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20H2"/></symbol>72  <symbol 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="10" data-title="Séance 10 — La méthode du coût" data-words="8942">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">10</div>95  <div class="ch-hero-inner">96    <div class="eyebrow"><span class="part-chip">Partie III</span> Les trois méthodes d’évaluation · Séance 10 · IMM1003</div>97    <h1>La méthode du coût</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> 6 sections</span>101      <span class="chip"><svg class="" aria-hidden="true"><use href="#i-book"/></svg> 15 définitions</span>102      <span class="chip"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg> 7 formules</span>103      <span class="chip"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg> 8 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> ≈ 50 min de lecture</span>106      <span class="chip"><svg class="" aria-hidden="true"><use href="#i-chart"/></svg> 1 explorateur interactif</span>107      <span class="chip">Remise du TP2</span>108    </div>109    <div class="ch-tools">110      <a class="btn btn-ghost" href="/files/slides/seance10.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-10-1"><span class="n">1</span>Fondements et logique économique</a><a href="#s-10-2"><span class="n">2</span>Le coût à neuf : remplacement ou reproduction</a><a href="#s-10-3"><span class="n">3</span>La dépréciation</a><a href="#s-10-4"><span class="n">4</span>La valeur du terrain</a><a href="#s-10-5"><span class="n">5</span>Cas complet : une unifamiliale de Gatineau</a><a href="#s-10-6"><span class="n">6</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-10-1"><span class="toc-num">10.1</span><span>Fondements et logique économique</span></a></li><li class="lvl3"><a href="#s-10-1-1"><span class="toc-num">10.1.1</span><span>Le principe de substitution appliqué au coût</span></a></li><li class="lvl3"><a href="#s-10-1-2"><span class="toc-num">10.1.2</span><span>Les hypothèses sous-jacentes</span></a></li><li class="lvl3"><a href="#s-10-1-3"><span class="toc-num">10.1.3</span><span>La formule fondamentale</span></a></li><li class="lvl3"><a href="#s-10-1-4"><span class="toc-num">10.1.4</span><span>Quand utiliser la méthode du coût?</span></a></li><li class="lvl3"><a href="#s-10-1-5"><span class="toc-num">10.1.5</span><span>Le processus en cinq étapes</span></a></li><li class="lvl2"><a href="#s-10-2"><span class="toc-num">10.2</span><span>Le coût à neuf : remplacement ou reproduction</span></a></li><li class="lvl3"><a href="#s-10-2-1"><span class="toc-num">10.2.1</span><span>Deux concepts distincts</span></a></li><li class="lvl3"><a href="#s-10-2-2"><span class="toc-num">10.2.2</span><span>Les quatre méthodes d'estimation du coût à neuf</span></a></li><li class="lvl3"><a href="#s-10-2-3"><span class="toc-num">10.2.3</span><span>L'anatomie du coût : directs, indirects, profit</span></a></li><li class="lvl3"><a href="#s-10-2-4"><span class="toc-num">10.2.4</span><span>Les sources de données de coûts</span></a></li><li class="lvl3"><a href="#s-10-2-5"><span class="toc-num">10.2.5</span><span>Exemple complet d'un coût à neuf</span></a></li><li class="lvl2"><a href="#s-10-3"><span class="toc-num">10.3</span><span>La dépréciation</span></a></li><li class="lvl3"><a href="#s-10-3-1"><span class="toc-num">10.3.1</span><span>Définition et taxonomie</span></a></li><li class="lvl3"><a href="#s-10-3-2"><span class="toc-num">10.3.2</span><span>Curable ou incurable : le test économique</span></a></li><li class="lvl3"><a href="#s-10-3-3"><span class="toc-num">10.3.3</span><span>La dépréciation physique</span></a></li><li class="lvl3"><a href="#s-10-3-4"><span class="toc-num">10.3.4</span><span>La dépréciation fonctionnelle</span></a></li><li class="lvl3"><a href="#s-10-3-5"><span class="toc-num">10.3.5</span><span>La dépréciation économique (externe)</span></a></li><li class="lvl3"><a href="#s-10-3-6"><span class="toc-num">10.3.6</span><span>Assembler la dépréciation totale</span></a></li><li class="lvl3"><a href="#s-10-3-7"><span class="toc-num">10.3.7</span><span>Les méthodes de mesure — panorama</span></a></li><li class="lvl2"><a href="#s-10-4"><span class="toc-num">10.4</span><span>La valeur du terrain</span></a></li><li class="lvl3"><a href="#s-10-4-1"><span class="toc-num">10.4.1</span><span>Pourquoi évaluer le terrain séparément?</span></a></li><li class="lvl3"><a href="#s-10-4-2"><span class="toc-num">10.4.2</span><span>Les cinq méthodes d'évaluation du terrain</span></a></li><li class="lvl2"><a href="#s-10-5"><span class="toc-num">10.5</span><span>Cas complet : une unifamiliale de Gatineau</span></a></li><li class="lvl3"><a href="#s-10-5-1"><span class="toc-num">10.5.1</span><span>La propriété sujet</span></a></li><li class="lvl3"><a href="#s-10-5-2"><span class="toc-num">10.5.2</span><span>Étape 1 — Le coût de remplacement à neuf</span></a></li><li class="lvl3"><a href="#s-10-5-3"><span class="toc-num">10.5.3</span><span>Étape 2 — La dépréciation totale</span></a></li><li class="lvl3"><a href="#s-10-5-4"><span class="toc-num">10.5.4</span><span>Étape 3 — La valeur du terrain</span></a></li><li class="lvl3"><a href="#s-10-5-5"><span class="toc-num">10.5.5</span><span>Étape 4 — La conclusion</span></a></li><li class="lvl3"><a href="#s-10-5-6"><span class="toc-num">10.5.6</span><span>Mise en perspective</span></a></li><li class="lvl3"><a href="#s-10-5-7"><span class="toc-num">10.5.7</span><span>Forces et faiblesses de la méthode</span></a></li><li class="lvl2"><a href="#s-10-6"><span class="toc-num">10.6</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=10"><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="p10-1">Après la méthode de comparaison, voici la deuxième des trois grandes méthodes reconnues en évaluation immobilière : la <span class="motcle" data-term="méthode du coût">méthode du coût</span>. Son intuition tient en une phrase : personne ne paiera pour une propriété existante plus que ce qu'il en coûterait pour en construire une équivalente. Le coût de construction à neuf fixe donc un plafond à la valeur ; la <span class="motcle" data-term="dépréciation">dépréciation</span> vient éroder ce plafond, et la valeur du terrain — qui, elle, ne se déprécie pas — vient s'y ajouter. Cette séance développe chacun de ces trois blocs : l'estimation du <span class="motcle" data-term="coût à neuf">coût à neuf</span>, la mesure de la dépréciation sous toutes ses formes, et l'évaluation du terrain comme s'il était vacant. Un cas complet, mené de bout en bout sur une résidence de Gatineau, montre comment ces morceaux s'assemblent en une conclusion de valeur défendable.</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-10-1" data-obj="obj-10-1"><span class="obj-text">Énoncer le principe de substitution appliqué au coût et les hypothèses         qui conditionnent la fiabilité de la méthode;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-10-2" data-obj="obj-10-2"><span class="obj-text">Distinguer le coût de <strong>remplacement</strong> du coût de         <strong>reproduction</strong> et choisir le bon concept selon le mandat;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-10-3" data-obj="obj-10-3"><span class="obj-text">Estimer un coût à neuf complet : coûts directs, coûts indirects et         profit de l'entrepreneur, à partir des sources de données reconnues;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-10-4" data-obj="obj-10-4"><span class="obj-text">Identifier et mesurer les trois catégories de dépréciation (physique,         fonctionnelle, économique) et distinguer le curable de l'incurable;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-10-5" data-obj="obj-10-5"><span class="obj-text">Appliquer la méthode âge/vie modifiée et interpréter l'âge effectif;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-10-6" data-obj="obj-10-6"><span class="obj-text">Évaluer le terrain séparément par les cinq méthodes reconnues;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-10-7" data-obj="obj-10-7"><span class="obj-text">Conduire une évaluation complète par la méthode du coût et situer son         résultat par rapport aux autres méthodes.</span></label></li></ul></div></section>141<h2 id="s-10-1" class="h-section"><span class="h-num">10.1</span><span class="h-text">Fondements et logique économique</span><a class="h-anchor" href="#s-10-1" aria-label="Lien vers cette section">#</a></h2>142<h3 id="s-10-1-1" class="h-subsection"><span class="h-num">10.1.1</span><span class="h-text">Le principe de substitution appliqué au coût</span><a class="h-anchor" href="#s-10-1-1" aria-label="Lien vers cette section">#</a></h3>143<p id="p10-9">La méthode du coût est l'application la plus directe du principe de substitution étudié à la séance 3<label for="sn-10-1" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-10-1" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">Séance 3 : le principe de substitution fonde aussi la méthode de comparaison.</span>. En comparaison, le substitut est une <em>autre propriété existante</em> ; en méthode du coût, le substitut est une <em>propriété à construire</em>.</p>144<div class="box box-def" id="def-10-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 10.1</span><span class="box-title">— principe de substitution appliqué au coût</span><a class="box-anchor" href="#def-10-1" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-10">Un acheteur rationnel ne paiera pas <strong>plus</strong> pour une propriété existante que le coût de <strong>construire un substitut équivalent</strong>, à condition que le délai de construction soit acceptable et qu'aucune perte d'opportunité ne soit encourue.</p></div></div>145<p id="p10-11">Deux réserves de cette définition méritent qu'on s'y arrête, car elles expliquent pourquoi, en marché haussier, des propriétés existantes se vendent parfois <em>au-dessus</em> de leur coût de construction. La première est le <strong class="c-or">délai de construction</strong>. Construire une résidence prend de douze à vingt-quatre mois entre l'achat du terrain et la livraison — davantage encore lorsque le zonage exige des dérogations ou que la main-d'œuvre se fait rare, comme ce fut le cas au Québec au sortir de la pandémie. Or un acheteur pressé — la famille mutée à Gatineau qui doit être installée avant la rentrée scolaire, l'entreprise qui doit ouvrir un point de service avant sa saison forte — accepte de payer une prime pour la disponibilité immédiate. Cette prime n'a rien d'irrationnel : elle est le prix du temps, au même titre que l'intérêt est le prix de l'argent. La seconde réserve est la <strong class="c-or">perte d'opportunité</strong> encourue pendant le chantier : celui qui choisit de construire paie un loyer ailleurs pendant les travaux, immobilise son capital dans un actif qui ne produit encore aucun service, et supporte seul le risque de dépassement de coûts et d'échéancier. Ces frais implicites, qui n'apparaissent sur aucune soumission d'entrepreneur, s'ajoutent au coût contractuel de construction et rapprochent d'autant le « vrai » coût du substitut du prix demandé pour la propriété existante.</p>146<p id="p10-12">Une fois ces réserves posées, la logique fondamentale de la méthode se déploie en quatre temps qui structurent tout le chapitre : le coût de construction neuve fixe un <strong class="c-or">plafond</strong> à la valeur ; la dépréciation <strong class="c-or">réduit</strong> ce plafond à mesure que le bâtiment s'éloigne de l'état neuf ; le terrain, qui ne s'use pas, s'évalue <strong class="c-or">séparément</strong> comme s'il était vacant ; la somme des deux composantes donne la valeur par le coût. Chaque maillon de cette chaîne est une estimation distincte, avec ses sources, ses techniques et ses marges d'erreur propres — et la qualité de la conclusion finale est celle du maillon le plus faible.</p>147<h3 id="s-10-1-2" class="h-subsection"><span class="h-num">10.1.2</span><span class="h-text">Les hypothèses sous-jacentes</span><a class="h-anchor" href="#s-10-1-2" aria-label="Lien vers cette section">#</a></h3>148<p id="p10-13">Comme toute méthode, celle du coût repose sur des hypothèses qu'il faut vérifier avant de lui accorder du poids dans la réconciliation finale<label for="sn-10-2" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-10-2" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">À vérifier avant de pondérer la méthode dans la réconciliation (séance 14).</span>. La première est que le marché de la construction soit <strong class="c-or">actif</strong> : la méthode suppose qu'on puisse réellement observer des coûts de construction courants — des soumissions, des permis, des projets livrés récemment. Dans une petite municipalité où personne n'a construit depuis des années, le « coût courant » devient une extrapolation. La deuxième hypothèse est plus subtile : l'équation coût <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:0.3669em;"></span><span class="mrel">=</span></span></span></span> valeur n'est rigoureusement vraie qu'au moment de la livraison d'un bâtiment <strong class="c-or">neuf</strong> et conforme à l'utilisation optimale de son site. Dès le lendemain, l'usure commence, et si le bâtiment n'était pas la meilleure réponse au marché — trop grand, mal configuré, mal situé —, l'écart entre son coût et sa valeur existe dès le premier jour. La troisième hypothèse est que la dépréciation soit <strong class="c-or">mesurable</strong> : exercice raisonnable sur un bâtiment de quinze ans, de plus en plus conjectural à mesure que le bâtiment vieillit, car les causes de perte de valeur s'entremêlent et les témoins de marché se raréfient. La quatrième, enfin, est que le terrain ait une valeur <strong class="c-or">distincte</strong> et estimable — ce qui suppose des ventes de terrains vacants observables ou, à défaut, des techniques indirectes dont la section <a class="xref" href="#s-10-4">10.4</a> montrera les limites.</p>149<div class="box box-att" id="attention-10-14"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-warning"/></svg></span><span class="box-label">quand les hypothèses ne tiennent plus</span><a class="box-anchor" href="#attention-10-14" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-15">Si l'une de ces hypothèses ne tient pas — marché de la construction inactif, dépréciation difficile à mesurer sur un bâtiment centenaire, terrain impossible à isoler —, la fiabilité de la méthode diminue d'autant. C'est la première chose que l'examinateur (et le tribunal, en cas de litige) vérifiera dans un rapport : la méthode retenue était-elle appropriée aux circonstances?</p></div></div>150<h3 id="s-10-1-3" class="h-subsection"><span class="h-num">10.1.3</span><span class="h-text">La formule fondamentale</span><a class="h-anchor" href="#s-10-1-3" aria-label="Lien vers cette section">#</a></h3>151<div class="box box-form" id="form-10-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg></span><span class="box-label">Formule 10.1</span><span class="box-title">— méthode du coût</span><a class="box-anchor" href="#form-10-1" aria-label="Lien">#</a></div><div class="box-body"><div class="eq" id="eq-10-1"><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><mi>V</mi><mtext>  </mtext><mo>=</mo><mtext>  </mtext><msub><mi>C</mi><mtext>neuf</mtext></msub><mtext>  </mtext><mo>−</mo><mtext>  </mtext><msub><mi>D</mi><mtext>totale</mtext></msub><mtext>  </mtext><mo>+</mo><mtext>  </mtext><msub><mi>V</mi><mtext>terrain</mtext></msub></mrow></mtd><mtd width="50%"></mtd><mtd><mtext>(10.1)</mtext></mtd></mtr></mtable><annotation encoding="application/x-tex">V \;=\; C_{\text{neuf}} \;-\; D_{\text{totale}} \;+\; V_{\text{terrain}}\tag{10.1}</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:0.2222em;">V</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:0.0715em;">C</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:-0.0715em;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">neuf</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:0.2778em;"></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2222em;"></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:0.0278em;">D</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:-0.0278em;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">totale</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:0.2778em;"></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2222em;"></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:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3175em;"><span style="top:-2.55em;margin-left:-0.2222em;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">terrain</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 class="katex-tag"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord text"><span class="mord">(</span><span class="mord"><span class="mord">10.1</span></span><span class="mord">)</span></span></span></span></span></span></div>152<p id="p10-16">où <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>V</mi></mrow><annotation encoding="application/x-tex">V</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:0.2222em;">V</span></span></span></span> est la valeur estimée de la propriété, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>C</mi><mtext>neuf</mtext></msub></mrow><annotation encoding="application/x-tex">C_{\text{neuf}}</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:0.0715em;">C</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:-0.0715em;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">neuf</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> le coût de remplacement (ou de reproduction) à neuf, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>D</mi><mtext>totale</mtext></msub></mrow><annotation encoding="application/x-tex">D_{\text{totale}}</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:0.0278em;">D</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:-0.0278em;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">totale</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> la dépréciation totale cumulée et <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>V</mi><mtext>terrain</mtext></msub></mrow><annotation encoding="application/x-tex">V_{\text{terrain}}</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:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3175em;"><span style="top:-2.55em;margin-left:-0.2222em;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">terrain</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> la valeur du terrain, évalué comme s'il était vacant.</p></div></div>153<div class="box box-ex" id="ex-10-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 10.1</span><span class="box-title">— premier survol de la formule</span><a class="box-anchor" href="#ex-10-1" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-17">Une propriété présente les paramètres suivants : coût de remplacement à neuf de <span class="num">350 000 $</span>, dépréciation cumulée de <span class="num">85 000 $</span> et valeur de terrain de <span class="num">110 000 $</span>.</p>154<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mi>V</mi></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><msub><mi>C</mi><mtext>neuf</mtext></msub><mo>−</mo><msub><mi>D</mi><mtext>totale</mtext></msub><mo>+</mo><msub><mi>V</mi><mtext>terrain</mtext></msub></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>350</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>85</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>110</mn><mtext> </mtext><mn>000</mn></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mstyle mathcolor="#003E7E"><mrow><mn mathvariant="bold">375</mn><mtext> </mtext><mn mathvariant="bold">000</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}V &amp;= C_{\text{neuf}} - D_{\text{totale}} + V_{\text{terrain}}\\155  &amp;= 350\,000 - 85\,000 + 110\,000\\156  &amp;= \uqotitle{375\,000\,\$}\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:4.2em;vertical-align:-1.85em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:2.35em;"><span style="top:-4.51em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span></span></span><span style="top:-3.01em;"><span class="pstrut" style="height:3em;"></span><span class="mord"></span></span><span style="top:-1.51em;"><span class="pstrut" style="height:3em;"></span><span class="mord"></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.85em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:2.35em;"><span style="top:-4.51em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><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 class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</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:-0.0715em;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">neuf</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 class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</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:-0.0278em;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">totale</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 class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3175em;"><span style="top:-2.55em;margin-left:-0.2222em;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">terrain</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 style="top:-3.01em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><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 class="mord">350</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 class="mord">85</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 class="mord">110</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span><span style="top:-1.51em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><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 class="mord" style="color:#003E7E;"><span class="mord mathbf" style="color:#003E7E;">375</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">000</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">$</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.85em;"><span></span></span></span></span></span></span></span></span></span></span></span></div>157<p id="p10-18">Lecture : le bâtiment vaut son coût à neuf <em>moins</em> l'usure et l'obsolescence accumulées; on y <em>ajoute</em> la valeur du terrain, qui ne se déprécie pas.