SPB Git

Repository Public

index.html 259.7 KB 343 lines html

1<!DOCTYPE html>2<html lang="fr" data-theme="light">3<head>4<meta charset="utf-8">5<meta name="viewport" content="width=device-width, initial-scale=1, viewport-fit=cover">6<title>Séance 3 — Méthodes d&#x27;évaluation du terrain · IMM1033 — Méthodes du coût en évaluation immobilière</title>7<meta name="description" content="Séance 3 du cours IMM1033 (Méthodes du coût en évaluation immobilière) : Méthodes d&#x27;évaluation du terrain. Notes de cours complètes, explorateurs interactifs, exercices corrigés et quiz.">8<meta name="author" content="Simon-Pierre Boucher — Université du Québec en Outaouais">9<meta name="theme-color" content="#0f6180">10<meta property="og:site_name" content="IMM1033 — UQO">11<meta property="og:title" content="Séance 3 — Méthodes d&#x27;évaluation du terrain · IMM1033 — Méthodes du coût en évaluation immobilière">12<meta property="og:description" content="Séance 3 du cours IMM1033 (Méthodes du coût en évaluation immobilière) : Méthodes d&#x27;évaluation du terrain. Notes de cours complètes, explorateurs interactifs, exercices corrigés et quiz.">13<meta property="og:type" content="website">14<meta property="og:url" content="https://www.uqo-imm1033.app/seance/03/">15<meta property="og:image" content="https://www.uqo-imm1033.app/assets/og.png">16<meta property="og:image:width" content="1200"><meta property="og:image:height" content="630">17<meta property="og:image:alt" content="IMM1033 — Méthodes du coût en évaluation immobilière — UQO">18<meta property="og:locale" content="fr_CA">19<meta name="twitter:card" content="summary_large_image">20<meta name="twitter:title" content="Séance 3 — Méthodes d&#x27;évaluation du terrain · IMM1033 — Méthodes du coût en évaluation immobilière">21<meta name="twitter:description" content="Séance 3 du cours IMM1033 (Méthodes du coût en évaluation immobilière) : Méthodes d&#x27;évaluation du terrain. Notes de cours complètes, explorateurs interactifs, exercices corrigés et quiz.">22<meta name="twitter:image" content="https://www.uqo-imm1033.app/assets/og.png">23<link rel="canonical" href="https://www.uqo-imm1033.app/seance/03/">24<link rel="icon" href="/favicon.svg" type="image/svg+xml">25<link rel="icon" href="/assets/brand/favicon-32.png" sizes="32x32" type="image/png">26<link rel="icon" href="/favicon.ico" sizes="any">27<link rel="apple-touch-icon" href="/assets/brand/apple-touch-icon.png">28<link rel="manifest" href="/manifest.webmanifest">29<link rel="preconnect" href="https://fonts.googleapis.com">30<link rel="preconnect" href="https://fonts.gstatic.com" crossorigin>31<link rel="stylesheet" href="https://fonts.googleapis.com/css2?family=Fira+Sans:ital,wght@0,300;0,400;0,500;0,600;0,700;0,800;1,400;1,600&family=Fraunces:opsz,wght@9..144,500;9..144,600;9..144,700&family=Source+Serif+4:ital,opsz,wght@0,8..60,400;0,8..60,600;0,8..60,700;1,8..60,400&display=swap">32<link rel="stylesheet" href="/assets/katex/katex.min.css">33<link rel="stylesheet" href="/assets/css/site.css">34<script>(function(){try{var t=localStorage.getItem('uqo:theme');if(t)document.documentElement.dataset.theme=JSON.parse(t);var f=localStorage.getItem('uqo:fs');if(f&&JSON.parse(f))document.documentElement.dataset.fs=JSON.parse(f);}catch(e){}})();</script>3536</head>37<body class="course-imm1033 " data-course="imm1033" data-part="2">3839<svg xmlns="http://www.w3.org/2000/svg" style="display:none" aria-hidden="true">40  <symbol id="i-book" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M2 4h6a4 4 0 0 1 4 4v12a3 3 0 0 0-3-3H2zM22 4h-6a4 4 0 0 0-4 4v12a3 3 0 0 1 3-3h7z"/></symbol>41  <symbol id="i-formula" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M3 12h3l3 8 4-16 3 8h5"/></symbol>42  <symbol id="i-bulb" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M9 18h6M10 22h4M12 2a7 7 0 0 0-4 12.7c.6.5 1 1.3 1 2.3h6c0-1 .4-1.8 1-2.3A7 7 0 0 0 12 2z"/></symbol>43  <symbol id="i-pencil" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M12 20h9M16.5 3.5a2.1 2.1 0 0 1 3 3L7 19l-4 1 1-4z"/></symbol>44  <symbol id="i-warning" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M10.3 3.9 1.8 18a2 2 0 0 0 1.7 3h17a2 2 0 0 0 1.7-3L13.7 3.9a2 2 0 0 0-3.4 0zM12 9v4M12 17h.01"/></symbol>45  <symbol