</td></tr><tr><td>Sous-sol</td><td>Part. fini (400)</td><td>Fini (500)</td><td>Non fini</td><td>Fini (600)</td><td>Part. fini (350)</td></tr><tr><td>Garage</td><td>Simple attaché</td><td>Simple attaché</td><td>Aucun</td><td>Double attaché</td><td>Simple attaché</td></tr><tr><td>État</td><td>Bon</td><td>Bon</td><td>Bon</td><td>Très bon</td><td>Moyen</td></tr></tbody></table></div></div>234<p id="p8-72">Un survol qualitatif avant tout calcul — excellente habitude : C1 et C4 sont presque jumeaux du sujet; C2 lui est globalement <em>inférieur</em> (pas de garage, sous-sol non fini, une seule salle de bain, localisation moindre) et devrait « remonter » après ajustements; C3 lui est globalement <em>supérieur</em> (plus grand, quatre chambres, double garage, très bon état) et devrait « redescendre ». Si la grille ne confirme pas ces intuitions, une erreur de signe s'y cache probablement.</p>235<h3 id="s-8-6-3" class="h-subsection"><span class="h-num">8.6.3</span><span class="h-text">Étape 1 : les ajustements transactionnels</span><a class="h-anchor" href="#s-8-6-3" aria-label="Lien vers cette section">#</a></h3>236<p id="p8-73">Les ventes étant toutes libres, à financement conventionnel, en pleine propriété et sans dépense immédiate connue, les critères 1 à 4 ne requièrent aucun ajustement. Reste le <strong>temps</strong> : le marché progresse de 5 % par année, et l'on applique le prorata mensuel jusqu'au 15 septembre 2026.</p>237<div class="center"><div class="table-wrap"><table class="tbl table-wide"><thead><tr><th>Élément</th><th class="al-r">Comp. 1</th><th class="al-r">Comp. 2</th><th class="al-r">Comp. 3</th><th class="al-r">Comp. 4</th></tr></thead><tbody><tr><td>Prix de vente ($)</td><td class="al-r"><span class="num">435 000</span></td><td class="al-r"><span class="num">415 000</span></td><td class="al-r"><span class="num">460 000</span></td><td class="al-r"><span class="num">425 000</span></td></tr><tr><td>Droits, financement, vente, dépenses</td><td class="al-r">0</td><td class="al-r">0</td><td class="al-r">0</td><td class="al-r">0</td></tr><tr><td>Délai écoulé (mois)</td><td class="al-r">2</td><td class="al-r">4</td><td class="al-r">1</td><td class="al-r">6</td></tr><tr><td>Temps (marché, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>5</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">+5\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">5</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>/an)</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">3600</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">6900</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">1900</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">10 600</span></td></tr><tr class="rule-above"><td><strong>Prix ajusté transactionnel ($)</strong></td><td class="al-r"><strong><span class="num">438 600</span></strong></td><td class="al-r"><strong><span class="num">421 900</span></strong></td><td class="al-r"><strong><span class="num">461 900</span></strong></td><td class="al-r"><strong><span class="num">435 600</span></strong></td></tr></tbody></table></div></div>238<p id="p8-74">Vérifions un calcul en détail — celui de C4, le plus ancien : vendu en mars 2026, soit 6 mois avant la date d'évaluation, à <span class="num">425 000 $</span> :</p>239<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mrow><mn>425</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,05</mn><mo>×</mo><mstyle scriptlevel="0" displaystyle="false"><mfrac><mn>6</mn><mn>12</mn></mfrac></mstyle><mo>=</mo><mn>10</mn><mtext> </mtext><mn>625</mn><mo>≈</mo><mo>+</mo><mtext> </mtext><mn>10</mn><mtext> </mtext><mn>600</mn><mtext> </mtext><mi mathvariant="normal">$</mi><mspace width="1em"/><mo>⟹</mo><mspace width="1em"/><mn>425</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>10</mn><mtext> </mtext><mn>600</mn><mo>=</mo><mn>435</mn><mtext> </mtext><mn>600</mn><mtext> </mtext><mi mathvariant="normal">$</mi><mi mathvariant="normal">.</mi></mrow><annotation encoding="application/x-tex">425\,000 \times 0{,}05 \times \tfrac{6}{12} = 10\,625 \approx240+\,10\,600\,\$241\quad\Longrightarrow\quad242425\,000 + 10\,600 = 435\,600\,\$.</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">425</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">05</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1.1901em;vertical-align:-0.345em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.8451em;"><span style="top:-2.655em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">12</span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.394em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">6</span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.345em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">625</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">≈</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">600</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span><span class="mspace" style="margin-right:1em;"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">⟹</span><span class="mspace" style="margin-right:1em;"></span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">425</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">600</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">435</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">600</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$.</span></span></span></span></span></div>243<p id="p8-75">De même pour C1 : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>435</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,05</mn><mo>×</mo><mn>2</mn><mi mathvariant="normal">/</mi><mn>12</mn><mo>=</mo><mn>3</mn><mtext> </mtext><mn>625</mn><mo>≈</mo><mo>+</mo><mtext> </mtext><mn>3600</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">435\,000 \times 0{,}05 \times 2/12 = 3\,625 \approx244+\,3600\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">435</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">05</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">2/12</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">3</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">625</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">≈</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">3600</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>; pour C2 : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>415</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,05</mn><mo>×</mo><mn>4</mn><mi mathvariant="normal">/</mi><mn>12</mn><mo>=</mo><mn>6</mn><mtext> </mtext><mn>917</mn><mo>≈</mo><mo>+</mo><mtext> </mtext><mn>6900</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">415\,000 \times 0{,}05 \times 4/12 = 6\,917245\approx +\,6900\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">415</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">05</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">4/12</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">6</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">917</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">≈</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">6900</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>; pour C3 : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>460</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,05</mn><mo>×</mo><mn>1</mn><mi mathvariant="normal">/</mi><mn>12</mn><mo>=</mo><mn>1</mn><mtext> </mtext><mn>917</mn><mo>≈</mo><mo>+</mo><mtext> </mtext><mn>1900</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">460\,000 \times 0{,}05 \times 1/12 =2461\,917 \approx +\,1900\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">460</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">05</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">1/12</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">917</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">≈</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">1900</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. Les montants sont arrondis à la centaine — la précision au dollar près serait illusoire.