</p></div></div>158<p id="p10-19">Cette formule d'apparence comptable cache une idée économique profonde, qu'il faut garder en tête pour ne pas appliquer la méthode mécaniquement : le coût ne <em>crée</em> pas la valeur, il la <em>borne</em>. La séance 4 l'a établi — on peut dépenser <span class="num">600 000 $</span> pour construire une maison que le marché ne paiera jamais plus de <span class="num">450 000 $</span>, et inversement une propriété peut valoir davantage que son coût lorsque l'offre est contrainte. La méthode du coût ne dit donc pas « la valeur, c'est le coût » ; elle dit qu'un marché concurrentiel, laissé à lui-même, ramène progressivement les prix vers le coût de production du substitut le plus économique, parce que tout écart durable attire les constructeurs (si les prix dépassent les coûts) ou les fait fuir (dans le cas contraire). C'est le même mécanisme qui, en économie industrielle, arrime le prix de long terme au coût marginal. L'évaluateur qui comprend cela sait aussi quand la méthode déraille : dans les marchés où la construction ne peut pas répondre — zonage verrouillé, terrains épuisés, main-d'œuvre indisponible —, le rappel vers le coût peut prendre des années, et l'écart entre coût déprécié et prix de marché devient une donnée d'analyse plutôt qu'une anomalie.</p>159<h3 id="s-10-1-4" class="h-subsection"><span class="h-num">10.1.4</span><span class="h-text">Quand utiliser la méthode du coût?</span><a class="h-anchor" href="#s-10-1-4" aria-label="Lien vers cette section">#</a></h3>160<p id="p10-20"><label for="sn-10-3" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-10-3" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-terme"><strong class="sn-term">Usage spécial</strong> Propriété conçue pour un usage si particulier qu'elle n'a ni comparables ni revenus : église, école, aréna, usine sur mesure.</span>La méthode du coût brille là où les deux autres méthodes échouent, et la carte de ses usages privilégiés se lit précisément comme la carte des angles morts de la comparaison et du revenu. Son terrain de prédilection est d'abord la <strong class="c-or">construction neuve ou quasi neuve</strong> : la dépréciation y est minimale, donc la principale source d'erreur de la méthode disparaît, et le coût réel du projet — contrats, soumissions, décomptes progressifs — est souvent documenté au dollar près. Viennent ensuite les <strong class="c-or">propriétés à usage spécial</strong> : l'église, l'école, l'hôpital, l'aréna, l'usine construite sur mesure autour d'un procédé industriel. Ces immeubles ne se vendent à peu près jamais sur un marché ouvert et ne produisent aucun revenu locatif observable ; faute de comparables et de flux à capitaliser, le coût déprécié est fréquemment la <em>seule</em> méthode applicable, et les tribunaux l'admettent comme telle en matière d'expropriation et de fiscalité municipale.</p>161<p id="p10-21">L'<strong class="c-or">évaluation d'assurance</strong> constitue un troisième usage, imposé cette fois par la nature même du mandat : la police couvre le coût de <em>reconstruction</em> du bâtiment — jamais le terrain, qui survit au sinistre. L'évaluateur y calcule un coût à neuf sans même passer par la dépréciation ni par la valeur marchande, ce qui fait de ce mandat un cas d'école de la distinction coût–valeur étudiée à la séance 4. La méthode rend aussi service dans les <strong class="c-or">marchés inactifs</strong>, où les ventes comparables sont trop rares pour soutenir une grille d'ajustements ; dans l'analyse des <strong class="c-or">rénovations majeures</strong>, où elle permet de confronter le coût des travaux projetés à la valeur qu'ils ajouteront réellement — confrontation dont le résultat, on le verra, fonde le test curable/incurable ; et pour les <strong class="c-or">propriétés publiques</strong>, qui n'ont ni revenu ni marché de revente mais qu'il faut bien porter aux livres et assurer.</p>162<p id="p10-22">À l'inverse, la méthode est <strong class="c-rouge">moins appropriée</strong> pour les bâtiments très anciens, dont la dépréciation cumulée devient largement conjecturale — sur un triplex centenaire du Vieux-Hull, qui oserait défendre un ratio âge/vie au point de pourcentage près? Elle l'est aussi pour le résidentiel unifamilial courant, où la comparaison est plus directe et plus fiable ; pour les immeubles à revenus, où la méthode du revenu épouse le raisonnement réel des acheteurs ; et pour les propriétés dont la valeur du terrain domine le bien — un cottage modeste sur un grand terrain riverain de l'Outaouais —, puisque la méthode ne fait alors que répercuter l'estimation du terrain, avec peu de valeur ajoutée analytique.</p>163<div class="box box-terrain" id="terrain-10-23"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-hardhat"/></svg></span><span class="box-label">la méthode de vérification</span><a class="box-anchor" href="#terrain-10-23" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-24">Dans la pratique québécoise courante, la méthode du coût sert très souvent de <strong>méthode de vérification</strong> : l'évaluateur conclut par la comparaison ou par le revenu, puis vérifie que sa conclusion est plausible au regard du coût. Un écart énorme entre la valeur conclue et le coût déprécié signale soit une erreur, soit un phénomène de marché qu'il faut expliquer dans le rapport (pénurie, surchauffe, terrain dominant).</p></div></div>164<h3 id="s-10-1-5" class="h-subsection"><span class="h-num">10.1.5</span><span class="h-text">Le processus en cinq étapes</span><a class="h-anchor" href="#s-10-1-5" aria-label="Lien vers cette section">#</a></h3>165<div class="center"><div class="tikz"><img src="/assets/fig/8e7d5f4b801a7141.svg" alt="Figure" width="418" height="182" style="width:min(100%,607px)" loading="lazy" decoding="async"></div></div>166<p id="p10-25">Les sections qui suivent développent chaque étape : le coût à neuf (section <a class="xref" href="#s-10-2">10.2</a>), la dépréciation (section <a class="xref" href="#s-10-3">10.3</a>), puis le terrain (section <a class="xref" href="#s-10-4">10.4</a>). Le cas complet de la section <a class="xref" href="#s-10-5">10.5</a> les assemble.</p>167<h2 id="s-10-2" class="h-section"><span class="h-num">10.2</span><span class="h-text">Le coût à neuf : remplacement ou reproduction</span><a class="h-anchor" href="#s-10-2" aria-label="Lien vers cette section">#</a></h2>168<h3 id="s-10-2-1" class="h-subsection"><span class="h-num">10.2.1</span><span class="h-text">Deux concepts distincts</span><a class="h-anchor" href="#s-10-2-1" aria-label="Lien vers cette section">#</a></h3>169<p id="p10-26">La première décision de l'évaluateur est le choix du concept de coût. Elle n'est pas anodine : elle change à la fois le montant estimé et le traitement ultérieur de la dépréciation fonctionnelle.</p>170<div class="box box-def" id="def-10-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 10.2</span><span class="box-title">— coût de remplacement</span><a class="box-anchor" href="#def-10-2" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-27">Coût de construire un bâtiment ayant la <strong>même utilité</strong> que le sujet, en utilisant les matériaux, normes et techniques <strong>actuels</strong>.</p></div></div>171<div class="box box-def" id="def-10-3"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 10.3</span><span class="box-title">— coût de reproduction</span><a class="box-anchor" href="#def-10-3" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-28">Coût de construire une <strong>réplique exacte</strong> du bâtiment sujet, avec les <strong>mêmes matériaux</strong>, le même design et les mêmes techniques de construction.</p></div></div>172<p id="p10-29"><label for="sn-10-4" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-10-4" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-terme"><strong class="sn-term">Remplacement</strong> Même utilité, moyens actuels. Concept courant.</span><label for="sn-10-5" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-10-5" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-terme"><strong class="sn-term">Reproduction</strong> Réplique exacte. Patrimoine et assurance spécialisée.</span>Le <span class="motcle" data-term="coût de remplacement">coût de remplacement</span> est le concept de travail courant : il élimine d'emblée une partie de l'obsolescence fonctionnelle (on ne « remplacerait » jamais les plafonds de sept pieds ni le filage d'époque), il se mesure sur le marché actuel de la construction, et il correspond à ce qu'un acheteur envisagerait réellement de construire. Le <span class="motcle" data-term="coût de reproduction">coût de reproduction</span>, lui, reproduit fidèlement le bâtiment — défauts et qualités compris. Il est réservé aux bâtiments patrimoniaux, aux édifices historiques et à certaines évaluations d'assurance où la police exige une reconstruction à l'identique.</p>173<div class="box box-att" id="attention-10-30"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-warning"/></svg></span><span class="box-label">cohérence coût–dépréciation</span><a class="box-anchor" href="#attention-10-30" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-31">Le choix du concept engage la suite du calcul. Si l'on part du coût de <em>reproduction</em>, la réplique contient les défauts fonctionnels du sujet : il faudra donc les déduire en dépréciation fonctionnelle. Si l'on part du coût de <em>remplacement</em>, une partie de cette obsolescence a déjà disparu du coût : la déduire à nouveau serait un <strong class="c-rouge">double comptage</strong>. C'est une erreur classique à l'examen.</p></div></div>174<h3 id="s-10-2-2" class="h-subsection"><span class="h-num">10.2.2</span><span class="h-text">Les quatre méthodes d'estimation du coût à neuf</span><a class="h-anchor" href="#s-10-2-2" aria-label="Lien vers cette section">#</a></h3>175<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Méthode</th><th>Description</th><th>Précision / usage</th></tr></thead><tbody><tr><td>Comparative ($/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>Coût unitaire <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">\times</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; le coût unitaire provient de projets comparables ou de manuels de coûts</td><td>Bonne. Usage courant en résidentiel</td></tr><tr><td>Ventilation (coût unitaire modifié)</td><td>Coût par composante principale (fondation, structure, toiture, mécanique, finition)</td><td>Très bonne. Bâtiments standards</td></tr><tr><td>Quantitative (détaillée)</td><td>Estimation détaillée de chaque poste : quantités de matériaux, heures de main-d'œuvre, équipements</td><td>Excellente. Projets spéciaux, litiges</td></tr><tr><td>Indice temporel</td><td>Coût original <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">\times</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> indice d'inflation des coûts de construction</td><td>Approximative. Vérification rapide</td></tr></tbody></table></div></div>176<p id="p10-32">La <span class="motcle" data-term="méthode comparative">méthode comparative</span> domine la pratique résidentielle : on multiplie la superficie habitable par un coût unitaire tiré des manuels de coûts, ajusté pour la qualité, le nombre d'étages et la région. La <span class="motcle" data-term="méthode de ventilation">méthode de ventilation</span> décompose le bâtiment en grandes composantes et attribue un coût à chacune — elle sera approfondie dans le cours IMM1033, entièrement consacré à la méthode du coût. La <span class="motcle" data-term="méthode quantitative">méthode quantitative</span> refait littéralement la soumission de l'entrepreneur, poste par poste : c'est la plus précise et, de loin, la plus coûteuse en temps. L'<span class="motcle" data-term="indice temporel">indice temporel</span> revalorise un coût historique connu (le coût réel de construction d'il y a cinq ans, par exemple) par un indice de coûts de construction : utile en vérification, trop grossier comme méthode principale.</p>177<h3 id="s-10-2-3" class="h-subsection"><span class="h-num">10.2.3</span><span class="h-text">L'anatomie du coût : directs, indirects, profit</span><a class="h-anchor" href="#s-10-2-3" aria-label="Lien vers cette section">#</a></h3>178<p id="p10-33">Quel que soit le procédé d'estimation, le coût à neuf complet comprend trois blocs.</p>179<div class="box box-def" id="def-10-4"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 10.4</span><span class="box-title">— coûts directs (durs)</span><a class="box-anchor" href="#def-10-4" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-34">Coûts directement liés à la <strong>construction physique</strong> du bâtiment : main-d'œuvre (au Québec, encadrée par les conventions de la CCQ), matériaux, équipement de chantier, sous-traitants spécialisés, excavation et fondations, branchements aux services (eau, égout, électricité). Ils représentent typiquement <strong>65 à 80 %</strong> du coût total.</p></div></div>180<div class="box box-def" id="def-10-5"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 10.5</span><span class="box-title">— coûts indirects (mous)</span><a class="box-anchor" href="#def-10-5" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-35">Coûts <strong>non liés directement</strong> à la construction physique : honoraires professionnels (architecte, ingénieur), permis, frais légaux et notariaux, financement intérimaire, taxes et assurances durant le chantier, gestion de projet. Typiquement <strong>10 à 25 %</strong> du coût total.</p></div></div>181<div class="box box-def" id="def-10-6"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 10.6</span><span class="box-title">— profit de l'entrepreneur / du promoteur</span><a class="box-anchor" href="#def-10-6" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-36">Rémunération du <strong>risque</strong> et de la coordination du projet, ajoutée aux coûts directs et indirects. Typiquement <strong>5 à 15 %</strong>, selon le marché et le type de projet.</p></div></div>182<div class="box box-rem" id="remarque-10-37"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pen"/></svg></span><span class="box-label">convention du cours</span><a class="box-anchor" href="#remarque-10-37" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-38">Le profit de l'entrepreneur est présenté <strong>séparément</strong> des coûts indirects, et chaque exemple énonce explicitement ses hypothèses (par exemple : « coûts indirects 15 %, profit 10 %, tous deux calculés sur les coûts directs »). Dans la littérature, certains auteurs intègrent le profit aux indirects; l'important est d'annoncer sa convention et de s'y tenir — c'est aussi ce qu'on attend de vous à l'examen.</p></div></div>183<h3 id="s-10-2-4" class="h-subsection"><span class="h-num">10.2.4</span><span class="h-text">Les sources de données de coûts</span><a class="h-anchor" href="#s-10-2-4" aria-label="Lien vers cette section">#</a></h3>184<p id="p10-39">L'estimation vaut ce que valent ses données, et l'évaluateur chevronné croise systématiquement deux familles de références<label for="sn-10-6" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-10-6" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">Règle d'or : une table nord-américaine s'ajuste toujours au Québec par un facteur de localisation.</span>. La première famille est celle des grands manuels nord-américains. <em>Marshall &amp; Swift</em> (CoreLogic), le standard de la profession, publie des coûts unitaires par type de bâtiment, par classe de qualité et par région, sous forme de tables en $/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> mises à jour plusieurs fois par année — c'est l'outil naturel de la méthode comparative. <em>RSMeans</em> (Gordian) descend d'un cran dans le détail : ses coûts par poste (bétonnage, charpente, électricité, heure de grutier) alimentent la méthode quantitative et la ventilation, et servent de référence dans les litiges de construction.</p>185<p id="p10-40">La seconde famille est québécoise, et elle joue un double rôle : ancrer les tables continentales dans la réalité locale et fournir des contre-preuves. La <span class="motcle" data-term="CCQ">CCQ</span> (Commission de la construction du Québec) publie les taux horaires des conventions collectives par métier — donnée essentielle, puisque la main-d'œuvre représente environ la moitié des coûts directs et que son encadrement québécois n'a pas d'équivalent nord-américain. La <span class="motcle" data-term="SCHL">SCHL</span> suit les indices de coûts de construction résidentielle et leurs tendances, ce qui permet de dater et d'actualiser une estimation. Les soumissions récentes d'<em>entrepreneurs locaux</em> demeurent la validation ultime : rien ne vaut trois soumissions réelles pour tester une table. Enfin, les municipalités compilent les coûts déclarés dans les <em>permis de construction</em> — une source imparfaite (les coûts déclarés sont souvent sous-estimés pour réduire les droits), mais utile en ordre de grandeur.</p>186<div class="box box-qc" id="quebec-10-41"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-map"/></svg></span><span class="box-label">le facteur de localisation</span><a class="box-anchor" href="#quebec-10-41" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-42">Les tables Marshall &amp; Swift et RSMeans sont bâties sur des moyennes nord-américaines : elles doivent être ajustées au contexte québécois par un <strong>facteur de localisation</strong> qui capte les écarts de coûts de main-d'œuvre (conventions CCQ), de matériaux et de normes (Code de construction du Québec, exigences d'efficacité énergétique). Dans les exemples du cours, ce facteur est de l'ordre de 1,05 pour Gatineau. Omettre ce facteur est une erreur systématique — et systématiquement pénalisée.</p></div></div>187<p id="p10-43">Une dernière précaution concerne la <strong class="c-or">date</strong> des données de coûts. Les années 2020–2023 ont rappelé brutalement que les coûts de construction ne sont pas une variable tranquille : la pénurie de matériaux et de main-d'œuvre a fait bondir les coûts résidentiels de plusieurs dizaines de points de pourcentage en quelques trimestres, avant que le rythme ne se normalise. Une table de coûts vieille de dix-huit mois peut donc être matériellement fausse. La règle professionnelle est simple : utiliser l'édition la plus récente du manuel, noter sa date dans le rapport, et corriger tout décalage résiduel par l'indice de coûts approprié. À l'examen comme en pratique, un coût unitaire sans date est un coût inutilisable.</p>188<h3 id="s-10-2-5" class="h-subsection"><span class="h-num">10.2.5</span><span class="h-text">Exemple complet d'un coût à neuf</span><a class="h-anchor" href="#s-10-2-5" aria-label="Lien vers cette section">#</a></h3>189<div class="box box-ex" id="ex-10-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 10.2</span><span class="box-title">— coût à neuf d'une résidence de Gatineau</span><a class="box-anchor" href="#ex-10-2" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-44">Résidence unifamiliale de deux étages, secteur de Gatineau, automne 2026 : superficie habitable de <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>; coût unitaire de 185 $/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> (Marshall &amp; Swift, qualité bonne, deux étages); facteur de localisation Québec de 1,05. S'ajoutent un garage double de 480 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 75 $/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>, un sous-sol fini de 750 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 55 $/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 une terrasse de bois (forfait de <span class="num">5500 $</span>).</p>190<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Composante</th><th>Calcul</th><th class="al-r">Montant</th></tr></thead><tbody><tr><td>Coût de base</td><td><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>185</mn><mo>×</mo><mn>1,05</mn></mrow><annotation encoding="application/x-tex">1\,500 \times 185 \times 1{,}05</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:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">185</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></span></span></td><td class="al-r">291 375 $</td></tr><tr><td>Garage double (480 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="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>480</mn><mo>×</mo><mn>75</mn></mrow><annotation encoding="application/x-tex">480 \times 75</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">480</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">75</span></span></span></span></td><td class="al-r">36 000 $</td></tr><tr><td>Sous-sol fini (750 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="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>750</mn><mo>×</mo><mn>55</mn></mrow><annotation encoding="application/x-tex">750 \times 55</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">750</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">55</span></span></span></span></td><td class="al-r">41 250 $</td></tr><tr><td>Terrasse de bois</td><td>forfait</td><td class="al-r">5 500 $</td></tr><tr class="rule-above"><td><strong>Total des coûts directs</strong></td><td></td><td class="al-r"><strong>374 125 $</strong></td></tr></tbody></table></div></div>191<p id="p10-45">Avec les hypothèses du cas — coûts indirects de 15 % et profit de l'entrepreneur de 10 %, tous deux sur les coûts directs :</p>192<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mtext>Co</mtext><mover accent="true"><mtext>u</mtext><mo>ˆ</mo></mover><mtext>ts directs</mtext></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>374</mn><mtext> </mtext><mn>125</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mtext>Co</mtext><mover accent="true"><mtext>u</mtext><mo>ˆ</mo></mover><mtext>ts indirects (15</mtext><mtext> </mtext><mtext>%)</mtext></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>374</mn><mtext> </mtext><mn>125</mn><mo>×</mo><mn>0,15</mn><mo>=</mo><mn>56</mn><mtext> </mtext><mn>119</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mtext>Profit de l’entrepreneur (10</mtext><mtext> </mtext><mtext>%)</mtext></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>374</mn><mtext> </mtext><mn>125</mn><mo>×</mo><mn>0,10</mn><mo>=</mo><mn>37</mn><mtext> </mtext><mn>413</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mtext mathvariant="bold">Co</mtext><mover accent="true"><mtext mathvariant="bold">u</mtext><mo>ˆ</mo></mover><mtext mathvariant="bold">t</mtext><mtext> </mtext><mtext mathvariant="bold">de</mtext><mtext> </mtext><mtext mathvariant="bold">remplacement</mtext><mtext> </mtext><mover accent="true"><mtext mathvariant="bold">a</mtext><mo>ˋ</mo></mover><mtext> </mtext><mtext mathvariant="bold">neuf</mtext></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>374</mn><mtext> </mtext><mn>125</mn><mo>+</mo><mn>56</mn><mtext> </mtext><mn>119</mn><mo>+</mo><mn>37</mn><mtext> </mtext><mn>413</mn><mo>=</mo><mstyle mathcolor="#003E7E"><mrow><mn mathvariant="bold">467</mn><mtext> </mtext><mn mathvariant="bold">657</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}\text{Coûts directs} &amp;= 374\,125\,\$\\193\text{Coûts indirects (15\,\%)} &amp;= 374\,125 \times 0{,}15 = 56\,119\,\$\\194\text{Profit de l&#x27;entrepreneur (10\,\%)} &amp;= 374\,125 \times 0{,}10 = 37\,413\,\$\\195\textbf{Coût de remplacement à neuf} &amp;= 374\,125 + 56\,119 + 37\,413196  = \uqotitle{467\,657\,\$}\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:5.7em;vertical-align:-2.6em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:3.1em;"><span style="top:-5.