id="i-hardhat" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M2 18h20M4 18v-3a8 8 0 0 1 5-7.4V12M20 18v-3a8 8 0 0 0-5-7.4V12M10 4h4v8h-4z"/></symbol>46  <symbol id="i-pen" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M12 19l7-7 3 3-7 7-3-3zM18 13l-1.5-7.5L2 2l3.5 14.5L13 18l5-5zM2 2l7.6 7.6"/><circle cx="11" cy="11" r="2" fill="none" stroke="currentColor" stroke-width="2"/></symbol>47  <symbol id="i-map" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M1 6v16l7-4 8 4 7-4V2l-7 4-8-4zM8 2v16M16 6v16"/></symbol>48  <symbol id="i-star" viewBox="0 0 24 24"><path fill="currentColor" d="M12 2l3.1 6.3 6.9 1-5 4.9 1.2 6.9L12 17.8 5.8 21l1.2-6.9-5-4.9 6.9-1z"/></symbol>49  <symbol id="i-target" viewBox="0 0 24 24"><circle cx="12" cy="12" r="10" fill="none" stroke="currentColor" stroke-width="2"/><circle cx="12" cy="12" r="6" fill="none" stroke="currentColor" stroke-width="2"/><circle cx="12" cy="12" r="2" fill="currentColor"/></symbol>50  <symbol id="i-clipboard" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M9 5H7a2 2 0 0 0-2 2v13a2 2 0 0 0 2 2h10a2 2 0 0 0 2-2V7a2 2 0 0 0-2-2h-2M9 5a2 2 0 0 1 2-2h2a2 2 0 0 1 2 2v0a2 2 0 0 1-2 2h-2a2 2 0 0 1-2-2zM9 14l2 2 4-4"/></symbol>51  <symbol id="i-check" viewBox="0 0 24 24"><circle cx="12" cy="12" r="10" fill="none" stroke="currentColor" stroke-width="2"/><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M8 12l3 3 5-6"/></symbol>52  <symbol id="i-search" viewBox="0 0 24 24"><circle cx="11" cy="11" r="7" fill="none" stroke="currentColor" stroke-width="2"/><path stroke="currentColor" stroke-width="2" stroke-linecap="round" d="M20 20l-3.5-3.5"/></symbol>53  <symbol id="i-sun" viewBox="0 0 24 24"><circle cx="12" cy="12" r="4" fill="none" stroke="currentColor" stroke-width="2"/><path stroke="currentColor" stroke-width="2" stroke-linecap="round" d="M12 2v2M12 20v2M4.9 4.9l1.4 1.4M17.7 17.7l1.4 1.4M2 12h2M20 12h2M4.9 19.1l1.4-1.4M17.7 6.3l1.4-1.4"/></symbol>54  <symbol id="i-menu" viewBox="0 0 24 24"><path stroke="currentColor" stroke-width="2" stroke-linecap="round" d="M4 6h16M4 12h16M4 18h16"/></symbol>55  <symbol id="i-text" viewBox="0 0 24 24"><path stroke="currentColor" stroke-width="2" stroke-linecap="round" d="M4 7V5h16v2M12 5v14M9 19h6"/></symbol>56  <symbol id="i-slides" viewBox="0 0 24 24"><rect x="2" y="3" width="20" height="14" rx="2" fill="none" stroke="currentColor" stroke-width="2"/><path stroke="currentColor" stroke-width="2" stroke-linecap="round" d="M8 21h8M12 17v4"/></symbol>57  <symbol id="i-quiz" viewBox="0 0 24 24"><circle cx="12" cy="12" r="10" fill="none" stroke="currentColor" stroke-width="2"/><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" d="M9.1 9a3 3 0 0 1 5.8 1c0 2-3 3-3 3M12 17h.01"/></symbol>58  <symbol id="i-cards" viewBox="0 0 24 24"><rect x="3" y="6" width="14" height="16" rx="2" fill="none" stroke="currentColor" stroke-width="2"/><path fill="none" stroke="currentColor" stroke-width="2" d="M7 2h12a2 2 0 0 1 2 2v14"/></symbol>59  <symbol id="i-calc" viewBox="0 0 24 24"><rect x="4" y="2" width="16" height="20" rx="2" fill="none" stroke="currentColor" stroke-width="2"/><path stroke="currentColor" stroke-width="2" stroke-linecap="round" d="M8 6h8M8 11h.01M12 11h.01M16 11h.01M8 15h.01M12 15h.01M16 15h.01M8 19h.01M12 19h.01M16 19h.01"/></symbol>60  <symbol id="i-download" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M21 15v4a2 2 0 0 1-2 2H5a2 2 0 0 1-2-2v-4M7 10l5 5 5-5M12 15V3"/></symbol>61  <symbol id="i-eye" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" d="M1 12s4-8 11-8 11 8 11 8-4 8-11 8-11-8-11-8z"/><circle cx="12" cy="12" r="3" fill="none" stroke="currentColor" stroke-width="2"/></symbol>62  <symbol id="i-arrow" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M5 12h14M13 6l6 6-6 6"/></symbol>63  <symbol id="i-bib" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M4 19.5A2.5 2.5 0 0 1 6.5 17H20M6.5 2H20v20H6.5A2.5 2.5 0 0 1 4 19.5v-15A2.5 2.5 0 0 1 6.5 2z"/></symbol>64  <symbol id="i-list" viewBox="0 0 24 24"><path stroke="currentColor" stroke-width="2" stroke-linecap="round" d="M8 6h13M8 12h13M8 18h13M3 6h.01M3 12h.01M3 18h.01"/></symbol>65  <symbol id="i-note" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M14 3v4a1 1 0 0 0 1 1h4M17 21H7a2 2 0 0 1-2-2V5a2 2 0 0 1 2-2h7l5 5v11a2 2 0 0 1-2 2zM9 13h6M9 17h6"/></symbol>66  <symbol