</p>247<h3 id="s-8-6-4" class="h-subsection"><span class="h-num">8.6.4</span><span class="h-text">Étape 2 : les ajustements de propriété</span><a class="h-anchor" href="#s-8-6-4" aria-label="Lien vers cette section">#</a></h3>248<p id="p8-76">Chaque ajustement s'appuie sur une valeur unitaire extraite du marché local : 100 $/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> pour la superficie habitable marginale, 10 $/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> pour le terrain excédentaire, <span class="num">20 000 $</span> pour la présence d'un garage simple (<span class="num">18 000 $</span> pour l'écart simple/double, coût déprécié), et des montants d'analyse par paires pour les chambres, salles de bain et l'état. Le critère « âge / état » combine l'année de construction et l'état constaté à l'inspection — c'est l'<em>âge effectif</em> qui compte, non le millésime.</p>249<div class="center"><div class="table-wrap"><table class="tbl table-wide"><thead><tr><th>Élément</th><th class="al-r">Comp. 1</th><th class="al-r">Comp. 2</th><th class="al-r">Comp. 3</th><th class="al-r">Comp. 4</th></tr></thead><tbody><tr><td>Prix ajusté transactionnel ($)</td><td class="al-r"><span class="num">438 600</span></td><td class="al-r"><span class="num">421 900</span></td><td class="al-r"><span class="num">461 900</span></td><td class="al-r"><span class="num">435 600</span></td></tr><tr class="rule-above"><td>Localisation</td><td class="al-r">0</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">10 000</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">15 000</span></td><td class="al-r">0</td></tr><tr><td>Superficie du bâtiment</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">5000</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">5000</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">15 000</span></td><td class="al-r">0</td></tr><tr><td>Terrain</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">2000</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">5000</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">10 000</span></td><td class="al-r">0</td></tr><tr><td>Âge / état</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">2000</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">3000</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">8000</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">10 000</span></td></tr><tr><td>Sous-sol</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">5000</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">12 000</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">10 000</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">3000</span></td></tr><tr><td>Garage</td><td class="al-r">0</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">20 000</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">18 000</span></td><td class="al-r">0</td></tr><tr><td>Salles de bain</td><td class="al-r">0</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">5000</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">8000</span></td><td class="al-r">0</td></tr><tr><td>Chambres</td><td class="al-r">0</td><td class="al-r">0</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">8000</span></td><td class="al-r">0</td></tr><tr class="rule-above"><td>Ajustement net (propriété)</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">14 000</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">60 000</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">92 000</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">13 000</span></td></tr><tr class="rule-above"><td><strong>Prix ajusté final ($)</strong></td><td class="al-r"><strong><span class="num">424 600</span></strong></td><td class="al-r"><strong><span class="num">481 900</span></strong></td><td class="al-r"><strong><span class="num">369 900</span></strong></td><td class="al-r"><strong><span class="num">448 600</span></strong></td></tr></tbody></table></div></div>250<p id="p8-77">Suivons le raisonnement de quelques lignes clés. <strong>Superficie</strong> : C1 a 50 pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> de plus que le sujet (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>50</mn><mo>×</mo><mn>100</mn><mo>=</mo><mo>−</mo><mtext> </mtext><mn>5000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">50 \times 100 = -\,5000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">50</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">100</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">5000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>, signe négatif car C1 est supérieur); C2 a 50 pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> de moins (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>5000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,5000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">5000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>); C3, 150 pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> de plus (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mtext> </mtext><mn>15</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">-\,15\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>). <strong>Terrain</strong> : C1 a 200 pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> de plus (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>200</mn><mo>×</mo><mn>10</mn><mo>=</mo><mo>−</mo><mtext> </mtext><mn>2000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">200 \times 10 = -\,2000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">200</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">10</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">2000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>); C2, 500 de moins (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>5000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,5000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">5000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>); C3, <span class="num">1000</span> de plus (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mtext> </mtext><mn>10</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">-\,10\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>). <strong>Garage</strong> : C2 n'en a pas (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>20</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,20\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">20</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>); C3 a un double (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mtext> </mtext><mn>18</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">-\,18\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">18</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>). <strong>Âge / état</strong> : C4, de même année que le sujet mais en état moyen, exige environ <span class="num">10 000 $</span> de mise à niveau (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>10</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,10\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>); C1, bien que d'un an plus vieux, présente des mises à jour récentes qui abaissent son âge effectif sous celui du sujet (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mtext> </mtext><mn>2000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">-\,2000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">2000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>); C2, malgré son millésime 2010, offre des finitions d'origine de qualité économique (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>3000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,3000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">3000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>) — deux illustrations du primat de l'<em>âge effectif</em> constaté à l'inspection sur l'année de construction. <strong>Chambres</strong> : seule C3 diffère (4 contre 3 : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mtext> </mtext><mn>8000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">-\,8000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">8000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>).