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">Co</span><span class="mord katex-accent"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="mord">u</span></span><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord">ˆ</span></span></span></span></span></span></span><span class="mord">ts directs</span></span></span></span><span style="top:-3.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">Co</span><span class="mord katex-accent"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="mord">u</span></span><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord">ˆ</span></span></span></span></span></span></span><span class="mord">ts indirects (15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%)</span></span></span></span><span style="top:-2.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">Profit de l’entrepreneur (10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%)</span></span></span></span><span style="top:-0.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord textbf">Co</span><span class="mord katex-accent"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.7079em;"><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="mord textbf">u</span></span><span style="top:-3.0134em;"><span class="pstrut" style="height:3em;"></span><span class="accent-body" style="left:-0.2875em;"><span class="mord textbf">ˆ</span></span></span></span></span></span></span><span class="mord textbf">t de remplacement </span><span class="mord katex-accent"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.7079em;"><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="mord textbf">a</span></span><span style="top:-3.0134em;"><span class="pstrut" style="height:3em;"></span><span class="accent-body" style="left:-0.2875em;"><span class="mord textbf">ˋ</span></span></span></span></span></span></span><span class="mord textbf"> neuf</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:2.6em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:3.1em;"><span style="top:-5.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><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 class="mord">374</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">125</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span><span style="top:-3.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><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 class="mord">374</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">125</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">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">15</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="mord">56</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">119</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span><span style="top:-2.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">374</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">125</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">10</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">37</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">413</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span><span style="top:-0.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><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 class="mord">374</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">125</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">56</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">119</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">37</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">413</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="mord" style="color:#003E7E;"><span class="mord mathbf" style="color:#003E7E;">467</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">657</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">$</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:2.6em;"><span></span></span></span></span></span></span></span></span></span></span></span></div>197<p id="p10-46">Ce montant servira de point de départ au cas complet de la section <a class="xref" href="#s-10-5">10.5</a>.</p></div></div>198<h2 id="s-10-3" class="h-section"><span class="h-num">10.3</span><span class="h-text">La dépréciation</span><a class="h-anchor" href="#s-10-3" aria-label="Lien vers cette section">#</a></h2>199<h3 id="s-10-3-1" class="h-subsection"><span class="h-num">10.3.1</span><span class="h-text">Définition et taxonomie</span><a class="h-anchor" href="#s-10-3-1" aria-label="Lien vers cette section">#</a></h3>200<div class="box box-def" id="def-10-7"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 10.7</span><span class="box-title">— dépréciation</span><a class="box-anchor" href="#def-10-7" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-47">La dépréciation est la <strong>perte de valeur</strong> d'un bâtiment par rapport à son coût de remplacement (ou de reproduction) à neuf, <em>quelle qu'en soit la cause</em>.</p></div></div>201<p id="p10-48">Le mot recouvre trois phénomènes très différents, que l'évaluateur doit estimer <em>séparément</em><label for="sn-10-7" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-10-7" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">Trois causes distinctes : l'usure, le design, l'environnement.</span> :</p>202<div class="box box-form" id="form-10-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg></span><span class="box-label">Formule 10.2</span><span class="box-title">— décomposition de la dépréciation</span><a class="box-anchor" href="#form-10-2" aria-label="Lien">#</a></div><div class="box-body"><div class="eq" id="eq-10-2"><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><msub><mi>D</mi><mtext>totale</mtext></msub><mtext>  </mtext><mo>=</mo><mtext>  </mtext><msub><mi>D</mi><mtext>physique</mtext></msub><mtext>  </mtext><mo>+</mo><mtext>  </mtext><msub><mi>D</mi><mtext>fonctionnelle</mtext></msub><mtext>  </mtext><mo>+</mo><mtext>  </mtext><msub><mi>D</mi><mrow><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>conomique</mtext></mrow></msub></mrow></mtd><mtd width="50%"></mtd><mtd><mtext>(10.2)</mtext></mtd></mtr></mtable><annotation encoding="application/x-tex">D_{\text{totale}} \;=\; D_{\text{physique}} \;+\; D_{\text{fonctionnelle}}203\;+\; D_{\text{économique}}\tag{10.2}</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:0.0278em;">D</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:-0.0278em;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">totale</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:0.2778em;"></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:0.9694em;vertical-align:-0.2861em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</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:-0.0278em;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">physique</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:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2222em;"></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:0.0278em;">D</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:-0.0278em;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">fonctionnelle</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:0.2778em;"></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.9694em;vertical-align:-0.2861em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</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:-0.0278em;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 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 class="mord mtight">conomique</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><span class="katex-tag"><span class="katex-strut" style="height:1.0361em;vertical-align:-0.2861em;"></span><span class="mord text"><span class="mord">(</span><span class="mord"><span class="mord">10.2</span></span><span class="mord">)</span></span></span></span></span></span></div></div></div>204<p id="p10-49">La <span class="motcle" data-term="dépréciation physique">dépréciation physique</span> est la plus intuitive : c'est l'usure, le vieillissement, la détérioration des matériaux sous l'action du temps, du climat et de l'occupation — le toit qui arrive en fin de vie, le bardage fatigué, la mécanique qui s'essouffle. Elle frapperait même un bâtiment parfaitement conçu et idéalement situé. La <span class="motcle" data-term="dépréciation fonctionnelle">dépréciation fonctionnelle</span>, elle, ne doit rien au temps qui passe et tout au <em>design</em> : c'est l'obsolescence <em>interne</em> du bâtiment, l'écart entre ce qu'il est et ce que le marché attend aujourd'hui — configuration inadéquate, cuisine d'origine, plafonds bas, plan de plancher qui condamne une chambre à servir de couloir. Un bâtiment peut être fonctionnellement déprécié dès sa livraison, s'il a été mal conçu. La <span class="motcle" data-term="dépréciation économique">dépréciation économique</span> (ou externe), enfin, prend sa source <em>hors</em> de la propriété : l'autoroute qu'on prolonge à deux cents mètres, l'employeur majeur qui ferme, le zonage qui bascule. Le bâtiment n'y est pour rien — et c'est précisément pourquoi, on le verra, on ne peut jamais la « réparer ». Distinguer ces trois causes n'est pas un raffinement académique : chacune se mesure par une technique différente, et les confondre conduit presque toujours à compter deux fois la même perte.</p>205<div class="widget" data-widget="age-vie"></div>206<h3 id="s-10-3-2" class="h-subsection"><span class="h-num">10.3.2</span><span class="h-text">Curable ou incurable : le test économique</span><a class="h-anchor" href="#s-10-3-2" aria-label="Lien vers cette section">#</a></h3>207<p id="p10-50">Chacune des deux premières catégories se subdivise selon un critère purement économique — et non technique.</p>208<div class="box box-def" id="def-10-8"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 10.8</span><span class="box-title">— dépréciation curable</span><a class="box-anchor" href="#def-10-8" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-51">La correction est <strong>économiquement justifiable</strong> : le coût de la réparation est <strong>inférieur ou égal</strong> à la valeur qu'elle ajoute.</p></div></div>209<div class="box box-def" id="def-10-9"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 10.9</span><span class="box-title">— dépréciation incurable</span><a class="box-anchor" href="#def-10-9" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-52">La correction n'est <strong>pas économiquement justifiable</strong> : le coût de la réparation <strong>dépasse</strong> la valeur ajoutée, ou la réparation est matériellement impossible.</p></div></div>210<p id="p10-53"><label for="sn-10-8" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-10-8" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-terme"><strong class="sn-term">Test curable</strong> Coût de correction <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">\leq</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></span></span> valeur ajoutée <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> curable. Sinon : incurable.</span>Une peinture défraîchie, une toiture à refaire, une cuisine à mettre à jour : le coût des travaux est généralement récupéré (et au-delà) dans le prix de vente — <strong class="c-vert">curable</strong>. Une fondation majeure compromise, une structure inadéquate, des plafonds de sept pieds : corriger coûterait plus que la valeur récupérée, quand c'est seulement possible — <strong class="c-rouge">incurable</strong>. La distinction n'est pas académique : elle détermine la <em>méthode de calcul</em>. Le curable se mesure par le <em>coût de la correction</em>; l'incurable, par la <em>perte de valeur résiduelle</em> (ratio âge/vie, perte de revenu capitalisée ou analyse de paires).</p>211<div class="box box-att" id="attention-10-54"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-warning"/></svg></span><span class="box-label">curable ne veut pas dire « réparé »</span><a class="box-anchor" href="#attention-10-54" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-55">Un élément est curable dès que sa correction serait rentable, même si le propriétaire actuel n'a aucune intention de faire les travaux. Inversement, un propriétaire peut s'entêter à réparer un élément incurable — cela ne le rend pas curable pour autant. Le test est celui de l'acteur économique rationnel, pas celui du propriétaire en place.</p></div></div>212<h3 id="s-10-3-3" class="h-subsection"><span class="h-num">10.3.3</span><span class="h-text">La dépréciation physique</span><a class="h-anchor" href="#s-10-3-3" aria-label="Lien vers cette section">#</a></h3>213<h4 id="s-10-3-3-1" class="h-subsubsection"><span class="h-num">10.3.3.1</span><span class="h-text">Physique curable : l'entretien différé</span><a class="h-anchor" href="#s-10-3-3-1" aria-label="Lien vers cette section">#</a></h4>214<div class="box box-def" id="def-10-10"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 10.10</span><span class="box-title">— entretien différé</span><a class="box-anchor" href="#def-10-10" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-56">La dépréciation physique curable correspond à l'<strong>entretien différé</strong> : les travaux de réparation nécessaires et économiquement justifiables au jour de l'évaluation. Elle se mesure par le <strong>coût de la réparation</strong>.</p></div></div>215<p id="p10-57">L'inspection en dresse la liste : peinture extérieure (<span class="num">8000 $</span>), remplacement de la toiture (<span class="num">12 000 $</span>), réparation des fenêtres (<span class="num">5000 $</span>), remplacement du système de chauffage (<span class="num">6000 $</span>)... Chaque poste est chiffré au coût courant des travaux, soumissions ou manuels de coûts à l'appui.</p>216<h4 id="s-10-3-3-2" class="h-subsubsection"><span class="h-num">10.3.3.2</span><span class="h-text">Physique incurable : l'usure du temps</span><a class="h-anchor" href="#s-10-3-3-2" aria-label="Lien vers cette section">#</a></h4>217<p id="p10-58">La dépréciation physique incurable couvre l'usure normale des composantes <em>non visées</em> par l'entretien différé. On distingue les <strong class="c-or">composantes à courte vie</strong> (revêtements, peinture intérieure, appareils mécaniques : 15 à 25 ans) des <strong class="c-or">composantes à longue vie</strong> (structure, fondation, charpente : 50 à 100 ans). Sa mesure passe par trois notions d'âge qu'il faut distinguer soigneusement.</p>218<div class="box box-def" id="def-10-11"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 10.11</span><span class="box-title">— âge chronologique, âge effectif, vie utile</span><a class="box-anchor" href="#def-10-11" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-59">L'<strong>âge chronologique</strong> est le nombre d'années écoulées depuis la construction. L'<strong>âge effectif</strong> est l'âge <em>apparent</em> du bâtiment compte tenu de son état réel et de son entretien — il peut être inférieur, égal ou supérieur à l'âge chronologique. La <strong>vie utile restante</strong> est la vie utile totale moins l'âge effectif.</p></div></div>219<div class="box box-ex" id="ex-10-3"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 10.3</span><span class="box-title">— l'âge effectif en pratique</span><a class="box-anchor" href="#ex-10-3" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-60">Deux maisons de Gatineau illustrent l'écart entre les deux âges. La première, construite en 2000 (26 ans d'âge chronologique) mais rénovée en profondeur en 2018, présente un âge effectif d'environ <strong>12 ans</strong> : toiture, fenêtres, cuisine et mécanique ont été remis à neuf. La seconde, construite en 2010 (16 ans) mais jamais entretenue — toiture d'origine qui coule, bardage fendillé, mécanique en fin de course —, présente un âge effectif d'environ <strong>25 ans</strong>. C'est l'âge <em>effectif</em>, jamais l'âge chronologique, qui entre dans le calcul de la dépréciation.</p></div></div>220<div class="box box-qc" id="quebec-10-61"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-map"/></svg></span><span class="box-label">vies utiles typiques au Québec</span><a class="box-anchor" href="#quebec-10-61" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-62">Ordres de grandeur de la vie utile totale : résidentiel à ossature de bois, 50 à 60 ans; résidentiel de brique, 60 à 80 ans; commercial, 40 à 50 ans; industriel, 30 à 45 ans. La vie utile économique retenue varie selon le type de bâtiment et la source — chaque exercice du cours énonce donc <strong>explicitement</strong> son hypothèse (par exemple « vie utile économique de 60 ans »). Faites de même dans vos travaux.</p></div></div>221<h4 id="s-10-3-3-3" class="h-subsubsection"><span class="h-num">10.3.3.3</span><span class="h-text">La méthode âge/vie modifiée</span><a class="h-anchor" href="#s-10-3-3-3" aria-label="Lien vers cette section">#</a></h4>222<div class="box box-form" id="form-10-3"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg></span><span class="box-label">Formule 10.3</span><span class="box-title">— méthode âge/vie modifiée</span><a class="box-anchor" href="#form-10-3" aria-label="Lien">#</a></div><div class="box-body"><div class="eq" id="eq-10-3"><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><msub><mi>D</mi><mtext>physique incurable</mtext></msub><mtext>  </mtext><mo>=</mo><mtext>  </mtext><mfrac><mrow><mover accent="true"><mtext>A</mtext><mo>ˆ</mo></mover><mtext>ge effectif</mtext></mrow><mtext>Vie utile totale</mtext></mfrac><mo>×</mo><mo fence="true" stretchy="true" minsize="1.2em" maxsize="1.2em">(</mo><msub><mi>C</mi><mtext>neuf</mtext></msub><mo>−</mo><msub><mi>D</mi><mtext>curable</mtext></msub><mo fence="true" stretchy="true" minsize="1.2em" maxsize="1.2em">)</mo></mrow></mtd><mtd width="50%"></mtd><mtd><mtext>(10.3)</mtext></mtd></mtr></mtable><annotation encoding="application/x-tex">D_{\text{physique incurable}} \;=\;223\frac{\text{Âge effectif}}{\text{Vie utile totale}}224\times \bigl(C_{\text{neuf}} - D_{\text{curable}}\bigr)\tag{10.3}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.9694em;vertical-align:-0.2861em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</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:-0.0278em;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">physique incurable</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:2.3098em;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:1.6238em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">Vie utile totale</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:-3.677em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord katex-accent"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.9468em;"><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="mord">A</span></span><span style="top:-3.2523em;"><span class="pstrut" style="height:3em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord">ˆ</span></span></span></span></span></span></span><span class="mord">ge effectif</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: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:1.2em;vertical-align:-0.35em;"></span><span class="mopen"><span class="delimsizing size1">(</span></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</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:-0.0715em;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">neuf</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:1.2em;vertical-align:-0.35em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</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:-0.0278em;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">curable</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="mclose"><span class="delimsizing size1">)</span></span></span><span class="katex-tag"><span class="katex-strut" style="height:2.3098em;vertical-align:-0.686em;"></span><span class="mord text"><span class="mord">(</span><span class="mord"><span class="mord">10.3</span></span><span class="mord">)</span></span></span></span></span></span></div></div></div>225<p id="p10-63">La logique de la version « modifiée » : on retire <em>d'abord</em> l'entretien différé (curable) de la base de calcul, puis on applique le ratio âge effectif / vie utile au <em>reste</em>. Retirer les curables d'abord évite de déprécier deux fois les mêmes éléments — une fois par leur coût de réparation, une seconde fois par le ratio d'usure.</p>226<div class="box box-ex" id="ex-10-4"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 10.4</span><span class="box-title">— âge/vie modifiée, chiffres du cas</span><a class="box-anchor" href="#ex-10-4" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-64">Hypothèses : coût de remplacement à neuf de <span class="num">467 657 $</span>; entretien différé (physique curable) de <span class="num">15 000 $</span>; âge effectif de 18 ans; vie utile économique de 60 ans.