id="i-audio" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M11 5 6 9H2v6h4l5 4zM15.5 8.5a5 5 0 0 1 0 7M19 5a10 10 0 0 1 0 14"/></symbol>67  <symbol id="i-up" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M12 19V5M5 12l7-7 7 7"/></symbol>68  <symbol id="i-dumbbell" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M6 5v14M18 5v14M3 8v8M21 8v8M6 12h12"/></symbol>69  <symbol id="i-game" viewBox="0 0 24 24"><rect x="2" y="7" width="20" height="12" rx="4" fill="none" stroke="currentColor" stroke-width="2"/><path stroke="currentColor" stroke-width="2" stroke-linecap="round" d="M7 11v4M5 13h4M15 12h.01M18 14h.01"/></symbol>70  <symbol id="i-chart" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M3 3v18h18M7 15l4-5 4 3 5-7"/></symbol>71  <symbol id="i-progress" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" d="M4 20V10M10 20V4M16 20v-8M22 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="IMM1033 — 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">IMM1033</span><span class="brand-title">Méthodes du coût en 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 la méthode du coût</div><a href="/seance/01/" data-ch="01"><span class="pastille" style="background:#2976bb">1</span><span>Introduction à la méthode du coût</span></a><a href="/seance/02/" data-ch="02"><span class="pastille" style="background:#2976bb">2</span><span>Cadre conceptuel et terminologie</span></a><div class="dd-part"><i style="background:#0f8b8d"></i>Partie II — Évaluation du terrain</div><a href="/seance/03/" data-ch="03"><span class="pastille" style="background:#0f8b8d">3</span><span>Méthodes d'évaluation du terrain</span></a><a href="/seance/04/" data-ch="04"><span class="pastille" style="background:#0f8b8d">4</span><span>Analyse du terrain et ajustements</span></a><div class="dd-part"><i style="background:#cca424"></i>Partie III — Coût de construction</div><a href="/seance/05/" data-ch="05"><span class="pastille" style="background:#cca424">5</span><span>Coût de reproduction et coût de remplacement</span></a><a href="/seance/06/" data-ch="06"><span class="pastille" style="background:#cca424">6</span><span>Méthodes d'estimation des coûts</span></a><a href="/seance/07/" data-ch="07"><span class="pastille" style="background:#cca424">7</span><span>Coûts directs de construction</span></a><a href="/seance/08/" data-ch="08"><span class="pastille" style="background:#cca424">8</span><span>Coûts indirects et profit entrepreneurial</span></a><div class="dd-part"><i style="background:#6b4fbb"></i>Partie IV — La dépréciation</div><a href="/seance/09/" data-ch="09"><span class="pastille" style="background:#6b4fbb">9</span><span>Concepts de dépréciation</span></a><a href="/seance/10/" data-ch="10"><span class="pastille" style="background:#6b4fbb">10</span><span>Dépréciation physique</span></a><a href="/seance/11/" data-ch="11"><span class="pastille" style="background:#6b4fbb">11</span><span>Dépréciation fonctionnelle</span></a><a href="/seance/12/" data-ch="12"><span class="pastille" style="background:#6b4fbb">12</span><span>Dépréciation économique (externe)</span></a><div class="dd-part"><i style="background:#107c4e"></i>Partie V — Applications et intégration</div><a href="/seance/13/" data-ch="13"><span class="pastille" style="background:#107c4e">13</span><span>Applications spécialisées</span></a><a href="/seance/14/" data-ch="14"><span class="pastille" style="background:#107c4e">14</span><span>Synthèse et révision</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="03" data-title="Séance 3 — Méthodes d&#x27;évaluation du terrain" data-words="6934">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">03</div>95  <div class="ch-hero-inner">96    <div class="eyebrow"><span class="part-chip">Partie II</span> Évaluation du terrain · Séance 3 · IMM1033</div>97    <h1>Méthodes d'évaluation du terrain</h1>98    <div class="ch-sub">Méthodes du coût en évaluation immobilière · Hiver 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> 7 sections</span>101      <span class="chip"><svg class="" aria-hidden="true"><use href="#i-book"/></svg> 6 définitions</span>102      <span class="chip"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg> 0 formule</span>103      <span class="chip"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg> 5 exemples</span>104      <span class="chip"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg> 6 exercices</span>105      <span class="chip"><svg class="" aria-hidden="true"><use href="#i-eye"/></svg> ≈ 39 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">Annonce du TP1</span>108    </div>109    <div class="ch-tools">110      <a class="btn btn-ghost" href="/files/slides/seance03.