</p>251<h3 id="s-8-6-5" class="h-subsection"><span class="h-num">8.6.5</span><span class="h-text">Étape 3 : l'ampleur des ajustements et la fiabilité</span><a class="h-anchor" href="#s-8-6-5" aria-label="Lien vers cette section">#</a></h3>252<div class="box box-form" id="form-8-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg></span><span class="box-label">Formule 8.2</span><span class="box-title">— ajustements net et brut</span><a class="box-anchor" href="#form-8-2" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-78">Pour un comparable dont le prix de vente est <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>P</mi></mrow><annotation encoding="application/x-tex">P</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6833em;"></span><span class="mord mathnormal" style="margin-right:0.1389em;">P</span></span></span></span> et les ajustements <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>a</mi><mn>1</mn></msub><mo separator="true">,</mo><msub><mi>a</mi><mn>2</mn></msub><mo separator="true">,</mo><mo>…</mo><mo separator="true">,</mo><msub><mi>a</mi><mi>n</mi></msub></mrow><annotation encoding="application/x-tex">a_1, a_2, \ldots, a_n</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.625em;vertical-align:-0.1944em;"></span><span class="mord"><span class="mord mathnormal">a</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:0em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">1</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mpunct">,</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord"><span class="mord mathnormal">a</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:0em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mpunct">,</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="minner">…</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mpunct">,</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord"><span class="mord mathnormal">a</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.1514em;"><span style="top:-2.55em;margin-left:0em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mathnormal mtight">n</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span></span> (incluant l'ajustement temporel) :</p>253<div class="eq" id="eq-8-2"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable width="100%"><mtr><mtd width="50%"></mtd><mtd><mrow><mtext>Net</mtext><mo>=</mo><mfrac><mrow><munder><mo>∑</mo><mi>i</mi></munder><msub><mi>a</mi><mi>i</mi></msub></mrow><mi>P</mi></mfrac><mspace width="2em"/><mspace width="2em"/><mtext>Brut</mtext><mo>=</mo><mfrac><mrow><munder><mo>∑</mo><mi>i</mi></munder><mi mathvariant="normal">∣</mi><msub><mi>a</mi><mi>i</mi></msub><mi mathvariant="normal">∣</mi></mrow><mi>P</mi></mfrac></mrow></mtd><mtd width="50%"></mtd><mtd><mtext>(8.2)</mtext></mtd></mtr></mtable><annotation encoding="application/x-tex">\text{Net} = \frac{\sum_{i} a_i}{P}254\qquad\qquad255\text{Brut} = \frac{\sum_{i} |a_i|}{P}\tag{8.2}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6833em;"></span><span class="mord text"><span class="mord">Net</span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:2.1257em;vertical-align:-0.686em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.4397em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.1389em;">P</span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.6897em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mop"><span class="mop op-symbol small-op" style="position:relative;top:0em;">∑</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.162em;"><span style="top:-2.4003em;margin-left:0em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mathnormal mtight">i</span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.2997em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord"><span class="mord mathnormal">a</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3117em;"><span style="top:-2.55em;margin-left:0em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mathnormal mtight">i</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.686em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mspace" style="margin-right:2em;"></span><span class="mspace" style="margin-right:2em;"></span><span class="mord text"><span class="mord">Brut</span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:2.1257em;vertical-align:-0.686em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.4397em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.1389em;">P</span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.6897em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mop"><span class="mop op-symbol small-op" style="position:relative;top:0em;">∑</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.162em;"><span style="top:-2.4003em;margin-left:0em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mathnormal mtight">i</span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.2997em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">∣</span><span class="mord"><span class="mord mathnormal">a</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3117em;"><span style="top:-2.55em;margin-left:0em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mathnormal mtight">i</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mord">∣</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.686em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span></span><span class="katex-tag"><span class="katex-strut" style="height:2.1257em;vertical-align:-0.686em;"></span><span class="mord text"><span class="mord">(</span><span class="mord"><span class="mord">8.2</span></span><span class="mord">)</span></span></span></span></span></span></div>256<p id="p8-79">Repères de pratique usuels (<em>The Appraisal of Real Estate</em>) : net <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≤</mo><mn>15</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">\leq 15\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>, brut <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≤</mo><mn>25</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">\leq 25\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">25</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>.</p></div></div>257<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Comparable</th><th class="al-r">Ajust. net total</th><th class="al-r">Net (% du prix)</th><th class="al-r">Brut (% du prix)</th></tr></thead><tbody><tr><td>Comp. 1</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">10 400</span> $</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>2,4</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">-2{,}4\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">−</span><span class="mord">2</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">4</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>4,0</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">4{,}0\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">4</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">0</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span></td></tr><tr><td>Comp. 2</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">66 900</span> $</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>16,1</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">+16{,}1\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">+</span><span class="mord">16</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>16,1</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">16{,}1\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">16</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span></td></tr><tr><td>Comp. 3</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">90 100</span> $</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>19,6</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">-19{,}6\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">−</span><span class="mord">19</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">6</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>20,4</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">20{,}4\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">20</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">4</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span></td></tr><tr><td>Comp. 4</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">23 600</span> $</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>5,6</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">+5{,}6\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">+</span><span class="mord">5</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">6</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>5,6</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">5{,}6\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">5</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">6</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span></td></tr></tbody></table></div></div>258<p id="p8-80">Pour C1, par exemple : net <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mo>+</mo><mn>3</mn><mtext> </mtext><mn>600</mn><mo>−</mo><mn>14</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mo>−</mo><mtext> </mtext><mn>10</mn><mtext> </mtext><mn>400</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= +3\,600 - 14\,000 = -\,10\,400\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">3</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">600</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">14</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">400</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>, soit <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>2,4</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">-2{,}4\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">−</span><span class="mord">2</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">4</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> de <span class="num">435 000 $</span>; brut <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>3</mn><mtext> </mtext><mn>600</mn><mo>+</mo><mn>5</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>2</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>2</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>5</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>17</mn><mtext> </mtext><mn>600</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= 3\,600 + 5\,000 + 2\,000 + 2\,000259+ 5\,000 = 17\,600\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">3</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">600</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">5</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">2</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">2</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">5</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">17</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">600</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>, soit <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>4,0</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">4{,}0\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">4</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">0</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>. Les comparables 2 et 3 dépassent le seuil net de 15 % : ils ne sont pas disqualifiés — ce sont des <strong>repères de fiabilité</strong>, non des règles codifiées — mais leur poids dans la réconciliation devra être réduit d'autant.</p>260<h3 id="s-8-6-6" class="h-subsection"><span class="h-num">8.6.6</span><span class="h-text">Étape 4 : la réconciliation et la conclusion</span><a class="h-anchor" href="#s-8-6-6" aria-label="Lien vers cette section">#</a></h3>261<p id="p8-81">Les indications s'étendent de <span class="num">369 900 $</span> (C3) à <span class="num">481 900 $</span> (C2); la moyenne arithmétique serait de <span class="num">431 250 $</span> — mais la <span class="motcle" data-term="réconciliation">réconciliation</span> n'est pas une moyenne<label for="sn-8-7" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-8-7" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">Réconcilier = pondérer par la fiabilité. Jamais une moyenne arithmétique.</span> : c'est une pondération par la fiabilité. C1 (peu d'ajustements, très similaire) et C4 (jumeau du sujet, ajustements modestes) sont les indications les plus solides; C2 et C3, aux ajustements nets supérieurs à 15 %, servent de balises encadrant la fourchette sans dicter la conclusion.</p>262<div class="box box-ex" id="ex-8-12"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 8.12</span><span class="box-title">— conclusion de valeur</span><a class="box-anchor" href="#ex-8-12" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-82">En accordant le plus de poids aux comparables 1 (<span class="num">424 600 $</span>) et 4 (<span class="num">448 600 $</span>), la valeur marchande estimée du 456, rue des Érables au 15 septembre 2026 est de <strong class="c-or"><span class="num">435 000 $</span></strong> (arrondie au <span class="num">5000 $</span> près). La conclusion est cohérente avec le marché : le prix médian de la RMR de Gatineau avoisine <span class="num">477 000 $</span> (APCIQ, juin 2026) pour l'ensemble des unifamiliales, et le sujet est un bungalow modeste.</p></div></div>263<div class="box box-terrain" id="terrain-8-83"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-hardhat"/></svg></span><span class="box-label">Sur le terrain</span><a class="box-anchor" href="#terrain-8-83" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-84">Dans un rapport réel, chaque nombre de cette grille serait accompagné de sa source : « ajustement de superficie fondé sur une analyse par paires de six ventes du secteur (annexe C) », « taux d'évolution du marché extrait des statistiques Centris du district Hull, T2–T3 2026 ». Le correcteur — et plus tard le réviseur de l'OEAQ — ne juge pas seulement le résultat : il juge la <strong>piste de vérification</strong> (<em>audit trail</em>) qui y mène.</p></div></div>264<h3 id="s-8-6-7" class="h-subsection"><span class="h-num">8.6.7</span><span class="h-text">Étape 5 : la contre-vérification par sensibilité</span><a class="h-anchor" href="#s-8-6-7" aria-label="Lien vers cette section">#</a></h3>265<p id="p8-85">Une conclusion solide doit survivre à la question : « et si mes ajustements unitaires étaient un peu faux? ». Testons-le. Si la valeur marginale de la superficie passe de 100 à 110 $/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>, les indications de C1 et C3 baissent respectivement de <span class="num">500 $</span> et <span class="num">1500 $</span>, celle de C2 monte de <span class="num">500 $</span> : l'effet sur la conclusion, portée par C1 et C4, est inférieur à <span class="num">1000 $</span>. Si la contribution du garage passe de <span class="num">20 000 $</span> à <span class="num">25 000 $</span>, seuls C2 (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>5000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,5000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">5000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>) et C3 (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mtext> </mtext><mn>4500</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">-\,4500\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">4500</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> pour l'écart simple-double) bougent — or ce sont précisément les comparables à faible poids. La conclusion de <span class="num">435 000 $</span> se déplace, dans tous ces scénarios, à l'intérieur de la bande d'arrondi de <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>±</mo><mtext> </mtext><mn>2500</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">\pm\,2500\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">±</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">2500</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> : elle est <strong class="c-vert">robuste</strong><label for="sn-8-8" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-8-8" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">Sensibilité : faire varier les ajustements unitaires de <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>±</mo><mn>10</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">\pm 10\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">±</span><span class="mord">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> et vérifier que la conclusion tient.</span>. Si au contraire un déplacement de 10 % d'un seul ajustement unitaire faisait basculer la conclusion de <span class="num">10 000 $</span> ou plus, ce serait le signal que la grille repose trop sur cet ajustement — et qu'il faut soit le documenter davantage, soit revoir le poids des comparables qui en dépendent. Cette contre-vérification coûte cinq minutes et transforme une opinion en opinion <em>testée</em>.</p>266<h2 id="s-8-7" class="h-section"><span class="h-num">8.7</span><span class="h-text">Bonnes pratiques et limites de la méthode</span><a class="h-anchor" href="#s-8-7" aria-label="Lien vers cette section">#</a></h2>267<h3 id="s-8-7-1" class="h-subsection"><span class="h-num">8.7.1</span><span class="h-text">Le code de conduite de la grille d'ajustement</span><a class="h-anchor" href="#s-8-7-1" aria-label="Lien vers cette section">#</a></h3>268<p id="p8-86">Les bonnes pratiques de la grille tiennent en trois disciplines, chacune répondant à une tentation identifiable. La discipline des <strong class="c-bleu">données</strong> d'abord : jamais moins de trois comparables, chaque vente vérifiée — prix confirmé, conditions, financement, inclusions —, les ventes les plus récentes et les plus proches d'abord. La tentation qu'elle combat est la paresse de recherche : la grille bâtie sur les trois premières ventes venues, dont une non vérifiée, a l'apparence de la méthode sans en avoir la substance. La discipline du <strong class="c-bleu">raisonnement</strong> ensuite : chaque ajustement appuyé par des données de marché, sa source et sa technique d'extraction consignées, l'ordre séquentiel respecté. Elle combat la tentation du chiffre commode — l'ajustement « d'expérience » qu'on ne saurait défendre devant un réviseur. La discipline du <strong class="c-bleu">terrain</strong> enfin : visiter le sujet, et les comparables au moins de l'extérieur; l'état réel, la micro-localisation et le voisinage ne se lisent dans aucune base de données.