</p>227<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mtext>Base de calcul</mtext></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>467</mn><mtext> </mtext><mn>657</mn><mo>−</mo><mn>15</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>452</mn><mtext> </mtext><mn>657</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>D</mi><mtext>phys. incurable</mtext></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mfrac><mn>18</mn><mn>60</mn></mfrac><mo>×</mo><mn>452</mn><mtext> </mtext><mn>657</mn><mo>=</mo><mn>0,30</mn><mo>×</mo><mn>452</mn><mtext> </mtext><mn>657</mn><mo>=</mo><mstyle mathcolor="#003E7E"><mrow><mn mathvariant="bold">135</mn><mtext> </mtext><mn mathvariant="bold">797</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>D</mi><mtext>physique totale</mtext></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>15</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>135</mn><mtext> </mtext><mn>797</mn><mo>=</mo><mstyle mathcolor="#003E7E"><mrow><mn mathvariant="bold">150</mn><mtext> </mtext><mn mathvariant="bold">797</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}\text{Base de calcul} &amp;= 467\,657 - 15\,000 = 452\,657\,\$\\228D_{\text{phys.\ incurable}} &amp;= \frac{18}{60} \times 452\,657229  = 0{,}30 \times 452\,657 = \uqotitle{135\,797\,\$}\\230D_{\text{physique totale}} &amp;= 15\,000 + 135\,797 = \uqotitle{150\,797\,\$}\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:5.0074em;vertical-align:-2.2537em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:2.7537em;"><span style="top:-5.2352em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord text"><span class="mord">Base de calcul</span></span></span></span><span style="top:-3.2537em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</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:-0.0278em;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">phys. incurable</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></span><span style="top:-1.4277em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</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:-0.0278em;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">physique totale</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></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:2.2537em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:2.7537em;"><span style="top:-5.2352em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><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 class="mord">467</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">657</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">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 class="mord">452</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">657</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span><span style="top:-3.2537em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><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 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:1.3214em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord">60</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">18</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:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">452</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">657</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="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">30</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">452</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">657</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="mord" style="color:#003E7E;"><span class="mord mathbf" style="color:#003E7E;">135</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">797</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">$</span></span></span></span><span style="top:-1.4277em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><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 class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">135</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">797</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="mord" style="color:#003E7E;"><span class="mord mathbf" style="color:#003E7E;">150</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">797</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">$</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:2.2537em;"><span></span></span></span></span></span></span></span></span></span></span></span></div></div></div>231<h3 id="s-10-3-4" class="h-subsection"><span class="h-num">10.3.4</span><span class="h-text">La dépréciation fonctionnelle</span><a class="h-anchor" href="#s-10-3-4" aria-label="Lien vers cette section">#</a></h3>232<div class="box box-def" id="def-10-12"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 10.12</span><span class="box-title">— fonctionnelle curable</span><a class="box-anchor" href="#def-10-12" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-65">Obsolescence <em>interne</em> dont la correction est économiquement justifiable. Mesure : coût de la mise à jour, moins la valeur récupérable de ce qui est enlevé.</p></div></div>233<p id="p10-66">Exemples québécois typiques : cuisine non rénovée depuis trente ans, salle de bain désuète, absence de salle d'eau au rez-de-chaussée, fenêtres à simple vitrage (efficacité énergétique), panneau électrique de 100 A quand l'usage moderne en exige 200 (chauffage électrique, borne de recharge).</p>234<div class="box box-def" id="def-10-13"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 10.13</span><span class="box-title">— fonctionnelle incurable</span><a class="box-anchor" href="#def-10-13" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-67">Obsolescence interne dont la correction n'est <strong>pas justifiable</strong> économiquement. Mesure : perte de revenu ou de valeur <em>capitalisée</em>.</p></div></div>235<p id="p10-68">Exemples : plafonds de sept pieds au lieu de huit, plan de plancher inadéquat (chambres en enfilade), escalier étroit, chauffage à l'huile sans conversion raisonnable — et le cas particulier de la <span class="motcle" data-term="sur-amélioration">sur-amélioration</span> (<em>superadequacy</em>) : la piscine intérieure dans un secteur modeste, dont le coût ne sera jamais récupéré au marché. La sur-amélioration est une dépréciation fonctionnelle même si l'élément est neuf et en parfait état : le marché refuse simplement de la payer.</p>236<h3 id="s-10-3-5" class="h-subsection"><span class="h-num">10.3.5</span><span class="h-text">La dépréciation économique (externe)</span><a class="h-anchor" href="#s-10-3-5" aria-label="Lien vers cette section">#</a></h3>237<div class="box box-def" id="def-10-14"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 10.14</span><span class="box-title">— dépréciation économique</span><a class="box-anchor" href="#def-10-14" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-69">Perte de valeur causée par des facteurs <strong>extérieurs</strong> au bâtiment et au terrain, sur lesquels le propriétaire n'a <strong>aucun contrôle</strong>. Elle est, par nature, <strong>toujours incurable</strong> : on ne « répare » pas une autoroute.</p></div></div>238<p id="p10-70">Les facteurs se rangent en deux familles<label for="sn-10-9" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-10-9" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">Externe <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:0.3669em;"></span><span class="mrel">=</span></span></span></span> toujours incurable. Aucune exception.</span>. Les facteurs <strong class="c-or">environnementaux</strong> tiennent à l'emplacement physique : la proximité d'une autoroute ou d'une voie ferrée, un site contaminé voisin, une ligne à haute tension, des nuisances sonores ou olfactives, la localisation en zone inondable — autant de réalités que l'acheteur perçoit dès la première visite et qu'il escompte dans son offre. Les facteurs <strong class="c-or">économiques et réglementaires</strong> sont moins visibles mais tout aussi réels : un changement de zonage défavorable, une récession locale, la fermeture d'un employeur majeur qui vide un quartier de sa demande, la surconstruction d'un secteur qui noie l'offre, ou encore un encadrement des loyers (TAL) qui comprime durablement les revenus qu'un immeuble peut produire. Dans tous les cas, le canal est le même : l'environnement du bien altère les bénéfices que le marché s'attend à en tirer, et la valeur s'ajuste — quelle que soit la qualité intrinsèque du bâtiment.</p>239<div class="box box-ex" id="ex-10-5"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 10.5</span><span class="box-title">— mesure par analyse de paires — Gatineau</span><a class="box-anchor" href="#ex-10-5" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-71">Une maison se trouve près de la nouvelle bretelle de l'autoroute 50. L'analyse de paires — comparaison de ventes semblables <em>avant</em> et <em>après</em> l'annonce, ou entre le secteur touché et un secteur témoin — indique un escompte d'environ 5 % de la valeur. Sur une propriété de <span class="num">400 000 $</span>, la dépréciation externe s'établit donc à <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>400</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,05</mn><mo>=</mo><mn>20</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">400\,000 \times 0{,}05 = 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:0.2778em;"></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">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>.</p></div></div>240<h3 id="s-10-3-6" class="h-subsection"><span class="h-num">10.3.6</span><span class="h-text">Assembler la dépréciation totale</span><a class="h-anchor" href="#s-10-3-6" aria-label="Lien vers cette section">#</a></h3>241<div class="box box-form" id="form-10-4"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg></span><span class="box-label">Formule 10.4</span><span class="box-title">— dépréciation totale, forme développée</span><a class="box-anchor" href="#form-10-4" aria-label="Lien">#</a></div><div class="box-body"><div class="eq" id="eq-10-4"><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><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><msub><mi>D</mi><mtext>totale</mtext></msub><mo>=</mo><mrow></mrow></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><msub><mi>D</mi><mtext>phys. curable</mtext></msub><mo>+</mo><msub><mi>D</mi><mtext>phys. incurable</mtext></msub></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>+</mo><msub><mi>D</mi><mtext>fonct. curable</mtext></msub><mo>+</mo><msub><mi>D</mi><mtext>fonct. incurable</mtext></msub><mo>+</mo><msub><mi>D</mi><mrow><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>conomique</mtext></mrow></msub></mrow></mstyle></mtd></mtr></mtable></mtd><mtd width="50%"></mtd><mtd><mtext>(10.4)</mtext></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}D_{\text{totale}} = {}&amp; D_{\text{phys.\ curable}} + D_{\text{phys.\ incurable}}242\\243&amp;+ D_{\text{fonct.\ curable}} + D_{\text{fonct.\ incurable}}244 + D_{\text{économique}}\end{aligned}\tag{10.4}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:2.7em;vertical-align:-1.1em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.6em;"><span style="top:-3.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</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:-0.0278em;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">totale</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:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord"></span></span></span><span style="top:-2.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.1em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.6em;"><span style="top:-3.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</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:-0.0278em;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">phys. curable</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:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</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:-0.0278em;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">phys. incurable</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></span><span style="top:-2.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></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"><span class="mord mathnormal" style="margin-right:0.0278em;">D</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:-0.0278em;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">fonct. curable</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 class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</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:-0.0278em;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">fonct. incurable</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 class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</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:-0.0278em;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 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 class="mord mtight">conomique</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></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.1em;"><span></span></span></span></span></span></span></span></span><span class="katex-tag"><span class="katex-strut" style="height:2.7em;vertical-align:-1.1em;"></span><span class="mord text"><span class="mord">(</span><span class="mord"><span class="mord">10.4</span></span><span class="mord">)</span></span></span></span></span></span></div>245<p id="p10-72">Chaque composante est estimée <strong>séparément</strong>, puis additionnée. L'ordre importe : les curables sont retirés <strong>avant</strong> le calcul âge/vie.</p></div></div>246<div class="box box-ex" id="ex-10-6"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 10.6</span><span class="box-title">— récapitulatif de dépréciation</span><a class="box-anchor" href="#ex-10-6" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-73">Sur un bâtiment dont le coût à neuf est de <span class="num">467 657 $</span> :</p>247<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Type</th><th>Sous-type</th><th class="al-r">Montant</th></tr></thead><tbody><tr><td>Physique</td><td>Curable (entretien différé)</td><td class="al-r">15 000 $</td></tr><tr><td>Physique</td><td>Incurable (âge/vie : 18/60 ans)</td><td class="al-r">135 797 $</td></tr><tr><td>Fonctionnelle</td><td>Curable (cuisine à rénover)</td><td class="al-r">12 000 $</td></tr><tr><td>Fonctionnelle</td><td>Incurable (plafonds bas)</td><td class="al-r">8 000 $</td></tr><tr><td>Économique</td><td>Externe (proximité d'autoroute)</td><td class="al-r">15 000 $</td></tr><tr class="rule-above"><td colspan="2"><strong>Dépréciation totale</strong></td><td class="al-r"><strong>185 797 $</strong></td></tr></tbody></table></div></div>248<p id="p10-74">Le taux global : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>185</mn><mtext> </mtext><mn>797</mn><mi mathvariant="normal">/</mi><mn>467</mn><mtext> </mtext><mn>657</mn><mo>=</mo><mn>39,7</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">185\,797 / 467\,657 = 39{,}7\,\%</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">185</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">797/467</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">657</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">39</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> du coût à neuf.</p></div></div>249<h3 id="s-10-3-7" class="h-subsection"><span class="h-num">10.3.7</span><span class="h-text">Les méthodes de mesure — panorama</span><a class="h-anchor" href="#s-10-3-7" aria-label="Lien vers cette section">#</a></h3>250<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Méthode</th><th>Description</th><th>Usage</th></tr></thead><tbody><tr><td>Âge/vie (linéaire)</td><td><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>D</mi><mo>=</mo><mstyle scriptlevel="0" displaystyle="true"><mfrac><mrow><mover accent="true"><mtext>a</mtext><mo>ˆ</mo></mover><mtext>ge eff.</mtext></mrow><mtext>vie utile</mtext></mfrac></mstyle><mo>×</mo><msub><mi>C</mi><mtext>neuf</mtext></msub></mrow><annotation encoding="application/x-tex">D = \dfrac{\text{âge eff.}}{\text{vie utile}} \times251C_{\text{neuf}}</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:0.0278em;">D</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:2.0574em;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:1.3714em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">vie utile</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:-3.677em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord katex-accent"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="mord">a</span></span><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord">ˆ</span></span></span></span></span></span></span><span class="mord">ge eff.</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: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:0.8333em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</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:-0.0715em;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">neuf</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></td><td>Simple, approximatif; résidentiel courant</td></tr><tr><td>Âge/vie modifiée</td><td>Retire d'abord les curables, puis applique le ratio au reste</td><td>Plus précise; pratique courante</td></tr><tr><td>Ventilation (<em>breakdown</em>)</td><td>Chaque type de dépréciation estimé séparément, composante par composante</td><td>Très précise; rapports complets</td></tr><tr><td>Extraction de marché</td><td><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>D</mi><mo>=</mo><msub><mi>C</mi><mtext>neuf</mtext></msub><mo>+</mo><msub><mi>V</mi><mtext>terrain</mtext></msub><mo>−</mo><mtext>prix de vente</mtext></mrow><annotation encoding="application/x-tex">D = C_{\text{neuf}} + V_{\text{terrain}} -252\text{prix de vente}</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:0.0278em;">D</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:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</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:-0.0715em;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">neuf</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:0.8333em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3175em;"><span style="top:-2.55em;margin-left:-0.2222em;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">terrain</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:0.8889em;vertical-align:-0.1944em;"></span><span class="mord text"><span class="mord">prix de vente</span></span></span></span></span> des comparables</td><td>Validation par le marché</td></tr></tbody></table></div></div>253<div class="box box-terrain" id="terrain-10-75"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-hardhat"/></svg></span><span class="box-label">recommandation professionnelle</span><a class="box-anchor" href="#terrain-10-75" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-76">La méthode de ventilation (<em>breakdown method</em>) est la plus complète et la plus fiable : c'est celle qu'exigent les rapports complets d'évaluation conformes aux normes de l'OEAQ. L'extraction de marché, elle, joue un rôle de garde-fou : si les comparables impliquent une dépréciation de 25 % et que votre ventilation en donne 45, l'un des deux calculs se trompe — et le rapport doit expliquer lequel et pourquoi.</p></div></div>254<h2 id="s-10-4" class="h-section"><span class="h-num">10.4</span><span class="h-text">La valeur du terrain</span><a class="h-anchor" href="#s-10-4" aria-label="Lien vers cette section">#</a></h2>255<h3 id="s-10-4-1" class="h-subsection"><span class="h-num">10.4.1</span><span class="h-text">Pourquoi évaluer le terrain séparément?</span><a class="h-anchor" href="#s-10-4-1" aria-label="Lien vers cette section">#</a></h3>256<div class="box box-def" id="def-10-15"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 10.15</span><span class="box-title">— postulat du terrain vacant</span><a class="box-anchor" href="#def-10-15" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-77">Dans la méthode du coût, le terrain est évalué <strong>comme s'il était vacant et disponible pour son utilisation optimale</strong>. Le terrain ne se déprécie pas : seules les améliorations (bâtiments) se déprécient.</p></div></div>257<p id="p10-78">La séparation n'est pas un caprice comptable<label for="sn-10-10" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-10-10" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">Le terrain a une durée de vie infinie : il n'entre jamais dans la dépréciation.</span> : le terrain a une durée de vie infinie, si bien que la dépréciation ne peut s'appliquer qu'au bâtiment. C'est aussi la structure même de la formule (<a class="xref" href="#form-10-1">10.1</a>), et une exigence des normes de l'OEAQ et de l'USPAP. La valeur du terrain dépend de sa superficie et de ses dimensions, de la localisation et du zonage, des services publics disponibles, de la topographie et du drainage, de l'accès et de la visibilité — le tout filtré par l'analyse de l'<span class="motcle" data-term="utilisation optimale">utilisation optimale</span> (<em>highest and best use</em>) vue à la séance 3, qui guide le choix des comparables.