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-3-1"><span class="n">1</span>Le principe du terrain vacant et le PHMU</a><a href="#s-3-2"><span class="n">2</span>La méthode de comparaison directe</a><a href="#s-3-3"><span class="n">3</span>La méthode d'extraction</a><a href="#s-3-4"><span class="n">4</span>Affectation et analyse de lotissement</a><a href="#s-3-5"><span class="n">5</span>La méthode du résidu foncier</a><a href="#s-3-6"><span class="n">6</span>Le marché foncier québécois</a><a href="#s-3-7"><span class="n">7</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-3-1"><span class="toc-num">3.1</span><span>Le principe du terrain vacant et le PHMU</span></a></li><li class="lvl3"><a href="#s-3-1-1"><span class="toc-num">3.1.1</span><span>Pourquoi évaluer le terrain séparément?</span></a></li><li class="lvl3"><a href="#s-3-1-2"><span class="toc-num">3.1.2</span><span>Vacant et disponible, même s'il est bâti</span></a></li><li class="lvl3"><a href="#s-3-1-3"><span class="toc-num">3.1.3</span><span>Les quatre critères du PHMU</span></a></li><li class="lvl3"><a href="#s-3-1-4"><span class="toc-num">3.1.4</span><span>La difficulté pratique et les sources québécoises</span></a></li><li class="lvl2"><a href="#s-3-2"><span class="toc-num">3.2</span><span>La méthode de comparaison directe</span></a></li><li class="lvl3"><a href="#s-3-2-1"><span class="toc-num">3.2.1</span><span>Sélection des comparables</span></a></li><li class="lvl3"><a href="#s-3-2-2"><span class="toc-num">3.2.2</span><span>Les unités de comparaison</span></a></li><li class="lvl3"><a href="#s-3-2-3"><span class="toc-num">3.2.3</span><span>Les neuf éléments d'ajustement et leur ordre d'application</span></a></li><li class="lvl3"><a href="#s-3-2-4"><span class="toc-num">3.2.4</span><span>Les seuils de vraisemblance</span></a></li><li class="lvl3"><a href="#s-3-2-5"><span class="toc-num">3.2.5</span><span>Exemple travaillé complet</span></a></li><li class="lvl2"><a href="#s-3-3"><span class="toc-num">3.3</span><span>La méthode d'extraction</span></a></li><li class="lvl3"><a href="#s-3-3-1"><span class="toc-num">3.3.1</span><span>Sensibilité aux hypothèses</span></a></li><li class="lvl2"><a href="#s-3-4"><span class="toc-num">3.4</span><span>Affectation et analyse de lotissement</span></a></li><li class="lvl3"><a href="#s-3-4-1"><span class="toc-num">3.4.1</span><span>La méthode d'affectation : le ratio comme dernier recours</span></a></li><li class="lvl3"><a href="#s-3-4-2"><span class="toc-num">3.4.2</span><span>L'analyse de lotissement</span></a></li><li class="lvl2"><a href="#s-3-5"><span class="toc-num">3.5</span><span>La méthode du résidu foncier</span></a></li><li class="lvl3"><a href="#s-3-5-1"><span class="toc-num">3.5.1</span><span>Une sensibilité redoutable</span></a></li><li class="lvl3"><a href="#s-3-5-2"><span class="toc-num">3.5.2</span><span>Choisir sa méthode : la hiérarchie de fiabilité</span></a></li><li class="lvl2"><a href="#s-3-6"><span class="toc-num">3.6</span><span>Le marché foncier québécois</span></a></li><li class="lvl3"><a href="#s-3-6-1"><span class="toc-num">3.6.1</span><span>Le rôle d'évaluation et les droits de mutation</span></a></li><li class="lvl3"><a href="#s-3-6-2"><span class="toc-num">3.6.2</span><span>LPTAA et CPTAQ : la zone agricole</span></a></li><li class="lvl3"><a href="#s-3-6-3"><span class="toc-num">3.6.3</span><span>La LAU : zonage et outils d'urbanisme</span></a></li><li class="lvl3"><a href="#s-3-6-4"><span class="toc-num">3.6.4</span><span>Le régime de droit civil et autres particularités</span></a></li><li class="lvl2"><a href="#s-3-7"><span class="toc-num">3.7</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=03"><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="p3-1">La formule fondamentale commence par <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> — et ce n'est pas un hasard