</p>269<p id="p8-87">Les fautes symétriques se déduisent d'elles-mêmes, mais trois méritent d'être nommées parce qu'elles sont les plus fréquentes dans les copies comme dans les dossiers disciplinaires : la <strong class="c-rouge">moyenne arithmétique</strong> déguisée en réconciliation, qui abdique le jugement professionnel au profit d'un calcul; l'<strong class="c-rouge">oubli de l'ajustement temporel</strong> en marché volatil, qui importe dans la conclusion des prix d'un marché disparu; et la <strong class="c-rouge">tolérance silencieuse</strong> aux dépassements de seuils — conserver un comparable à 20 % net n'est pas une faute, le conserver <em>sans le dire ni réduire son poids</em> en est une.</p>270<h3 id="s-8-7-2" class="h-subsection"><span class="h-num">8.7.2</span><span class="h-text">Les limites intrinsèques</span><a class="h-anchor" href="#s-8-7-2" aria-label="Lien vers cette section">#</a></h3>271<p id="p8-88">Aucune méthode n'est parfaite, et l'examen attend de vous une vision critique. Six limites structurent la discussion : (1) la <strong>dépendance aux données</strong> — sans marché actif, pas de comparables; (2) les <strong>biens uniques</strong> — propriétés spécialisées, historiques ou atypiques échappent à la comparaison; (3) la <strong>subjectivité des ajustements</strong> — deux évaluateurs compétents peuvent différer; (4) les <strong>marchés en transition</strong> — les données passées reflètent mal un marché qui bascule; (5) les <strong>conditions atypiques</strong> difficiles à filtrer exhaustivement; (6) les <strong>données incomplètes</strong> — au Québec, certaines informations (conditions fines de la transaction) ne sont pas publiques.</p>272<div class="box box-rem" id="remarque-8-89"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pen"/></svg></span><span class="box-label">La parade professionnelle</span><a class="box-anchor" href="#remarque-8-89" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-90">C'est précisément pour ces raisons que les normes recommandent d'employer <strong>plus d'une méthode</strong> lorsque c'est possible et de réconcilier les résultats : la convergence de la comparaison, du coût et du revenu vers une même zone de valeur est le meilleur indice de robustesse d'une conclusion.</p></div></div>273<h3 id="s-8-7-3" class="h-subsection"><span class="h-num">8.7.3</span><span class="h-text">La comparaison à l'ère des évaluations automatisées</span><a class="h-anchor" href="#s-8-7-3" aria-label="Lien vers cette section">#</a></h3>274<p id="p8-91">Impossible aujourd'hui de clore ce chapitre sans un mot des <span class="motcle" data-term="modèles d'évaluation automatisée">modèles d'évaluation automatisée</span> (<em>Automated Valuation Models</em>, AVM), ces algorithmes qui estiment la valeur d'un bien en quelques secondes à partir de bases de données massives — les prêteurs en utilisent pour trier les dossiers, et des sites publics en offrent des versions grand public. Ils appliquent, à l'échelle industrielle, la logique hédonique décrite en début de chapitre : régression ou apprentissage automatique sur des milliers de ventes. Leurs forces sont réelles — vitesse, couverture, absence de fatigue — et leurs faiblesses sont exactement les angles morts de leurs données : l'état intérieur qu'ils n'ont jamais visité, les rénovations non déclarées, la micro-localisation, les conditions de vente non codées, les segments minces où l'échantillon s'effondre. La leçon pour l'étudiante ou l'étudiant n'est pas « l'algorithme remplacera l'évaluateur », ni son contraire rassurant : c'est que la valeur ajoutée du professionnel se déplace précisément vers ce que la machine ne voit pas — l'inspection, la vérification des ventes, le jugement de fiabilité, la responsabilité professionnelle engagée. Autrement dit : vers tout ce que ce chapitre a enseigné d'autre que l'arithmétique.</p>275<p id="p8-92">Au terme de cette première moitié du parcours, mesurez le chemin : partis d'une intuition d'acheteur — « la maison d'à côté s'est vendue tant » —, nous disposons désormais d'un protocole complet, du choix des ventes jusqu'à la conclusion motivée, avec ses garde-fous à chaque étape. Il reste à approfondir le cœur quantitatif de la machine : d'où viennent exactement les montants d'ajustement, et comment passe-t-on rigoureusement de quatre indications à un seul chiffre. Ce sera l'objet de la séance 9 — que les exercices qui suivent préparent directement.</p>276<hr class="sep">277<h2 id="s-8-8" class="h-section"><span class="h-num">8.8</span><span class="h-text">Exercices</span><a class="h-anchor" href="#s-8-8" aria-label="Lien vers cette section">#</a></h2>278<div class="box box-exo" id="exo-8-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 8.1</span><span class="box-title">— vérification d'une vente</span><a class="box-anchor" href="#exo-8-1" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-93">Vous envisagez d'utiliser comme comparable une vente conclue à <span class="num">392 000 $</span> entre M. Tremblay et sa belle-sœur, incluant les électroménagers (valeur : <span class="num">6000 $</span>). Le prix demandé sur Centris était de <span class="num">429 000 $</span> et le délai de mise en marché de 9 jours seulement. Identifiez les indices qui commandent la prudence et indiquez le traitement approprié.</p></div></div>279<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p8-94">Trois signaux d'alarme. (1) <strong>Lien de dépendance</strong> : la transaction entre membres d'une même famille ne reflète généralement pas le marché libre — c'est le motif d'exclusion le plus fort. (2) <strong>Écart marqué</strong> entre prix demandé (<span class="num">429 000 $</span>) et prix payé (<span class="num">392 000 $</span>) combiné à un délai très court : cohérent avec un prix de faveur plutôt qu'avec une négociation de marché. (3) <strong>Inclusions</strong> : les électroménagers (<span class="num">6000 $</span>) devraient de toute façon être retranchés. <strong>Traitement :</strong> exclure ce comparable. On ne « répare » pas un lien de dépendance par un ajustement, car l'écart au marché est inconnu; on ne le conserverait, lourdement documenté, qu'en l'absence totale d'autres ventes — situation exceptionnelle.</p></div></details>280<div class="box box-exo" id="exo-8-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 8.2</span><span class="box-title">— ajustement temporel</span><a class="box-anchor" href="#exo-8-2" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-95">Le marché d'un secteur de Gatineau progresse de 6 % par année. Un comparable s'est vendu <span class="num">380 000 $</span> il y a 10 mois. Calculez l'ajustement temporel et le prix ajusté. Que devient le résultat si le marché avait plutôt <em>reculé</em> de 4 % par année?