</p>258<h3 id="s-10-4-2" class="h-subsection"><span class="h-num">10.4.2</span><span class="h-text">Les cinq méthodes d'évaluation du terrain</span><a class="h-anchor" href="#s-10-4-2" aria-label="Lien vers cette section">#</a></h3>259<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Méthode</th><th>Description</th><th>Utilisation</th></tr></thead><tbody><tr><td>Comparaison directe</td><td>Ventes de terrains vacants comparables, ajustées</td><td>Privilégiée quand des ventes existent</td></tr><tr><td>Extraction</td><td><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>V</mi><mi>T</mi></msub><mo>=</mo></mrow><annotation encoding="application/x-tex">V_T =</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:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3283em;"><span style="top:-2.55em;margin-left:-0.2222em;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" style="margin-right:0.1389em;">T</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:0.2778em;"></span><span class="mrel">=</span></span></span></span> prix de vente <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> coût déprécié du bâtiment</td><td>Peu de terrains vacants vendus</td></tr><tr><td>Répartition (allocation)</td><td>Ratio terrain/valeur totale typique du secteur (p. ex. 25 %)</td><td>Approximation, vérification</td></tr><tr><td>Capitalisation du loyer foncier</td><td>Loyer foncier annuel <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> taux de capitalisation</td><td>Terrains loués (baux emphytéotiques)</td></tr><tr><td>Résiduelle</td><td><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>V</mi><mi>T</mi></msub><mo>=</mo><msub><mi>V</mi><mtext>projet</mtext></msub><mo>−</mo><msub><mi>C</mi><mtext>construction</mtext></msub><mo>−</mo><mtext>profits</mtext></mrow><annotation encoding="application/x-tex">V_T = V_{\text{projet}} - C_{\text{construction}} -260\text{profits}</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:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3283em;"><span style="top:-2.55em;margin-left:-0.2222em;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" style="margin-right:0.1389em;">T</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:0.2778em;"></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:0.9694em;vertical-align:-0.2861em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3175em;"><span style="top:-2.55em;margin-left:-0.2222em;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">projet</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:0.2222em;"></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:0.8333em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3175em;"><span style="top:-2.55em;margin-left:-0.0715em;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">construction</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:0.8889em;vertical-align:-0.1944em;"></span><span class="mord text"><span class="mord">profits</span></span></span></span></span></td><td>Terrains à développer</td></tr></tbody></table></div></div>261<h4 id="s-10-4-2-1" class="h-subsubsection"><span class="h-num">10.4.2.1</span><span class="h-text">La comparaison directe, méthode reine</span><a class="h-anchor" href="#s-10-4-2-1" aria-label="Lien vers cette section">#</a></h4>262<div class="box box-ex" id="ex-10-7"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 10.7</span><span class="box-title">— terrain de Hull par comparaison directe</span><a class="box-anchor" href="#ex-10-7" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-79">Terrain sujet : <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>, secteur Hull (Gatineau), zonage résidentiel, services complets. Trois ventes récentes de terrains vacants du même secteur :</p>263<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th></th><th class="al-r">Terrain A</th><th class="al-r">Terrain B</th><th class="al-r">Terrain C</th></tr></thead><tbody><tr><td>Prix de vente</td><td class="al-r">105 000 $</td><td class="al-r">120 000 $</td><td class="al-r">98 000 $</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 class="al-r">5 000</td><td class="al-r">6 200</td><td class="al-r">5 500</td></tr><tr><td>Prix/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 class="al-r">21,00 $</td><td class="al-r">19,35 $</td><td class="al-r">17,82 $</td></tr><tr><td>Date de vente</td><td class="al-r">6 mois</td><td class="al-r">2 mois</td><td class="al-r">9 mois</td></tr><tr><td>Localisation</td><td class="al-r">Hull</td><td class="al-r">Hull</td><td class="al-r">Hull (coin)</td></tr><tr class="rule-above"><td>Ajustement temps</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</mn><mtext> </mtext><mn>500</mn></mrow><annotation encoding="application/x-tex">+2\,500</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">+</span><span class="mord">2</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">500</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><mo>+</mo><mn>1</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">+1\,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">+</span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</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><mo>+</mo><mn>3</mn><mtext> </mtext><mn>675</mn></mrow><annotation encoding="application/x-tex">+3\,675</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">+</span><span class="mord">3</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">675</span></span></span></span></td></tr><tr><td>Ajustement superficie</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>3</mn><mtext> </mtext><mn>500</mn></mrow><annotation encoding="application/x-tex">+3\,500</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">+</span><span class="mord">3</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">500</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><mo>−</mo><mn>4</mn><mtext> </mtext><mn>900</mn></mrow><annotation encoding="application/x-tex">-4\,900</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">−</span><span class="mord">4</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">900</span></span></span></span></td><td class="al-r">0</td></tr><tr><td>Ajustement localisation</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><mn>5</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">+5\,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">+</span><span class="mord">5</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td></tr><tr class="rule-above"><td><strong>Valeur indiquée</strong></td><td class="al-r"><strong>111 000 $</strong></td><td class="al-r"><strong>116 100 $</strong></td><td class="al-r"><strong>106 675 $</strong></td></tr></tbody></table></div></div>264<p id="p10-80">La logique des ajustements est celle de la séance 8 : on ajuste le <em>comparable</em> vers le sujet (temps écoulé depuis la vente, écart de superficie, désavantage du lot de coin pour le terrain C). Le terrain B — vente la plus récente, le moins ajusté en proportion — reçoit le plus de poids : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>V</mi><mtext>terrain</mtext></msub><mo>≈</mo><mstyle mathcolor="#003E7E"><mrow><mn mathvariant="bold">110</mn><mtext> </mtext><mn mathvariant="bold">000</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow><annotation encoding="application/x-tex">V_{\text{terrain}} \approx \uqotitle{110\,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:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3175em;"><span style="top:-2.55em;margin-left:-0.2222em;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">terrain</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:0.2778em;"></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" style="color:#003E7E;"><span class="mord mathbf" style="color:#003E7E;">110</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">000</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">$</span></span></span></span></span>.</p></div></div>265<h4 id="s-10-4-2-2" class="h-subsubsection"><span class="h-num">10.4.2.2</span><span class="h-text">L'extraction</span><a class="h-anchor" href="#s-10-4-2-2" aria-label="Lien vers cette section">#</a></h4>266<div class="box box-form" id="form-10-5"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg></span><span class="box-label">Formule 10.5</span><span class="box-title">— méthode d'extraction du terrain</span><a class="box-anchor" href="#form-10-5" aria-label="Lien">#</a></div><div class="box-body"><div class="eq" id="eq-10-5"><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><msub><mi>V</mi><mtext>terrain</mtext></msub><mtext>  </mtext><mo>=</mo><mtext>  </mtext><mtext>Prix de vente</mtext><mtext>  </mtext><mo>−</mo><mtext>  </mtext><msub><mi>C</mi><mrow><mtext>b</mtext><mover accent="true"><mtext>a</mtext><mo>ˆ</mo></mover><mtext>timent d</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>pr</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>ci</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover></mrow></msub></mrow></mtd><mtd width="50%"></mtd><mtd><mtext>(10.5)</mtext></mtd></mtr></mtable><annotation encoding="application/x-tex">V_{\text{terrain}} \;=\; \text{Prix de vente} \;-\; C_{\text{bâtiment déprécié}}\tag{10.5}</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:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3175em;"><span style="top:-2.55em;margin-left:-0.2222em;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">terrain</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:0.2778em;"></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:0.7778em;vertical-align:-0.0833em;"></span><span class="mord text"><span class="mord">Prix de vente</span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.9694em;vertical-align:-0.2861em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</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:-0.0715em;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">b</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">a</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">ˆ</span></span></span></span></span></span></span><span class="mord mtight">timent d</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 class="mord mtight">pr</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 class="mord mtight">ci</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><span class="katex-tag"><span class="katex-strut" style="height:1.0361em;vertical-align:-0.2861em;"></span><span class="mord text"><span class="mord">(</span><span class="mord"><span class="mord">10.5</span></span><span class="mord">)</span></span></span></span></span></span></div></div></div>267<div class="box box-ex" id="ex-10-8"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 10.8</span><span class="box-title">— extraction</span><a class="box-anchor" href="#ex-10-8" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-81">Une propriété bâtie s'est vendue <span class="num">450 000 $</span>. Le coût à neuf de son bâtiment est de <span class="num">400 000 $</span> et sa dépréciation, de 40 % :</p>268<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>C</mi><mrow><mtext>b</mtext><mover accent="true"><mtext>a</mtext><mo>ˆ</mo></mover><mtext>timent d</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>pr</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>ci</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover></mrow></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>400</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mo stretchy="false">(</mo><mn>1</mn><mo>−</mo><mn>0,40</mn><mo stretchy="false">)</mo><mo>=</mo><mn>240</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>V</mi><mi>T</mi></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>450</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>240</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mstyle mathcolor="#003E7E"><mrow><mn mathvariant="bold">210</mn><mtext> </mtext><mn mathvariant="bold">000</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}C_{\text{bâtiment déprécié}} &amp;= 400\,000 \times (1 - 0{,}40) = 240\,000\,\$\\269V_T &amp;= 450\,000 - 240\,000 = \uqotitle{210\,000\,\$}\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:2.7em;vertical-align:-1.1em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.6em;"><span style="top:-3.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</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:-0.0715em;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">b</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">a</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">ˆ</span></span></span></span></span></span></span><span class="mord mtight">timent d</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 class="mord mtight">pr</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 class="mord mtight">ci</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></span><span style="top:-2.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3283em;"><span style="top:-2.55em;margin-left:-0.2222em;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" style="margin-right:0.1389em;">T</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:1.1em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.6em;"><span style="top:-3.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><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 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 class="mopen">(</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">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">40</span><span class="mclose">)</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="mord">240</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 style="top:-2.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><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 class="mord">450</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 class="mord">240</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 class="mord" style="color:#003E7E;"><span class="mord mathbf" style="color:#003E7E;">210</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">000</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">$</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.1em;"><span></span></span></span></span></span></span></span></span></span></span></span></div>270<p id="p10-82">La méthode dépend entièrement de la qualité de l'estimation de la dépréciation : elle hérite de toutes ses incertitudes.</p></div></div>271<h4 id="s-10-4-2-3" class="h-subsubsection"><span class="h-num">10.4.2.3</span><span class="h-text">La répartition (allocation)</span><a class="h-anchor" href="#s-10-4-2-3" aria-label="Lien vers cette section">#</a></h4>272<div class="box box-form" id="form-10-6"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg></span><span class="box-label">Formule 10.6</span><span class="box-title">— méthode de répartition</span><a class="box-anchor" href="#form-10-6" aria-label="Lien">#</a></div><div class="box-body"><div class="eq" id="eq-10-6"><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><msub><mi>V</mi><mtext>terrain</mtext></msub><mtext>  </mtext><mo>=</mo><mtext>  </mtext><mtext>Prix de vente</mtext><mo>×</mo><msub><mi>R</mi><mi>T</mi></msub></mrow></mtd><mtd width="50%"></mtd><mtd><mtext>(10.6)</mtext></mtd></mtr></mtable><annotation encoding="application/x-tex">V_{\text{terrain}} \;=\; \text{Prix de vente} \times R_T\tag{10.6}</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:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3175em;"><span style="top:-2.55em;margin-left:-0.2222em;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">terrain</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:0.2778em;"></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:0.7778em;vertical-align:-0.0833em;"></span><span class="mord text"><span class="mord">Prix de vente</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:0.8333em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0077em;">R</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3283em;"><span style="top:-2.55em;margin-left:-0.0077em;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" style="margin-right:0.1389em;">T</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 class="katex-tag"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord text"><span class="mord">(</span><span class="mord"><span class="mord">10.6</span></span><span class="mord">)</span></span></span></span></span></span></div>273<p id="p10-83">où <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>R</mi><mi>T</mi></msub></mrow><annotation encoding="application/x-tex">R_T</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:0.0077em;">R</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3283em;"><span style="top:-2.55em;margin-left:-0.0077em;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" style="margin-right:0.1389em;">T</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 ratio terrain/valeur totale typique du secteur.</p></div></div>274<div class="box box-qc" id="quebec-10-84"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-map"/></svg></span><span class="box-label">ratios terrain/total typiques</span><a class="box-anchor" href="#quebec-10-84" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-85">Ordres de grandeur au Québec : résidentiel unifamilial, 20 à 30 %; condominiums urbains, 15 à 25 %; commercial de centre-ville, 30 à 50 %; rural et agricole, 40 à 60 %. Exemple : sur une propriété de <span class="num">450 000 $</span> en secteur résidentiel où le ratio typique est de 25 %, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>V</mi><mi>T</mi></msub><mo>=</mo><mn>450</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,25</mn><mo>=</mo><mn>112</mn><mtext> </mtext><mn>500</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">V_T = 450\,000 \times 0{,}25 = 112\,500\,\$</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:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3283em;"><span style="top:-2.55em;margin-left:-0.2222em;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" style="margin-right:0.1389em;">T</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:0.2778em;"></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:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">450</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">25</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">112</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">500</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. La répartition reste une méthode d'<em>approximation et de vérification</em> : les rôles d'évaluation municipaux, qui ventilent terrain et bâtiment, en fournissent une lecture rapide.</p></div></div>275<p id="p10-86">Les deux dernières méthodes sont plus spécialisées : la <strong class="c-or">capitalisation du loyer foncier</strong> s'applique aux terrains loués (baux emphytéotiques, terrains de centres commerciaux), et la <strong class="c-or">méthode résiduelle</strong> aux terrains à développer, dont la valeur découle de ce qu'un promoteur peut se permettre de payer une fois ses coûts et son profit couverts. Toutes deux sont approfondies dans IMM1033.</p>276<h2 id="s-10-5" class="h-section"><span class="h-num">10.5</span><span class="h-text">Cas complet : une unifamiliale de Gatineau</span><a class="h-anchor" href="#s-10-5" aria-label="Lien vers cette section">#</a></h2>277<p id="p10-87">Assemblons maintenant les cinq étapes sur un cas unique — celui-là même qui a fourni les chiffres des sections précédentes.</p>278<h3 id="s-10-5-1" class="h-subsection"><span class="h-num">10.5.1</span><span class="h-text">La propriété sujet</span><a class="h-anchor" href="#s-10-5-1" aria-label="Lien vers cette section">#</a></h3>279<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th colspan="4">Propriété sujet — Gatineau (secteur Hull)</th></tr></thead><tbody><tr><td>Type</td><td>unifamiliale détachée, 2 étages</td><td>Terrain</td><td>5 500 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></tr><tr><td>Construction</td><td>2005 (21 ans)</td><td>Structure</td><td>bois, fondation de béton</td></tr><tr><td>Âge effectif</td><td>18 ans (bon entretien)</td><td>Qualité</td><td>bonne</td></tr><tr><td>Vie utile totale</td><td>60 ans (hypothèse)</td><td>État</td><td>bon, travaux à prévoir</td></tr><tr><td>Superficie</td><td>1 500 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</td><td>Chauffage</td><td>gaz naturel, air forcé</td></tr><tr><td>Sous-sol fini</td><td>750 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>Garage</td><td>double, 480 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></tr></tbody></table></div></div>280<h3 id="s-10-5-2" class="h-subsection"><span class="h-num">10.5.2</span><span class="h-text">Étape 1 — Le coût de remplacement à neuf</span><a class="h-anchor" href="#s-10-5-2" aria-label="Lien vers cette section">#</a></h3>281<p id="p10-88">Hypothèses : méthode comparative (Marshall &amp; Swift, facteur Québec 1,05), coûts indirects de 15 % et profit de l'entrepreneur de 10 %, tous deux sur les coûts directs.</p>282<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Composante</th><th class="al-r">Quantité</th><th class="al-r">Coût/unité</th><th class="al-r">Total</th></tr></thead><tbody><tr><td>Résidence (<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">\times</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> 1,05 localisation)</td><td class="al-r">1 500 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 class="al-r">185 $/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 class="al-r">291 375 $</td></tr><tr><td>Garage double attaché</td><td class="al-r">480 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 class="al-r">75 $/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 class="al-r">36 000 $</td></tr><tr><td>Sous-sol fini</td><td class="al-r">750 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 class="al-r">55 $/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 class="al-r">41 250 $</td></tr><tr><td>Terrasse de bois traité</td><td class="al-r">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></td><td class="al-r">27,50 $/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></td><td class="al-r">5 500 $</td></tr><tr class="rule-above"><td><strong>Total des coûts directs</strong></td><td class="al-r"></td><td class="al-r"></td><td class="al-r"><strong>374 125 $</strong></td></tr><tr><td>Coûts indirects (15 %)</td><td class="al-r"></td><td class="al-r"></td><td class="al-r">56 119 $</td></tr><tr><td>Profit de l'entrepreneur (10 %)</td><td class="al-r"></td><td class="al-r"></td><td class="al-r">37 413 $</td></tr><tr class="rule-above"><td><strong>Coût de remplacement à neuf</strong></td><td class="al-r"></td><td class="al-r"></td><td class="al-r"><strong>467 657 $</strong></td></tr></tbody></table></div></div>283<h3 id="s-10-5-3" class="h-subsection"><span class="h-num">10.5.3</span><span class="h-text">Étape 2 — La dépréciation totale</span><a class="h-anchor" href="#s-10-5-3" aria-label="Lien vers cette section">#</a></h3>284<p id="p10-89"><strong>a) Physique curable (entretien différé).</strong> L'inspection relève : remplacement du bardage (<span class="num">8500 $</span>), peinture extérieure complète (<span class="num">4500 $</span>), réparation de l'asphalte du stationnement (<span class="num">2000 $</span>) — total : <strong class="c-bleu">15 000 $</strong>.</p>285<p id="p10-90"><strong>b) Physique incurable (âge/vie modifiée).