de notation : toute la méthode du coût repose sur une estimation fiable du terrain, évaluée <em>séparément</em> des améliorations. Or voici le paradoxe pratique : dans les quartiers établis, où se trouvent la plupart des mandats, il ne reste presque plus de terrains vacants à vendre. Comment évaluer ce qui ne se transige plus? Cette séance ouvre le bloc 2 en présentant l'arsenal complet de l'évaluateur : la comparaison directe — méthode reine quand les comparables existent — puis quatre méthodes indirectes (extraction, affectation, lotissement, résidu foncier) qui permettent de reconstituer la valeur foncière quand le marché se tait. Le tout s'inscrit dans le cadre réglementaire québécois — rôle d'évaluation, droits de mutation, LPTAA, LAU — qui façonne le marché foncier d'ici.</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-3-1" data-obj="obj-3-1"><span class="obj-text">Justifier l'évaluation <strong>séparée</strong> du terrain et appliquer le         principe du terrain <strong>vacant et disponible</strong> à son utilisation         optimale (PHMU);</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-3-2" data-obj="obj-3-2"><span class="obj-text">Appliquer la méthode de <strong>comparaison directe</strong> : sélection des         comparables, unités de comparaison, grille d'ajustements en cascade,         seuils de vraisemblance, réconciliation;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-3-3" data-obj="obj-3-3"><span class="obj-text">Appliquer la méthode d'<strong>extraction</strong> et en mesurer la         sensibilité aux hypothèses de dépréciation;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-3-4" data-obj="obj-3-4"><span class="obj-text">Utiliser la méthode d'<strong>affectation</strong> (ratio terrain/total) à         bon escient — comme vérification, non comme méthode principale;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-3-5" data-obj="obj-3-5"><span class="obj-text">Conduire une <strong>analyse de lotissement</strong> pour un grand terrain         subdivisible;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-3-6" data-obj="obj-3-6"><span class="obj-text">Appliquer la technique du <strong>résidu foncier</strong> et en connaître les         conditions de validité;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-3-7" data-obj="obj-3-7"><span class="obj-text">Situer les particularités du <strong>marché foncier québécois</strong> : LFM,         droits de mutation, LPTAA/CPTAQ, LAU et zonage.</span></label></li></ul></div></section>141<h2 id="s-3-1" class="h-section"><span class="h-num">3.1</span><span class="h-text">Le principe du terrain vacant et le PHMU</span><a class="h-anchor" href="#s-3-1" aria-label="Lien vers cette section">#</a></h2>142<h3 id="s-3-1-1" class="h-subsection"><span class="h-num">3.1.1</span><span class="h-text">Pourquoi évaluer le terrain séparément?</span><a class="h-anchor" href="#s-3-1-1" aria-label="Lien vers cette section">#</a></h3>143<p id="p3-9">Quatre raisons convergent. La première est <strong class="c-bleu">économique</strong> : le terrain <span class="motcle" data-term="ne se déprécie pas">ne se déprécie pas</span> — sa durée de vie est illimitée — alors que les améliorations s'usent, se démodent et subissent leur environnement. Mélanger les deux dans une même estimation reviendrait à appliquer de la dépréciation à un actif qui n'en connaît pas<label for="sn-3-1" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-3-1" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">Le terrain ne se déprécie pas : il faut donc l'isoler avant de déprécier le reste.</span>. La deuxième est <strong class="c-bleu">méthodologique</strong> : la formule <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>V</mi><mtext>terrain</mtext></msub><mo>+</mo><mo stretchy="false">(</mo><msub><mi>C</mi><mtext>neuf</mtext></msub><mo>−</mo><mi>D</mi><mo stretchy="false">)</mo></mrow><annotation encoding="application/x-tex">V = V_{\text{terrain}} +144(C_{\text{neuf}} - D)</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:0.2222em;">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:1em;vertical-align:-0.25em;"></span><span class="mopen">(</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:1em;vertical-align:-0.25em;"></span><span class="mord