</p></div></div>281<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p8-96">Marché haussier : ajustement <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>380</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,06</mn><mo>×</mo><mn>10</mn><mi mathvariant="normal">/</mi><mn>12</mn><mo>=</mo><mn>19</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= 380\,000 \times 0{,}06 \times 10/12 =28219\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">380</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">06</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">10/12</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">19</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>; prix ajusté <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>380</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>19</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>399</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= 380\,000 + 19\,000 = 399\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">380</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">19</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">399</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. Marché baissier : ajustement <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>380</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mo stretchy="false">(</mo><mo>−</mo><mn>0,04</mn><mo stretchy="false">)</mo><mo>×</mo><mn>10</mn><mi mathvariant="normal">/</mi><mn>12</mn><mo>=</mo><mo>−</mo><mtext> </mtext><mn>12</mn><mtext> </mtext><mn>667</mn><mtext> </mtext><mi mathvariant="normal">$</mi><mo>≈</mo><mo>−</mo><mtext> </mtext><mn>12</mn><mtext> </mtext><mn>700</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= 380\,000 \times (-0{,}04) \times 10/12 =283-\,12\,667\,\$ \approx -\,12\,700\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">380</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mopen">(</span><span class="mord">−</span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">04</span><span class="mclose">)</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">10/12</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">12</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">667</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">≈</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">12</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">700</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>; prix ajusté <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≈</mo><mn>367</mn><mtext> </mtext><mn>300</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">\approx284367\,300\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.4831em;"></span><span class="mrel">≈</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">367</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">300</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. L'ajustement temporel joue dans les deux sens : en marché baissier, un comparable ancien <em>surestime</em> la valeur actuelle et doit être ajusté à la baisse.</p></div></details>285<div class="box box-exo" id="exo-8-3"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 8.3</span><span class="box-title">— sens des ajustements</span><a class="box-anchor" href="#exo-8-3" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-97">Pour chacune des situations suivantes, indiquez le signe de l'ajustement à appliquer <em>au comparable</em> : (a) le comparable possède une piscine creusée, pas le sujet; (b) le sujet a un garage double, le comparable un garage simple; (c) le comparable est situé sur une artère bruyante, le sujet dans une rue calme; (d) le comparable s'est vendu avec une balance de prix de vente à taux avantageux.</p></div></div>286<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p8-98">(a) <strong>Négatif</strong> : le comparable est supérieur (piscine), on retranche sa contribution marchande. (b) <strong>Positif</strong> : le comparable est inférieur (garage simple contre double), on ajoute l'écart de valeur. (c) <strong>Positif</strong> : la localisation du comparable est inférieure (nuisance sonore), on le remonte au niveau du sujet. (d) <strong>Négatif</strong> : l'avantage de financement a gonflé le prix; on le retranche pour retrouver le prix comptant équivalent. Règle cardinale : on ajuste toujours <em>le comparable vers le sujet</em> — comparable supérieur <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo></mrow><annotation encoding="application/x-tex">\rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span></span></span></span> ajustement négatif; comparable inférieur <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo></mrow><annotation encoding="application/x-tex">\rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span></span></span></span> ajustement positif.</p></div></details>287<div class="box box-exo" id="exo-8-4"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 8.4</span><span class="box-title">— mini grille complète</span><a class="box-anchor" href="#exo-8-4" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-99">Sujet : plain-pied de <span class="num">1100</span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>, terrain de <span class="num">5000</span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>, garage simple, bon état, secteur Aylmer. Comparable : vendu <span class="num">402 000 $</span> il y a 4 mois (marché : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>4,5</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">+4{,}5\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">+</span><span class="mord">4</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">5</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>/an), <span class="num">1180</span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>, terrain de <span class="num">5400</span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>, aucun garage, bon état, même secteur; vente libre, financement conventionnel; électroménagers inclus pour <span class="num">4000 $</span>. Valeurs unitaires : superficie 95 $/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>; terrain 8 $/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>; garage simple <span class="num">18 000 $</span>. Calculez l'indication de valeur, puis les pourcentages net et brut, et commentez la fiabilité.</p></div></div>288<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p8-100"><strong>Transactionnel.</strong> Composantes non immobilières : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mtext> </mtext><mn>4000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">-\,4000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">4000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> (électroménagers) — on peut le traiter d'emblée avec les vérifications transactionnelles : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>402</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>4</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>398</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">402\,000 - 4\,000 = 398\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">402</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">4</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">398</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span>. Temps : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>398</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,045</mn><mo>×</mo><mn>4</mn><mi mathvariant="normal">/</mi><mn>12</mn><mo>=</mo><mn>5</mn><mtext> </mtext><mn>970</mn><mo>≈</mo><mo>+</mo><mtext> </mtext><mn>6000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">398\,000 \times 0{,}045 \times 4/12 = 5\,970 \approx289+\,6000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">398</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">045</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">4/12</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">5</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">970</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">≈</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">6000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>; base ajustée <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>404</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= 404\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">404</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. <strong>Propriété.