</strong></p>286<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mtext>Base</mtext></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><msub><mi>C</mi><mtext>neuf</mtext></msub><mo>−</mo><msub><mi>D</mi><mtext>phys. curable</mtext></msub><mo>=</mo><mn>467</mn><mtext> </mtext><mn>657</mn><mo>−</mo><mn>15</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>452</mn><mtext> </mtext><mn>657</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>D</mi><mtext>phys. incurable</mtext></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mfrac><mrow><mover accent="true"><mtext>a</mtext><mo>ˆ</mo></mover><mtext>ge effectif</mtext></mrow><mtext>vie utile</mtext></mfrac><mo>×</mo><mtext>Base</mtext><mo>=</mo><mfrac><mn>18</mn><mn>60</mn></mfrac><mo>×</mo><mn>452</mn><mtext> </mtext><mn>657</mn><mo>=</mo><mstyle mathcolor="#003E7E"><mrow><mn mathvariant="bold">135</mn><mtext> </mtext><mn mathvariant="bold">797</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}\text{Base} &amp;= C_{\text{neuf}} - D_{\text{phys.\ curable}}287  = 467\,657 - 15\,000 = 452\,657\,\$\\288D_{\text{phys.\ incurable}} &amp;= \frac{\text{âge effectif}}{\text{vie utile}}289  \times \text{Base} = \frac{18}{60} \times 452\,657 = \uqotitle{135\,797\,\$}\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:3.5574em;vertical-align:-1.5287em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:2.0287em;"><span style="top:-4.5602em;"><span class="pstrut" style="height:3.3714em;"></span><span class="mord"><span class="mord text"><span class="mord">Base</span></span></span></span><span style="top:-2.5287em;"><span class="pstrut" style="height:3.3714em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</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:-0.0278em;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">phys. incurable</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></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.5287em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:2.0287em;"><span style="top:-4.5602em;"><span class="pstrut" style="height:3.3714em;"></span><span class="mord"><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 class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</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:-0.0715em;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">neuf</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 class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</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:-0.0278em;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">phys. curable</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="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">467</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">657</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">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 class="mord">452</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">657</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span><span style="top:-2.5287em;"><span class="pstrut" style="height:3.3714em;"></span><span class="mord"><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 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:1.3714em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">vie utile</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:-3.677em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord katex-accent"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="mord">a</span></span><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord">ˆ</span></span></span></span></span></span></span><span class="mord">ge effectif</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:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord text"><span class="mord">Base</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 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:1.3214em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord">60</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">18</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:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">452</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">657</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="mord" style="color:#003E7E;"><span class="mord mathbf" style="color:#003E7E;">135</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">797</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">$</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.5287em;"><span></span></span></span></span></span></span></span></span></span></span></span></div>290<p id="p10-91"><strong>c) Fonctionnelle et économique.</strong> La fonctionnelle curable comprend la cuisine d'origine à rénover (<span class="num">10 000 $</span>) et la mise à niveau du panneau électrique de 100 A à 200 A (<span class="num">2500 $</span>), soit <span class="num">12 500 $</span>. Aucune obsolescence fonctionnelle incurable n'est identifiée, ni aucune dépréciation économique significative dans le secteur : 0 $ pour ces deux postes.</p>291<p id="p10-92"><strong>d) Récapitulatif.</strong></p>292<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Catégorie</th><th>Sous-type</th><th class="al-r">Montant</th></tr></thead><tbody><tr><td>Physique</td><td>Curable (entretien différé)</td><td class="al-r">15 000 $</td></tr><tr><td>Physique</td><td>Incurable (âge/vie : 18/60)</td><td class="al-r">135 797 $</td></tr><tr><td>Fonctionnelle</td><td>Curable (cuisine, électricité)</td><td class="al-r">12 500 $</td></tr><tr><td>Fonctionnelle</td><td>Incurable</td><td class="al-r">0 $</td></tr><tr><td>Économique</td><td>Externe</td><td class="al-r">0 $</td></tr><tr class="rule-above"><td colspan="2"><strong>Dépréciation totale</strong></td><td class="al-r"><strong>163 297 $</strong></td></tr></tbody></table></div></div>293<p id="p10-93">Le taux global : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>163</mn><mtext> </mtext><mn>297</mn><mi mathvariant="normal">/</mi><mn>467</mn><mtext> </mtext><mn>657</mn><mo>=</mo><mn>34,9</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">163\,297 / 467\,657 = 34{,}9\,\%</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">163</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">297/467</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">657</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">34</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">9</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>.</p>294<div class="box box-rem" id="remarque-10-94"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pen"/></svg></span><span class="box-label">vérification de cohérence</span><a class="box-anchor" href="#remarque-10-94" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-95">Décomposons le taux global en pourcentage du coût à neuf : physique incurable, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>135</mn><mtext> </mtext><mn>797</mn><mi mathvariant="normal">/</mi><mn>467</mn><mtext> </mtext><mn>657</mn><mo>=</mo><mn>29,0</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">135\,797 / 467\,657 = 29{,}0\,\%</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">135</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">797/467</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">657</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">29</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>; entretien différé, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>3,2</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">3{,}2\,\%</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">3</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">2</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>; fonctionnelle curable, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>2,7</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">2{,}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">2</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> — total 34,9 %. Le ratio âge/vie seul donne 30 % : c'est l'ajout de l'entretien différé et de la dépréciation fonctionnelle qui porte le taux global à près de 35 % — ordre de grandeur cohérent pour un bâtiment de 21 ans bien entretenu. Prenez l'habitude de ce type de contre-vérification : un taux global de 60 % sur un bâtiment récent, ou de 10 % sur un bâtiment cinquantenaire jamais rénové, doit vous alerter.</p></div></div>295<h3 id="s-10-5-4" class="h-subsection"><span class="h-num">10.5.4</span><span class="h-text">Étape 3 — La valeur du terrain</span><a class="h-anchor" href="#s-10-5-4" aria-label="Lien vers cette section">#</a></h3>296<p id="p10-96">La comparaison directe des trois ventes de terrains vacants (section <a class="xref" href="#s-10-4">10.4</a>) conclut à <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>V</mi><mtext>terrain</mtext></msub><mo>=</mo><mstyle mathcolor="#003E7E"><mrow><mn mathvariant="bold">110</mn><mtext> </mtext><mn mathvariant="bold">000</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow><annotation encoding="application/x-tex">V_{\text{terrain}} = \uqotitle{110\,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:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3175em;"><span style="top:-2.55em;margin-left:-0.2222em;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">terrain</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:0.2778em;"></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" style="color:#003E7E;"><span class="mord mathbf" style="color:#003E7E;">110</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">000</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">$</span></span></span></span></span>. Vérification par répartition : au rôle d'évaluation, le terrain (<span class="num">95 000 $</span>) représente 24,7 % du total (<span class="num">385 000 $</span>); appliquer 25 % à la valeur estimée (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≈</mo><mn>450</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">\approx 450\,000\,\$</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">450</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>) donne <span class="num">112 500 $</span> — cohérent.</p>297<h3 id="s-10-5-5" class="h-subsection"><span class="h-num">10.5.5</span><span class="h-text">Étape 4 — La conclusion</span><a class="h-anchor" href="#s-10-5-5" aria-label="Lien vers cette section">#</a></h3>298<div class="box box-form" id="form-10-7"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg></span><span class="box-label">Formule 10.7</span><span class="box-title">— conclusion du cas</span><a class="box-anchor" href="#form-10-7" aria-label="Lien">#</a></div><div class="box-body"><div class="eq" id="eq-10-7"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable width="100%"><mtr><mtd width="50%"></mtd><mtd><mrow><mi>V</mi><mo>=</mo><msub><mi>C</mi><mtext>neuf</mtext></msub><mo>−</mo><msub><mi>D</mi><mtext>totale</mtext></msub><mo>+</mo><msub><mi>V</mi><mtext>terrain</mtext></msub><mo>=</mo><mn>467</mn><mtext> </mtext><mn>657</mn><mo>−</mo><mn>163</mn><mtext> </mtext><mn>297</mn><mo>+</mo><mn>110</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>414</mn><mtext> </mtext><mn>360</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mtd><mtd width="50%"></mtd><mtd><mtext>(10.7)</mtext></mtd></mtr></mtable><annotation encoding="application/x-tex">V = C_{\text{neuf}} - D_{\text{totale}} + V_{\text{terrain}}299  = 467\,657 - 163\,297 + 110\,000 = 414\,360\,\$\tag{10.7}</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:0.2222em;">V</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:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</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:-0.0715em;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">neuf</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:0.8333em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</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:-0.0278em;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">totale</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:0.8333em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3175em;"><span style="top:-2.55em;margin-left:-0.2222em;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">terrain</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:0.2778em;"></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:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">467</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">657</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">163</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">297</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">110</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">414</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">360</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span><span class="katex-tag"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord text"><span class="mord">(</span><span class="mord"><span class="mord">10.7</span></span><span class="mord">)</span></span></span></span></span></span></div>300<p id="p10-97"><strong>Valeur estimée par la méthode du coût : environ 415 000 $</strong> (arrondie au 5 000 $ le plus proche — la précision au dollar serait illusoire).</p></div></div>301<h3 id="s-10-5-6" class="h-subsection"><span class="h-num">10.5.6</span><span class="h-text">Mise en perspective</span><a class="h-anchor" href="#s-10-5-6" aria-label="Lien vers cette section">#</a></h3>302<p id="p10-98">Un résultat de méthode ne se juge jamais isolément : trois indicateurs encadrent celui-ci<label for="sn-10-11" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-10-11" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">Toujours situer le résultat d'une méthode par rapport aux autres indications disponibles.</span>. L'<strong class="c-or">évaluation municipale</strong> (2025) s'établit à <span class="num">385 000 $</span> : la valeur par le coût lui est supérieure d'environ 8 %, ce qui est attendu — le rôle, figé pour un cycle triennal à partir de conditions de marché antérieures, est structurellement conservateur en marché montant. La <strong class="c-or">méthode de comparaison</strong>, appliquée à la même propriété dans l'exemple guidé de la séance 9, indiquait environ <span class="num">450 000 $</span>, au cœur d'une fourchette de comparables ajustés allant de 430 000 à 484 000 $. La valeur par le coût se situe donc <em>sous</em> l'indication de marché, avec un <strong class="c-or">écart</strong> de <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo stretchy="false">(</mo><mn>450</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>414</mn><mtext> </mtext><mn>360</mn><mo stretchy="false">)</mo><mi mathvariant="normal">/</mi><mn>450</mn><mtext> </mtext><mn>000</mn><mo>≈</mo><mn>8</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">(450\,000 - 414\,360)/450\,000 \approx 8\,\%</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">450</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">414</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">360</span><span class="mclose">)</span><span class="mord">/450</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">8</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> — assez faible pour confirmer que les deux analyses parlent de la même propriété, assez net pour mériter une explication dans le rapport.</p>303<div class="box box-rem" id="remarque-10-99"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pen"/></svg></span><span class="box-label">pourquoi le coût sous-estime-t-il souvent?</span><a class="box-anchor" href="#remarque-10-99" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-100">Cet écart de 8 % est normal et instructif : la méthode du coût tend à <strong>sous-estimer</strong> les propriétés existantes en marché actif, car elle capte mal la dynamique d'offre et de demande — la rareté des maisons disponibles, la prime de disponibilité immédiate, la valeur d'un quartier établi. La séance 14 montrera comment la réconciliation pondère ces indications selon leur fiabilité relative.</p></div></div>304<h3 id="s-10-5-7" class="h-subsection"><span class="h-num">10.5.7</span><span class="h-text">Forces et faiblesses de la méthode</span><a class="h-anchor" href="#s-10-5-7" aria-label="Lien vers cette section">#</a></h3>305<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Forces</th><th>Faiblesses</th></tr></thead><tbody><tr><td>Applicable à presque tous les bâtiments</td><td>Estimation de la dépréciation en partie subjective</td></tr><tr><td>Fiable pour le neuf et le quasi-neuf</td><td>Moins fiable pour les bâtiments anciens</td></tr><tr><td>Indispensable pour les usages spéciaux</td><td>Capte mal l'offre et la demande du marché</td></tr><tr><td>Base de l'évaluation d'assurance</td><td>Terrain parfois difficile à isoler</td></tr><tr><td>Vérification des autres méthodes</td><td>Coûts de construction volatils</td></tr><tr><td>Sépare terrain et bâtiment (utile fiscalement)</td><td>Sur-amélioration difficile à mesurer</td></tr></tbody></table></div></div>306<p id="p10-101">Ce bilan explique la place particulière de la méthode dans la boîte à outils de l'évaluateur québécois : rarement la vedette en résidentiel courant, jamais absente pour autant. Elle est la méthode de <em>dernier recours</em> là où le marché se tait (usages spéciaux, marchés inactifs), la méthode <em>obligée</em> de l'assurance, et la méthode <em>témoin</em> partout ailleurs — celle qui force l'évaluateur à décomposer la propriété en ses éléments constitutifs et, ce faisant, à comprendre <em>pourquoi</em> elle vaut ce qu'elle vaut. Le cours IMM1033, entièrement consacré à la méthode du coût, en reprendra chaque maillon — terrain, coûts, dépréciation — avec la profondeur qu'exige la pratique professionnelle ; les exercices qui suivent consolident d'abord les réflexes essentiels.</p>307<h2 id="s-10-6" class="h-section"><span class="h-num">10.6</span><span class="h-text">Exercices</span><a class="h-anchor" href="#s-10-6" aria-label="Lien vers cette section">#</a></h2>308<div class="box box-exo" id="exo-10-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 10.1</span><span class="box-title">— formule fondamentale</span><a class="box-anchor" href="#exo-10-1" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-102">Un bâtiment industriel léger présente un coût de remplacement à neuf de <span class="num">1 250 000 $</span>, une dépréciation totale estimée à 42 % du coût à neuf et un terrain évalué à <span class="num">310 000 $</span>. Calculez la valeur par la méthode du coût, puis indiquez deux raisons pour lesquelles cette méthode est particulièrement pertinente pour ce type de propriété.</p></div></div>309<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p10-103">Dépréciation en dollars : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>D</mi><mo>=</mo><mn>1</mn><mtext> </mtext><mn>250</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,42</mn><mo>=</mo><mn>525</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">D = 1\,250\,000 \times 0{,}42 = 525\,000\,\$</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:0.0278em;">D</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:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">250</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">42</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">525</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">$</span></span></span></span>.</p>310<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mi>V</mi></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><msub><mi>C</mi><mtext>neuf</mtext></msub><mo>−</mo><msub><mi>D</mi><mtext>totale</mtext></msub><mo>+</mo><msub><mi>V</mi><mtext>terrain</mtext></msub></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>1</mn><mtext> </mtext><mn>250</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>525</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>310</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mstyle mathcolor="#003E7E"><mrow><mn mathvariant="bold">1</mn><mtext> </mtext><mn mathvariant="bold">035</mn><mtext> </mtext><mn mathvariant="bold">000</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}V &amp;= C_{\text{neuf}} - D_{\text{totale}} + V_{\text{terrain}}\\311  &amp;= 1\,250\,000 - 525\,000 + 310\,000 = \uqotitle{1\,035\,000\,\$}\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:2.7em;vertical-align:-1.1em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.6em;"><span style="top:-3.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span></span></span><span style="top:-2.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.1em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.6em;"><span style="top:-3.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><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 class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</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:-0.0715em;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">neuf</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 class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</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:-0.0278em;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">totale</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 class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3175em;"><span style="top:-2.55em;margin-left:-0.2222em;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">terrain</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 style="top:-2.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><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 class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">250</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 class="mord">525</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 class="mord">310</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 class="mord" style="color:#003E7E;"><span class="mord mathbf" style="color:#003E7E;">1</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">035</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">000</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">$</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.1em;"><span></span></span></span></span></span></span></span></span></span></span></span></div>312<p id="p10-104">Valeur arrondie : environ <span class="num">1 035 000 $</span>. Pertinence pour l'industriel : (1) les ventes comparables d'immeubles industriels sont souvent rares (marché mince), ce qui affaiblit la méthode de comparaison; (2) plusieurs bâtiments industriels sont adaptés sur mesure à leur occupant (quasi-usage spécial), de sorte que ni les comparables ni les revenus ne reflètent bien leur valeur pour l'utilisateur.