mathnormal" style="margin-right:0.0278em;">D</span><span class="mclose">)</span></span></span></span> exige structurellement la séparation. La troisième est <strong class="c-bleu">normative</strong> : les normes de l'OEAQ comme les NUPPEC exigent que l'estimation du terrain soit indépendante et démontrée <span class="citation">(<a class="cite" href="/bibliographie/#oeaqNormes" data-cite="oeaqNormes">Ordre des évaluateurs agréés du Québec, 2024</a>; <a class="cite" href="/bibliographie/#cuspap2026" data-cite="cuspap2026">Appraisal Institute of Canada, 2026</a>)</span>. La quatrième est <strong class="c-bleu">pratique</strong> : le rôle d'évaluation foncière ventile terrain et bâtiment, la fiscalité (amortissement) l'exige, et l'assurance ne couvre que les améliorations — le terrain ne brûle pas.</p>145<div class="widget" data-widget="hbu"></div>146<h3 id="s-3-1-2" class="h-subsection"><span class="h-num">3.1.2</span><span class="h-text">Vacant et disponible, même s'il est bâti</span><a class="h-anchor" href="#s-3-1-2" aria-label="Lien vers cette section">#</a></h3>147<div class="box box-def" id="def-3-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 3.1</span><span class="box-title">— principe du terrain vacant</span><a class="box-anchor" href="#def-3-1" aria-label="Lien">#</a></div><div class="box-body"><p id="p3-10">Le terrain s'évalue comme s'il était <strong>vacant et disponible</strong> pour être développé à son usage le plus profitable — son <strong>plus haut et meilleur usage</strong> (PHMU) —, en faisant abstraction des améliorations existantes, même lorsqu'il est bâti.</p></div></div>148<p id="p3-11">Cette fiction méthodologique est essentielle : elle garantit que la valeur foncière reflète le <em>potentiel</em> du site, et non l'usage — peut-être sous-optimal — qu'en fait le bâtiment actuel. Elle a une conséquence opérationnelle directe : l'analyse du PHMU <strong class="c-or">précède toujours</strong> l'application des méthodes, car c'est le PHMU qui dicte le choix des comparables et de l'unité de comparaison.</p>149<h3 id="s-3-1-3" class="h-subsection"><span class="h-num">3.1.3</span><span class="h-text">Les quatre critères du PHMU</span><a class="h-anchor" href="#s-3-1-3" aria-label="Lien vers cette section">#</a></h3>150<p id="p3-12"><label for="sn-3-2" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-3-2" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-terme"><strong class="sn-term">PHMU</strong> Plus haut et meilleur usage : légal, possible, faisable, maximalement productif.</span>L'usage retenu comme PHMU doit franchir quatre tests, <em>dans cet ordre</em> — chaque critère filtre les candidats du précédent :</p>151<div class="center"><div class="tikz"><img src="/assets/fig/7962a66b3b1683d7.svg" alt="Figure" width="519" height="81" style="width:min(100%,752px)" loading="lazy" decoding="async"></div></div>152<p id="p3-13">Chacun des quatre tests a sa jurisprudence d'erreurs. Le test <strong class="c-bleu">légal</strong> se joue dans le règlement de zonage, mais aussi dans les servitudes, les droits acquis et les lois sectorielles (LPTAA, patrimoine) : l'usage rêvé qui exige un changement de zonage n'est un PHMU que si ce changement est <em>raisonnablement probable</em>, et il faut alors le démontrer. Le test <strong class="c-bleu">physique</strong> élimine ce que le sol, la nappe phréatique, la topographie ou la géométrie du lot interdisent — un terrain de 15 m de façade ne recevra pas un immeuble exigeant 22 m, quel que soit le zonage. Le test de <strong class="c-bleu">faisabilité financière</strong> écarte les usages permis et possibles mais non rentables : construire du commercial dans un secteur saturé de locaux vacants détruirait de la valeur. Le dernier test, la <strong class="c-bleu">productivité maximale</strong>, départage les survivants : on retient l'usage qui laisse au sol la valeur résiduelle la plus élevée. L'ordre importe parce qu'il économise l'analyse — inutile de chiffrer la rentabilité d'un usage illégal — et parce qu'il discipline l'argumentation du rapport.