</strong> Superficie : le comparable a <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>80</mn></mrow><annotation encoding="application/x-tex">80</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">80</span></span></span></span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> de plus : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>80</mn><mo>×</mo><mn>95</mn><mo>=</mo><mo>−</mo><mtext> </mtext><mn>7600</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">80 \times 95 = -\,7600\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">80</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">95</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">7600</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. Terrain : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>400</mn></mrow><annotation encoding="application/x-tex">400</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">400</span></span></span></span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> de plus : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>400</mn><mo>×</mo><mn>8</mn><mo>=</mo><mo>−</mo><mtext> </mtext><mn>3200</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">400 \times 8 = -\,3200\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">400</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">8</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">3200</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. Garage : le comparable n'en a pas : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>18</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,18\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">18</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. Ajustement net de propriété <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mo>−</mo><mn>7</mn><mtext> </mtext><mn>600</mn><mo>−</mo><mn>3</mn><mtext> </mtext><mn>200</mn><mo>+</mo><mn>18</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mo>+</mo><mtext> </mtext><mn>7200</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= -7\,600 - 3\,200 +29018\,000 = +\,7200\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mord">7</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">600</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">3</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">200</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">18</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">7200</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. <strong>Indication de valeur</strong> <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>404</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>7</mn><mtext> </mtext><mn>200</mn><mo>=</mo><mn>411</mn><mtext> </mtext><mn>200</mn><mtext> </mtext><mi mathvariant="normal">$</mi><mo>≈</mo><mn>411</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= 404\,000 + 7\,200 = 411\,200\,\$291\approx 411\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">404</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">7</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">200</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">411</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">200</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">≈</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">411</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. <strong>Seuils</strong> (sur le prix de vente de <span class="num">402 000 $</span>) : net <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mo>−</mo><mn>4</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>6</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>7</mn><mtext> </mtext><mn>600</mn><mo>−</mo><mn>3</mn><mtext> </mtext><mn>200</mn><mo>+</mo><mn>18</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mo>+</mo><mtext> </mtext><mn>9200</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= -4\,000 + 6\,000 - 7\,600 - 3\,200 + 18\,000 = +\,9200\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mord">4</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">6</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">7</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">600</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">3</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">200</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">18</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">9200</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>, soit <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>2,3</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">2{,}3\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">2</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">3</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>; brut <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>4</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>6</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>7</mn><mtext> </mtext><mn>600</mn><mo>+</mo><mn>3</mn><mtext> </mtext><mn>200</mn><mo>+</mo><mn>18</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>38</mn><mtext> </mtext><mn>800</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= 4\,000 + 6\,000 + 7\,600 + 3\,200 + 18\,000 =29238\,800\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">4</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">6</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">7</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">600</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">3</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">200</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">18</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">38</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">800</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>, soit <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>9,7</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">9{,}7\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">9</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">7</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>. Les deux seuils sont largement respectés : comparable de <strong class="c-vert">haute fiabilité</strong>, qui mériterait un poids fort dans la réconciliation.</p></div></details>293<div class="box box-exo" id="exo-8-5"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 8.5</span><span class="box-title">— réconciliation critique</span><a class="box-anchor" href="#exo-8-5" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-101">Quatre comparables ajustés donnent : <span class="num">424 600 $</span> (net <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>2,4</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">2{,}4\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">2</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">4</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>), <span class="num">481 900 $</span> (net <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>16,1</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">16{,}1\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">16</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>), <span class="num">369 900 $</span> (net <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>19,6</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">19{,}6\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">19</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">6</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>) et <span class="num">448 600 $</span> (net <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>5,6</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">5{,}6\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">5</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">6</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>). Un collègue propose de conclure à la moyenne, <span class="num">431 250 $</span>. Critiquez cette approche et proposez une conclusion mieux fondée.</p></div></div>294<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p8-102">La moyenne arithmétique accorde <em>le même poids</em> à chaque indication, alors que leur fiabilité diffère radicalement : les comparables à <span class="num">481 900 $</span> et <span class="num">369 900 $</span> excèdent le repère de 15 % net — leurs indications sont les plus incertaines — tandis que ceux à <span class="num">424 600 $</span> et <span class="num">448 600 $</span> sont très fiables. La moyenne se trouve de surcroît tirée vers le bas par l'indication la plus faible (<span class="num">369 900 $</span>). Une réconciliation professionnelle pondère fortement les deux comparables fiables, dont les indications encadrent <span class="num">424 600 $</span>–<span class="num">448 600 $</span>, et conclut autour de <strong class="c-or"><span class="num">435 000 $</span></strong>, en mentionnant que les deux autres indications, quoique faibles individuellement, confirment que la valeur se situe bien dans l'étendue observée. La justification écrite du raisonnement fait partie intégrante de la conclusion.</p></div></details>295<hr class="sep">296<section class="box box-synth" id="synthese"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-clipboard"/></svg></span><span class="box-label">L’essentiel de la séance</span></div><div class="box-body"><ul><li>La méthode de comparaison estime la valeur à partir des <strong>prix ajustés de ventes récentes similaires</strong>; elle opérationnalise le <strong>principe de substitution</strong> et constitue la méthode privilégiée du résidentiel et des terrains.