</p></div></details>313<div class="box box-exo" id="exo-10-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 10.2</span><span class="box-title">— coût à neuf complet</span><a class="box-anchor" href="#exo-10-2" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-105">Un plain-pied de <span class="num">1350</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> doit être évalué. Données : coût unitaire de 172 $/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> (qualité moyenne), facteur de localisation de 1,04, garage simple de 280 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 70 $/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>, sous-sol fini de 900 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 52 $/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>. Hypothèses : coûts indirects de 14 % et profit de l'entrepreneur de 8 %, tous deux sur les coûts directs. Calculez le coût de remplacement à neuf complet.</p></div></div>314<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p10-106">Coûts directs :</p>315<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mtext>R</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>sidence</mtext></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>1</mn><mtext> </mtext><mn>350</mn><mo>×</mo><mn>172</mn><mo>×</mo><mn>1,04</mn><mo>=</mo><mn>241</mn><mtext> </mtext><mn>488</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mtext>Garage</mtext></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>280</mn><mo>×</mo><mn>70</mn><mo>=</mo><mn>19</mn><mtext> </mtext><mn>600</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mtext>Sous-sol</mtext></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>900</mn><mo>×</mo><mn>52</mn><mo>=</mo><mn>46</mn><mtext> </mtext><mn>800</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mtext>Total des co</mtext><mover accent="true"><mtext>u</mtext><mo>ˆ</mo></mover><mtext>ts directs</mtext></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>241</mn><mtext> </mtext><mn>488</mn><mo>+</mo><mn>19</mn><mtext> </mtext><mn>600</mn><mo>+</mo><mn>46</mn><mtext> </mtext><mn>800</mn><mo>=</mo><mn>307</mn><mtext> </mtext><mn>888</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}\text{Résidence} &amp;= 1\,350 \times 172 \times 1{,}04 = 241\,488\,\$\\316\text{Garage} &amp;= 280 \times 70 = 19\,600\,\$\\317\text{Sous-sol} &amp;= 900 \times 52 = 46\,800\,\$\\318\text{Total des coûts directs} &amp;= 241\,488 + 19\,600 + 46\,800 = 307\,888\,\$\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:5.7em;vertical-align:-2.6em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:3.1em;"><span style="top:-5.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">R</span><span class="mord katex-accent"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="mord">e</span></span><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord">ˊ</span></span></span></span></span></span></span><span class="mord">sidence</span></span></span></span><span style="top:-3.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">Garage</span></span></span></span><span style="top:-2.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">Sous-sol</span></span></span></span><span style="top:-0.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">Total des co</span><span class="mord katex-accent"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="mord">u</span></span><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord">ˆ</span></span></span></span></span></span></span><span class="mord">ts directs</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:2.6em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:3.1em;"><span style="top:-5.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><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 class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">350</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">172</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">1</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">04</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="mord">241</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">488</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span><span style="top:-3.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><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 class="mord">280</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">70</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="mord">19</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">$</span></span></span><span style="top:-2.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">900</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">52</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">46</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">800</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span><span style="top:-0.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><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 class="mord">241</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">488</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">19</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 class="mord">46</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">800</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="mord">307</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">888</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:2.6em;"><span></span></span></span></span></span></span></span></span></span></span></span></div>319<p id="p10-107">Indirects et profit :</p>320<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mtext>Co</mtext><mover accent="true"><mtext>u</mtext><mo>ˆ</mo></mover><mtext>ts indirects (14</mtext><mtext> </mtext><mtext>%)</mtext></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>307</mn><mtext> </mtext><mn>888</mn><mo>×</mo><mn>0,14</mn><mo>=</mo><mn>43</mn><mtext> </mtext><mn>104</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mtext>Profit (8</mtext><mtext> </mtext><mtext>%)</mtext></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>307</mn><mtext> </mtext><mn>888</mn><mo>×</mo><mn>0,08</mn><mo>=</mo><mn>24</mn><mtext> </mtext><mn>631</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>C</mi><mtext>neuf</mtext></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>307</mn><mtext> </mtext><mn>888</mn><mo>+</mo><mn>43</mn><mtext> </mtext><mn>104</mn><mo>+</mo><mn>24</mn><mtext> </mtext><mn>631</mn><mo>=</mo><mstyle mathcolor="#003E7E"><mrow><mn mathvariant="bold">375</mn><mtext> </mtext><mn mathvariant="bold">623</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}\text{Coûts indirects (14\,\%)} &amp;= 307\,888 \times 0{,}14 = 43\,104\,\$\\321\text{Profit (8\,\%)} &amp;= 307\,888 \times 0{,}08 = 24\,631\,\$\\322C_{\text{neuf}} &amp;= 307\,888 + 43\,104 + 24\,631 = \uqotitle{375\,623\,\$}\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:4.2em;vertical-align:-1.85em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:2.35em;"><span style="top:-4.51em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">Co</span><span class="mord katex-accent"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="mord">u</span></span><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord">ˆ</span></span></span></span></span></span></span><span class="mord">ts indirects (14</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%)</span></span></span></span><span style="top:-3.01em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">Profit (8</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%)</span></span></span></span><span style="top:-1.51em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</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:-0.0715em;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">neuf</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><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.85em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:2.35em;"><span style="top:-4.51em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><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 class="mord">307</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">888</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">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">14</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="mord">43</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">104</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span><span style="top:-3.01em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">307</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">888</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">08</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">24</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">631</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span><span style="top:-1.51em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><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 class="mord">307</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">888</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">43</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">104</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">24</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">631</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="mord" style="color:#003E7E;"><span class="mord mathbf" style="color:#003E7E;">375</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">623</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">$</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.85em;"><span></span></span></span></span></span></span></span></span></span></span></span></div>323<p id="p10-108">Soit environ <span class="num">376 000 $</span>. Remarquez la structure du calcul : les pourcentages d'indirects et de profit s'appliquent aux coûts directs <em>totaux</em>, extras compris — pas seulement au coût de base de la résidence.</p></div></details>324<div class="box box-exo" id="exo-10-3"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 10.3</span><span class="box-title">— âge/vie modifiée et ventilation</span><a class="box-anchor" href="#exo-10-3" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-109">Une résidence présente un coût de remplacement à neuf de <span class="num">520 000 $</span>. L'inspection révèle : toiture à remplacer (<span class="num">14 000 $</span>), peinture extérieure (<span class="num">6000 $</span>), salle de bain principale désuète dont la mise à jour est rentable (<span class="num">9000 $</span>), et des plafonds de sept pieds au sous-sol dont la perte de valeur au marché est estimée à <span class="num">11 000 $</span>. Le bâtiment a 24 ans d'âge chronologique, mais un entretien exemplaire lui confère un âge effectif de 15 ans; la vie utile économique retenue est de 60 ans. Aucune dépréciation externe. Calculez la dépréciation totale et le taux global de dépréciation.</p></div></div>325<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="p10-110">Classons d'abord chaque élément. La toiture (<span class="num">14 000 $</span>) et la peinture (<span class="num">6000 $</span>) relèvent de l'entretien différé — physique curable, pour un total de <span class="num">20 000 $</span>. La salle de bain (<span class="num">9000 $</span>) est une obsolescence de design dont la correction est rentable : fonctionnelle curable. Les plafonds bas (<span class="num">11 000 $</span>) sont une obsolescence de design impossible à corriger économiquement : fonctionnelle incurable. Aucune dépréciation économique n'est signalée.</p>326<p id="p10-111">Physique incurable par âge/vie modifiée — la base exclut l'entretien différé (mais pas la fonctionnelle, qui ne fait pas partie de l'usure physique) :</p>327<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mtext>Base</mtext></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>520</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>20</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>500</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>D</mi><mtext>phys. incurable</mtext></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mfrac><mn>15</mn><mn>60</mn></mfrac><mo>×</mo><mn>500</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>0,25</mn><mo>×</mo><mn>500</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>125</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}\text{Base} &amp;= 520\,000 - 20\,000 = 500\,000\,\$\\328D_{\text{phys.\ incurable}} &amp;= \frac{15}{60} \times 500\,000329  = 0{,}25 \times 500\,000 = 125\,000\,\$\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:3.5074em;vertical-align:-1.5037em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:2.0037em;"><span style="top:-4.4852em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord text"><span class="mord">Base</span></span></span></span><span style="top:-2.5037em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</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:-0.0278em;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">phys. incurable</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></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.5037em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:2.0037em;"><span style="top:-4.4852em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><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 class="mord">520</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 class="mord">20</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">500</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 style="top:-2.5037em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><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 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:1.3214em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord">60</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">15</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:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">500</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 class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">25</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">500</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 class="mord">125</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">$</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.5037em;"><span></span></span></span></span></span></span></span></span></span></span></span></div>330<p id="p10-112">Dépréciation totale :</p>331<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>D</mi><mtext>totale</mtext></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>20</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>125</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>9</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>11</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>0</mn><mo>=</mo><mstyle mathcolor="#003E7E"><mrow><mn mathvariant="bold">165</mn><mtext> </mtext><mn mathvariant="bold">000</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mtext>Taux global</mtext></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mfrac><mrow><mn>165</mn><mtext> </mtext><mn>000</mn></mrow><mrow><mn>520</mn><mtext> </mtext><mn>000</mn></mrow></mfrac><mo>=</mo><mn>31,7</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}D_{\text{totale}} &amp;= 20\,000 + 125\,000 + 9\,000 + 11\,000 + 0332  = \uqotitle{165\,000\,\$}\\333\text{Taux global} &amp;= \frac{165\,000}{520\,000} = 31{,}7\,\%\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:3.5074em;vertical-align:-1.5037em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:2.0037em;"><span style="top:-4.4852em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</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:-0.0278em;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">totale</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 style="top:-2.5037em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord text"><span class="mord">Taux global</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.5037em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:2.0037em;"><span style="top:-4.4852em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><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 class="mord">20</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">125</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 class="mord">9</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 class="mord">11</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 class="mord">0</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="mord" style="color:#003E7E;"><span class="mord mathbf" style="color:#003E7E;">165</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">000</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">$</span></span></span></span><span style="top:-2.5037em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><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 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:1.3214em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord">520</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</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">165</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</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:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">31</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><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.5037em;"><span></span></span></span></span></span></span></span></span></span></span></span></div>334<p id="p10-113">C'est bien l'âge <em>effectif</em> (15 ans) qui entre dans le ratio, et non l'âge chronologique (24 ans) : utiliser 24/60 aurait gonflé la dépréciation physique incurable à <span class="num">200 000 $</span>, soit une erreur de <span class="num">75 000 $</span>.</p></div></details>335<div class="box box-exo" id="exo-10-4"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 10.4</span><span class="box-title">— valeur du terrain par extraction et répartition</span><a class="box-anchor" href="#exo-10-4" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-114">Dans un secteur où presque aucun terrain vacant ne se vend, vous relevez la vente récente d'une propriété bâtie à <span class="num">610 000 $</span>. Vous estimez le coût à neuf de son bâtiment à <span class="num">560 000 $</span> et sa dépréciation à 35 %. <strong>a)</strong> Estimez la valeur du terrain par extraction. <strong>b)</strong> Le rôle d'évaluation du secteur indique un ratio terrain/total typique de 28 % : vérifiez votre résultat par répartition et commentez l'écart.</p></div></div>336<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p10-115"><strong>a) Extraction.</strong></p>337<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>C</mi><mrow><mtext>b</mtext><mover accent="true"><mtext>a</mtext><mo>ˆ</mo></mover><mtext>timent d</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>pr</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>ci</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover></mrow></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>560</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mo stretchy="false">(</mo><mn>1</mn><mo>−</mo><mn>0,35</mn><mo stretchy="false">)</mo><mo>=</mo><mn>364</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>V</mi><mi>T</mi></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>610</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>364</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mstyle mathcolor="#003E7E"><mrow><mn mathvariant="bold">246</mn><mtext> </mtext><mn mathvariant="bold">000</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}C_{\text{bâtiment déprécié}} &amp;= 560\,000 \times (1 - 0{,}35) = 364\,000\,\$\\338V_T &amp;= 610\,000 - 364\,000 = \uqotitle{246\,000\,\$}\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:2.7em;vertical-align:-1.1em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.6em;"><span style="top:-3.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</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:-0.0715em;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">b</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">a</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">ˆ</span></span></span></span></span></span></span><span class="mord mtight">timent d</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 class="mord mtight">pr</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 class="mord mtight">ci</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></span><span style="top:-2.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3283em;"><span style="top:-2.55em;margin-left:-0.2222em;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" style="margin-right:0.1389em;">T</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:1.1em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.6em;"><span style="top:-3.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><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 class="mord">560</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 class="mopen">(</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">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">35</span><span class="mclose">)</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="mord">364</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 style="top:-2.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><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 class="mord">610</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 class="mord">364</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 class="mord" style="color:#003E7E;"><span class="mord mathbf" style="color:#003E7E;">246</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">000</span><span class="mspace" style="color:#003E7E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#003E7E;">$</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.1em;"><span></span></span></span></span></span></span></span></span></span></span></span></div>339<p id="p10-116"><strong>b) Répartition.