</p>153<div class="box box-att" id="attention-3-14"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-warning"/></svg></span><span class="box-label">L'usage actuel n'est pas nécessairement le PHMU</span><a class="box-anchor" href="#attention-3-14" aria-label="Lien">#</a></div><div class="box-body"><p id="p3-15">Un bungalow sur un terrain zoné R-4 (multifamilial) dans le secteur Hull de Gatineau : le PHMU du <em>terrain</em> n'est pas la maison unifamiliale qui s'y trouve, mais l'immeuble de 4 à 6 logements que le zonage permet — c'est cet usage qui maximise la valeur résiduelle du sol. Évaluer le terrain d'après l'usage actuel, c'est le sous-évaluer. Inversement, le PHMU est toujours <strong class="c-rouge">borné par le cadre légal</strong> : un terrain agricole de 50 hectares à Saint-Hyacinthe, protégé par la LPTAA, a pour PHMU l'usage agricole, même si un développement résidentiel serait plus rentable — la rentabilité seule ne suffit jamais.</p></div></div>154<h3 id="s-3-1-4" class="h-subsection"><span class="h-num">3.1.4</span><span class="h-text">La difficulté pratique et les sources québécoises</span><a class="h-anchor" href="#s-3-1-4" aria-label="Lien vers cette section">#</a></h3>155<p id="p3-16">Le terrain vacant s'évalue idéalement par des ventes de terrains vacants comparables. Mais dans les quartiers établis, ces ventes sont <strong class="c-bleu">rares</strong> : tout est déjà bâti. C'est cette rareté qui justifie l'existence des méthodes indirectes présentées plus loin. Avant d'y recourir, toutefois, l'évaluateur épuise les sources de données québécoises — et il vaut la peine de connaître ce que chacune apporte. Le <span class="motcle" data-term="Registre foncier du Québec">Registre foncier du Québec</span> est la source souveraine : chaque acte de vente y est publié, avec le prix, les parties, les servitudes et l'ensemble de la publicité des droits <span class="citation">(<a class="cite" href="/bibliographie/#registreFoncier" data-cite="registreFoncier">Gouvernement du Québec, 2026</a>)</span> — c'est là qu'on confirme qu'une vente est bien de pleine concurrence. Le <strong class="c-bleu">rôle d'évaluation foncière</strong> offre, pour chaque unité du territoire, une valeur ventilée terrain/bâtiment : imparfaite pour un terrain précis (évaluation de masse, date de référence décalée), mais irremplaçable pour dériver des <em>ratios</em> de secteur. Les bases de transactions commerciales comme <strong class="c-bleu">JLR</strong> croisent et historisent ces données; <strong class="c-bleu">Centris/MLS</strong> ajoute les inscriptions en vigueur et les délais de vente, précieux pour jauger l'état du marché. La <strong class="c-bleu">municipalité</strong> fournit ce qui conditionne le PHMU — règlement de zonage, plan d'urbanisme, projets d'infrastructure — et la <strong class="c-bleu">CPTAQ</strong> publie ses décisions d'exclusion et d'autorisation, qui peuvent transformer du jour au lendemain la valeur d'une terre en zone verte. La collecte n'est donc pas une corvée préalable : c'est déjà de l'analyse.</p>156<h2 id="s-3-2" class="h-section"><span class="h-num">3.2</span><span class="h-text">La méthode de comparaison directe</span><a class="h-anchor" href="#s-3-2" aria-label="Lien vers cette section">#</a></h2>157<div class="box box-def" id="def-3-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 3.2</span><span class="box-title">— comparaison directe (terrain)</span><a class="box-anchor" href="#def-3-2" aria-label="Lien">#</a></div><div class="box-body"><p id="p3-17">La méthode de comparaison directe estime la valeur d'un terrain en analysant les prix de vente de <strong>terrains vacants similaires récemment vendus</strong>, ajustés pour les différences avec le terrain sujet.</p></div></div>158<p id="p3-18">C'est la méthode la plus fiable — elle lit directement le marché —, la plus intelligible pour les clients et la préférée des tribunaux. Ses limites sont celles de ses données : sans comparables adéquats, elle s'éteint; et ses ajustements comportent une part de jugement.