</li><li>Six étapes : rechercher <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo></mrow><annotation encoding="application/x-tex">\rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span></span></span></span> vérifier <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo></mrow><annotation encoding="application/x-tex">\rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span></span></span></span> choisir l'unité <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo></mrow><annotation encoding="application/x-tex">\rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span></span></span></span> ajuster <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo></mrow><annotation encoding="application/x-tex">\rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span></span></span></span> réconcilier <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo></mrow><annotation encoding="application/x-tex">\rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span></span></span></span> conclure.</li><li>Comparables : minimum <strong>3</strong>, recommandé 3 à 5; proximité, vente récente, similarité physique, transaction libre; hiérarchie de qualité quand les données se raréfient.</li><li>Vérification obligatoire : prix <em>confirmé</em>, conditions de vente, financement, inclusions, motivation; exclure les ventes avec lien de dépendance et les ventes forcées.</li><li><strong>Huit critères</strong> : droits de propriété, financement, conditions de vente, dépenses après achat, temps (transactionnels, en séquence); localisation, caractéristiques physiques, composantes non immobilières (propriété, additifs).</li><li>Ajustement temporel : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>P</mi><mo>×</mo><mi>g</mi><mo>×</mo><mi>m</mi><mi mathvariant="normal">/</mi><mn>12</mn></mrow><annotation encoding="application/x-tex">P \times g \times m/12</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7667em;vertical-align:-0.0833em;"></span><span class="mord mathnormal" style="margin-right:0.1389em;">P</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7778em;vertical-align:-0.1944em;"></span><span class="mord mathnormal" style="margin-right:0.0359em;">g</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord mathnormal">m</span><span class="mord">/12</span></span></span></span>, taux extrait du <em>marché local</em>; c'est souvent l'ajustement dominant en marché volatil.</li><li>Règle cardinale des signes : comparable <strong>supérieur</strong> <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo></mrow><annotation encoding="application/x-tex">\rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span></span></span></span> ajustement <strong>négatif</strong>; comparable <strong>inférieur</strong> <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo></mrow><annotation encoding="application/x-tex">\rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span></span></span></span> ajustement <strong>positif</strong>; on ajuste toujours le comparable vers le sujet.</li><li>Repères de fiabilité : net <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≤</mo><mn>15</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">\leq 15\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>, brut <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≤</mo><mn>25</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">\leq 25\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">25</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> du prix du comparable — lignes directrices, pas des règles absolues.</li><li>La <strong>réconciliation</strong> pondère les indications selon la fiabilité (nombre et ampleur des ajustements, similarité, date, qualité des données) — jamais une moyenne.</li><li>Étude de cas Hull : indications de <span class="num">369 900 $</span> à <span class="num">481 900 $</span>; poids aux comparables 1 et 4; conclusion <span class="num">435 000 $</span>.</li></ul></div></section>297 </article>298 </div>299 </div>300 <section class="ch-quiz" id="quiz"><div class="ch-quiz-inner"><div id="quiz-app"><p class="gl-count">Chargement du quiz…</p></div></div></section>301 302<nav class="ch-pager" aria-label="Navigation entre les séances">303 <a class="prev" href="/seance/07/"><small>← Séance 7</small><b>Examen mi-session : révision des blocs 1 et 2</b></a>304 <a class="next" href="/seance/09/"><small>Séance 9 →</small><b>La méthode de comparaison — Partie 2 : ajustements et réconciliation</b></a>305</nav>306 307<div class="read-tools" role="toolbar" aria-label="Outils de lecture">308 <button type="button" data-action="notes" data-tip="Mes notes et surlignages" aria-pressed="false"><svg class="" aria-hidden="true"><use href="#i-note"/></svg></button>309 <button type="button" data-action="tts" data-tip="Écouter la séance"><svg class="" aria-hidden="true"><use href="#i-audio"/></svg></button>310 <button type="button" data-action="revision" data-tip="Mode révision" aria-pressed="false"><svg class="" aria-hidden="true"><use href="#i-eye"/></svg></button>311 <hr>312 <button type="button" data-action="fontsize" data-tip="Taille du texte"><svg class="" aria-hidden="true"><use href="#i-text"/></svg></button>313 <button type="button" data-action="theme" data-tip="Thème clair / sombre"><svg class="" aria-hidden="true"><use href="#i-sun"/></svg></button>314 <button type="button" data-action="top" data-tip="Haut de page"><svg class="" aria-hidden="true"><use href="#i-up"/></svg></button>315</div>316<aside class="notes-panel" id="notes-panel" aria-label="Mes notes">317 <div class="notes-head"><h3>Mes notes — séance 8</h3><button class="icon-btn" type="button" data-action="notes-close" aria-label="Fermer">✕</button></div>318 <div class="notes-body">319 <div><h4>Notes personnelles <span id="notes-saved"></span></h4><textarea placeholder="Vos notes pour cette séance (enregistrées automatiquement sur cet appareil)…"></textarea></div>320 <div><h4>Passages surlignés</h4><ul id="hl-list"></ul></div>321 </div>322 <div class="notes-foot"><button class="btn btn-sm btn-ghost" type="button" data-action="notes-export"><svg class="" aria-hidden="true"><use href="#i-download"/></svg> Exporter (Markdown)</button><a class="btn btn-sm btn-ghost" href="/progression/">Toutes mes notes</a></div>323</aside>324<div class="tts-bar" id="tts-bar" hidden><button type="button" id="tts-prev" aria-label="Paragraphe précédent">⏮</button><button type="button" id="tts-play" aria-label="Lecture / pause">⏸</button><button type="button" id="tts-next" aria-label="Paragraphe suivant">⏭</button><select id="tts-rate" aria-label="Vitesse"><option value="0.85">0,85×</option><option value="1" selected>1×</option><option value="1.15">1,15×</option><option value="1.3">1,3×</option></select><span>Lecture audio</span><button type="button" id="tts-stop" aria-label="Arrêter">■</button></div>325</main>326<footer class="site-footer">327 <div class="footer-inner">328 <div class="footer-brand">329 <img src="/assets/brand/uqo-logo-white.png" alt="UQO" width="140" height="59" style="width:140px;height:auto;margin-bottom:10px">330 <div class="brand-code">IMM1003</div>331 <div>Éléments d’évaluation immobilière</div>332 <div style="opacity:.7;margin-top:6px;font-size:.85rem">Automne 2026 · 3 crédits · premier cycle · 14 séances</div>333 <div style="margin-top:14px;font-size:.85rem">Simon-Pierre Boucher, professeur<br>Département des sciences administratives<br>Université du Québec en Outaouais<br><a href="mailto:simon-pierre.boucher@uqo.ca" style="display:inline;padding:0">simon-pierre.boucher@uqo.ca</a></div>334 </div>335 <div><h4>Étudier</h4><a href="/seance/01/">Séances</a><a href="/aide-memoire/">Aide-mémoire</a><a href="/glossaire/">Glossaire</a><a href="/definitions/">Toutes les définitions</a><a href="/carte/">Carte du cours</a><a href="/exercices/">Banque d’exercices</a></div>336 <div><h4>S’exercer</h4><a href="/quiz/">Quiz et examens blancs</a><a href="/entrainement/">Entraînement</a><a href="/jeux/">Jeux de révision</a><a href="/fiches/">Fiches de révision</a><a href="/outils/">Calculateurs</a><a href="/progression/">Ma progression</a></div>337 <div><h4>Ressources</h4><a href="/diapositives/">Diapositives</a><a href="/ressources/">Téléchargements</a><a href="/rapport/">Rapport — marché de l’habitation</a><a href="/bibliographie/">Bibliographie</a><a href="/recherche/">Recherche</a><a href="https://www.uqo-imm1033.app" rel="noopener">IMM1033 — Méthodes du coût en évaluation immobilière</a></div>338 </div>339 <div class="footer-legal"><div><span>© 2026 Simon-Pierre Boucher — Université du Québec en Outaouais. 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