</strong> <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>V</mi><mi>T</mi></msub><mo>=</mo><mn>610</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,28</mn><mo>=</mo><mn>170</mn><mtext> </mtext><mn>800</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">V_T = 610\,000 \times 0{,}28 = 170\,800\,\$</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:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3283em;"><span style="top:-2.55em;margin-left:-0.2222em;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" style="margin-right:0.1389em;">T</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:0.2778em;"></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:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">610</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">28</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">170</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>. L'écart est important (<span class="num">75 200 $</span>, soit environ 44 % de plus par extraction). Deux lectures possibles : soit la dépréciation de 35 % est sous-estimée (chaque point de dépréciation en plus réduit la valeur extraite du terrain de <span class="num">5600 $</span>), soit le ratio de 28 % du rôle est dépassé — fréquent dans les secteurs où la valeur des terrains monte plus vite que celle des bâtiments. L'évaluateur documenterait les deux hypothèses et chercherait une troisième indication (vente de terrain vacant même éloignée, méthode résiduelle) avant de conclure. L'exercice illustre la fragilité de l'extraction : elle hérite de toute l'incertitude de la dépréciation.</p></div></details>340<div class="box box-exo" id="exo-10-5"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 10.5</span><span class="box-title">— cas intégrateur — méthode complète</span><a class="box-anchor" href="#exo-10-5" aria-label="Lien">#</a></div><div class="box-body"><p id="p10-117">Un duplex de Gatineau (secteur Aylmer) doit être évalué par la méthode du coût au 1<sup>er</sup> septembre 2026. Données : superficie totale de <span class="num">2100</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> à 178 $/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> (facteur de localisation déjà inclus); aucun garage; coûts indirects de 15 % et profit de 10 % (sur les coûts directs); entretien différé de <span class="num">18 000 $</span>; âge effectif de 22 ans; vie utile de 55 ans; cuisine des deux logements à mettre à jour pour <span class="num">16 000 $</span> (rentable); proximité d'une voie ferrée dont l'analyse de paires indique un escompte de 4 % sur la valeur des propriétés du secteur, estimé ici à <span class="num">17 000 $</span>; terrain évalué à <span class="num">125 000 $</span> par comparaison directe. Calculez la valeur par la méthode du coût, en présentant le bordereau complet.</p></div></div>341<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p10-118"><strong>Étape 1 — Coût à neuf.</strong></p>342<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mtext>Co</mtext><mover accent="true"><mtext>u</mtext><mo>ˆ</mo></mover><mtext>ts directs</mtext></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>2</mn><mtext> </mtext><mn>100</mn><mo>×</mo><mn>178</mn><mo>=</mo><mn>373</mn><mtext> </mtext><mn>800</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mtext>Indirects (15</mtext><mtext> </mtext><mtext>%)</mtext></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>373</mn><mtext> </mtext><mn>800</mn><mo>×</mo><mn>0,15</mn><mo>=</mo><mn>56</mn><mtext> </mtext><mn>070</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mtext>Profit (10</mtext><mtext> </mtext><mtext>%)</mtext></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>373</mn><mtext> </mtext><mn>800</mn><mo>×</mo><mn>0,10</mn><mo>=</mo><mn>37</mn><mtext> </mtext><mn>380</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>C</mi><mtext>neuf</mtext></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>373</mn><mtext> </mtext><mn>800</mn><mo>+</mo><mn>56</mn><mtext> </mtext><mn>070</mn><mo>+</mo><mn>37</mn><mtext> </mtext><mn>380</mn><mo>=</mo><mn>467</mn><mtext> </mtext><mn>250</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}\text{Coûts directs} &amp;= 2\,100 \times 178 = 373\,800\,\$\\343\text{Indirects (15\,\%)} &amp;= 373\,800 \times 0{,}15 = 56\,070\,\$\\344\text{Profit (10\,\%)} &amp;= 373\,800 \times 0{,}10 = 37\,380\,\$\\345C_{\text{neuf}} &amp;= 373\,800 + 56\,070 + 37\,380 = 467\,250\,\$\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:5.7em;vertical-align:-2.6em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:3.1em;"><span style="top:-5.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">Co</span><span class="mord katex-accent"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="mord">u</span></span><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord">ˆ</span></span></span></span></span></span></span><span class="mord">ts directs</span></span></span></span><span style="top:-3.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">Indirects (15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%)</span></span></span></span><span style="top:-2.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">Profit (10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%)</span></span></span></span><span style="top:-0.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</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:-0.0715em;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">neuf</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><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:2.6em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:3.1em;"><span style="top:-5.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><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 class="mord">2</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">100</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">178</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="mord">373</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 style="top:-3.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><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 class="mord">373</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">800</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">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">15</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="mord">56</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">070</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span><span style="top:-2.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">373</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">800</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">10</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">37</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">380</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span><span style="top:-0.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><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 class="mord">373</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">800</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">56</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">070</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">37</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">380</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="mord">467</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">250</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:2.6em;"><span></span></span></span></span></span></span></span></span></span></span></span></div>346<p id="p10-119"><strong>Étape 2 — Dépréciation.</strong> Physique curable : <span class="num">18 000 $</span>. Physique incurable (âge/vie modifiée) :</p>347<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mtext>Base</mtext></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>467</mn><mtext> </mtext><mn>250</mn><mo>−</mo><mn>18</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>449</mn><mtext> </mtext><mn>250</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>D</mi><mtext>phys. incurable</mtext></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mfrac><mn>22</mn><mn>55</mn></mfrac><mo>×</mo><mn>449</mn><mtext> </mtext><mn>250</mn><mo>=</mo><mn>0,40</mn><mo>×</mo><mn>449</mn><mtext> </mtext><mn>250</mn><mo>=</mo><mn>179</mn><mtext> </mtext><mn>700</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}\text{Base} &amp;= 467\,250 - 18\,000 = 449\,250\,\$\\348D_{\text{phys.\ incurable}} &amp;= \frac{22}{55} \times 449\,250349  = 0{,}40 \times 449\,250 = 179\,700\,\$\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:3.5074em;vertical-align:-1.5037em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:2.0037em;"><span style="top:-4.4852em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord text"><span class="mord">Base</span></span></span></span><span style="top:-2.5037em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</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:-0.0278em;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">phys. incurable</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></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.5037em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:2.0037em;"><span style="top:-4.4852em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><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 class="mord">467</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">250</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">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 class="mord">449</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">250</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span><span style="top:-2.5037em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><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 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:1.3214em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord">55</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">22</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:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">449</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">250</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="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">40</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">449</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">250</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="mord">179</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><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.5037em;"><span></span></span></span></span></span></span></span></span></span></span></span></div>350<p id="p10-120">Fonctionnelle curable (cuisines) : <span class="num">16 000 $</span>. Économique (voie ferrée) : <span class="num">17 000 $</span>.</p>351<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>D</mi><mtext>totale</mtext></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>18</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>179</mn><mtext> </mtext><mn>700</mn><mo>+</mo><mn>16</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>17</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>230</mn><mtext> </mtext><mn>700</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}D_{\text{totale}} &amp;= 18\,000 + 179\,700 + 16\,000 + 17\,000 = 230\,700\,\$\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1.2em;vertical-align:-0.35em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.85em;"><span style="top:-3.01em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</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:-0.0278em;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">totale</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><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.35em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.85em;"><span style="top:-3.01em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><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 class="mord">18</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">179</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">700</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">16</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 class="mord">17</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 class="mord">230</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><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.35em;"><span></span></span></span></span></span></span></span></span></span></span></span></div>352<p id="p10-121">Taux global : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>230</mn><mtext> </mtext><mn>700</mn><mi mathvariant="normal">/</mi><mn>467</mn><mtext> </mtext><mn>250</mn><mo>=</mo><mn>49,4</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">230\,700 / 467\,250 = 49{,}4\,\%</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">230</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">700/467</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">250</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">49</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> — élevé mais plausible pour un bâtiment d'âge effectif 22/55 avec obsolescence et nuisance externe.</p>353<p id="p10-122"><strong>Étapes 3 et 4 — Terrain et conclusion.</strong></p>354<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><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mi>V</mi></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>467</mn><mtext> </mtext><mn>250</mn><mo>−</mo><mn>230</mn><mtext> </mtext><mn>700</mn><mo>+</mo><mn>125</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>361</mn><mtext> </mtext><mn>550</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}V &amp;= 467\,250 - 230\,700 + 125\,000 = 361\,550\,\$\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1.2em;vertical-align:-0.35em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.85em;"><span style="top:-3.01em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.35em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.85em;"><span style="top:-3.01em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><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 class="mord">467</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">250</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">230</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">700</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">125</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 class="mord">361</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">550</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.35em;"><span></span></span></span></span></span></span></span></span></span></span></span></div>355<p id="p10-123"><strong>Valeur par la méthode du coût : environ 360 000 $</strong> (arrondie au 5 000 $). Dans un rapport réel, ce duplex — un immeuble à revenus — serait évalué principalement par la méthode du revenu (séances 11 et 12) et par comparaison; la méthode du coût jouerait le rôle de vérification.</p></div></details>356<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><strong>Formule fondamentale</strong> :         <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>V</mi><mo>=</mo><msub><mi>C</mi><mtext>neuf</mtext></msub><mo>−</mo><msub><mi>D</mi><mtext>totale</mtext></msub><mo>+</mo><msub><mi>V</mi><mtext>terrain</mtext></msub></mrow><annotation encoding="application/x-tex">V = C_{\text{neuf}} - D_{\text{totale}} + V_{\text{terrain}}</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:0.2222em;">V</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:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</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:-0.0715em;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">neuf</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:0.8333em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</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:-0.0278em;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">totale</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:0.8333em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3175em;"><span style="top:-2.55em;margin-left:-0.2222em;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">terrain</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> — le         coût plafonne la valeur, la dépréciation l'érode, le terrain s'ajoute.</li><li><strong>Remplacement</strong> (même utilité, moyens actuels — concept         courant) <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo mathvariant="normal">≠</mo></mrow><annotation encoding="application/x-tex">\neq</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8889em;vertical-align:-0.1944em;"></span><span class="mrel"><span class="mrel"><span class="mord katex-vbox"><span class="katex-thinbox"><span class="rlap"><span class="katex-strut" style="height:0.8889em;vertical-align:-0.1944em;"></span><span class="katex-inner"><span class="mord"><span class="mrel"></span></span></span><span class="katex-fix"></span></span></span></span></span><span class="mspace nobreak"></span><span class="mrel">=</span></span></span></span></span> <strong>reproduction</strong> (réplique exacte — patrimoine,         assurance). Le choix engage le traitement de l'obsolescence         fonctionnelle : attention au double comptage.</li><li><strong>Coût à neuf</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">=</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> coûts directs (65–80 %) <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> coûts         indirects (10–25 %) <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> profit de l'entrepreneur (5–15 %);         toujours énoncer ses hypothèses et appliquer le facteur de         localisation aux tables nord-américaines (Marshall &amp; Swift, RSMeans).</li><li><strong>Trois dépréciations</strong> : physique (usure), fonctionnelle         (obsolescence interne), économique (externe — toujours incurable).</li><li><strong>Test curable/incurable</strong> : la correction est-elle rentable         (coût <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">\leq</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></span></span> valeur ajoutée)? Curable <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> coût de         correction; incurable <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> perte de valeur résiduelle.</li><li><strong>Âge/vie modifiée</strong> : retirer l'entretien différé de la base,         puis appliquer âge effectif <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi mathvariant="normal">/</mi></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:1em;vertical-align:-0.25em;"></span><span class="mord">/</span></span></span></span> vie utile au reste. C'est l'âge         <em>effectif</em> qui compte, jamais l'âge chronologique.</li><li><strong>Terrain</strong> : évalué séparément, comme vacant, à son utilisation         optimale — comparaison directe d'abord; extraction, répartition,         capitalisation du loyer foncier et méthode résiduelle en appoint.</li><li><strong>Vérifications systématiques</strong> : cohérence du taux global de         dépréciation avec l'âge du bâtiment; recoupement de la valeur du         terrain (rôle municipal); mise en perspective avec les autres         méthodes.</li><li><strong>Usage privilégié</strong> : neuf, usages spéciaux, assurance, marchés         inactifs; <strong>rôle courant</strong> : méthode de vérification. Elle tend à         sous-estimer en marché actif.</li><li><strong>Arrondir la conclusion</strong> (au 5 000 $ près) : la précision au         dollar est illusoire.</li></ul></div></section>357      </article>358    </div>359  </div>360  <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>361  362<nav class="ch-pager" aria-label="Navigation entre les séances">363  <a class="prev" href="/seance/09/"><small>← Séance 9</small><b>La méthode de comparaison — Partie 2 : ajustements et réconciliation</b></a>364  <a class="next" href="/seance/11/"><small>Séance 11 →</small><b>La méthode du revenu — Partie 1 : du revenu brut au RNE</b></a>365</nav>366  367<div class="read-tools" role="toolbar" aria-label="Outils de lecture">368  <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>369  <button type="button" data-action="tts" data-tip="Écouter la séance"><svg class="" aria-hidden="true"><use href="#i-audio"/></svg></button>370  <button type="button" data-action="revision" data-tip="Mode révision" aria-pressed="false"><svg class="" aria-hidden="true"><use href="#i-eye"/></svg></button>371  <hr>372  <button type="button" data-action="fontsize" data-tip="Taille du texte"><svg class="" aria-hidden="true"><use href="#i-text"/></svg></button>373  <button type="button" data-action="theme" data-tip="Thème clair / sombre"><svg class="" aria-hidden="true"><use href="#i-sun"/></svg></button>374  <button type="button" data-action="top" data-tip="Haut de page"><svg class="" aria-hidden="true"><use href="#i-up"/></svg></button>375</div>376<aside class="notes-panel" id="notes-panel" aria-label="Mes notes">377  <div class="notes-head"><h3>Mes notes — séance 10</h3><button class="icon-btn" type="button" data-action="notes-close" aria-label="Fermer">✕</button></div>378  <div class="notes-body">379    <div><h4>Notes personnelles <span id="notes-saved"></span></h4><textarea placeholder="Vos notes pour cette séance (enregistrées automatiquement sur cet appareil)…"></textarea></div>380    <div><h4>Passages surlignés</h4><ul id="hl-list"></ul></div>381  </div>382  <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>383</aside>384<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>385</main>386<footer class="site-footer">387  <div class="footer-inner">388    <div class="footer-brand">389      <img src="/assets/brand/uqo-logo-white.png" alt="UQO" width="140" height="59" style="width:140px;height:auto;margin-bottom:10px">390      <div class="brand-code">IMM1003</div>391      <div>Éléments d’évaluation immobilière</div>392      <div style="opacity:.7;margin-top:6px;font-size:.85rem">Automne 2026 · 3 crédits · premier cycle · 14 séances</div>393      <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>394    </div>395    <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>396    <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>397    <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>398  </div>399  <div class="footer-legal"><div><span>© 2026 Simon-Pierre Boucher — Université du Québec en Outaouais. 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