</p>159<p id="p3-19">Un mot sur la posture intellectuelle qu'exige cette méthode, car elle est moins mécanique qu'il n'y paraît. La grille d'ajustements n'est pas un formulaire à remplir : c'est la mise en chiffres d'une <em>théorie du secteur</em> que l'évaluateur doit d'abord se construire — qu'est-ce qui fait monter les prix ici? la façade? la superficie? le zonage? les services? À Aylmer, la proximité du réseau rapide et la façade priment; dans un parc industriel, la superficie brute et l'accès au camionnage dominent; en zone de villégiature, c'est le linéaire riverain qui commande tout. La sélection des comparables, le choix de l'unité et le calibrage des ajustements découlent tous de cette lecture préalable du marché local. La démarche formelle suit six étapes :</p>160<div class="center"><div class="tikz"><img src="/assets/fig/4b0a1a5abad90ba0.svg" alt="Figure" width="418" height="209" style="width:min(100%,607px)" loading="lazy" decoding="async"></div></div>161<h3 id="s-3-2-1" class="h-subsection"><span class="h-num">3.2.1</span><span class="h-text">Sélection des comparables</span><a class="h-anchor" href="#s-3-2-1" aria-label="Lien vers cette section">#</a></h3>162<p id="p3-20">Six critères guident la sélection : <strong class="c-bleu">proximité géographique</strong> (même quartier ou secteur équivalent); <strong class="c-bleu">date de vente récente</strong> (idéalement moins de 12 mois); <strong class="c-bleu">usage similaire</strong> (même zonage ou usage compatible — rappel : le PHMU dicte le choix); <strong class="c-bleu">taille comparable</strong>; transaction de <strong class="c-bleu">pleine concurrence</strong> (<em>arm's length</em>); et <strong class="c-bleu">conditions normales</strong> de marché (pas de vente forcée). La règle de pratique : un minimum de <strong class="c-or">3 à 5 comparables</strong>, en gardant à l'esprit que la qualité prime la quantité — plus les comparables ressemblent au sujet, moins les ajustements pèsent, plus l'estimation est fiable.</p>163<h3 id="s-3-2-2" class="h-subsection"><span class="h-num">3.2.2</span><span class="h-text">Les unités de comparaison</span><a class="h-anchor" href="#s-3-2-2" aria-label="Lien vers cette section">#</a></h3>164<p id="p3-21"><label for="sn-3-3" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-3-3" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-terme"><strong class="sn-term">Unité de comparaison</strong> Celle que les acteurs du marché utilisent réellement dans le segment.</span>Comparer exige un dénominateur commun. Deux familles d'unités coexistent — et le choix n'est pas esthétique : l'unité retenue doit être celle que les <strong class="c-bleu">acteurs du marché</strong> utilisent réellement dans le segment visé.</p>165<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Unité</th><th>Usage typique</th><th>Exemple illustratif</th></tr></thead><tbody><tr><td>$/pi<sup>2</sup></td><td>Résidentiel, commercial urbain</td><td>15 $/pi<sup>2</sup></td></tr><tr><td>$/m<sup>2</sup></td><td>Industriel, institutionnel</td><td>160 $/m<sup>2</sup></td></tr><tr><td>$/acre ou $/hectare</td><td>Agricole, grands terrains</td><td><span class="num">25 000 $</span>/acre</td></tr><tr><td>$/pied de façade</td><td>Résidentiel urbain</td><td><span class="num">1200 $</span>/pied</td></tr><tr><td>$/lot</td><td>Subdivisions</td><td><span class="num">85 000 $</span>/lot</td></tr><tr><td>$/unité constructible</td><td>Multirésidentiel</td><td><span class="num">12 000 $</span>/unité</td></tr><tr><td>$/terrain global</td><td>Terrain unique</td><td><span class="num">250 000 $</span></td></tr></tbody></table></div></div>166<p id="p3-22">L'unité en $/unité constructible mérite un mot : pour un terrain multirésidentiel, les promoteurs raisonnent en « combien de portes puis-je construire? » — le prix par logement constructible est alors l'unité du marché, pas le pied carré.</p>167<p id="p3-23">Le choix d'une mauvaise unité n'est pas une simple maladresse de présentation : il fausse les comparaisons elles-mêmes. Comparer au pied carré deux terrains multirésidentiels de densités permises différentes revient à déclarer « moins cher » celui qui autorise pourtant moins de logements par mètre de sol; comparer au pied carré un lot de coin de 6 000 pi<sup>2</sup> et un lot intérieur de 12 000 pi<sup>2</sup> ignore la décroissance marginale bien connue du prix unitaire avec la taille (le deuxième demi-lot vaut moins que le premier). La parade est simple et doit devenir un réflexe : calculer les prix des comparables dans <em>plusieurs</em> unités, observer laquelle resserre le plus la dispersion des indications — c'est presque toujours celle que le marché utilise — et mener la grille dans cette unité-là, en mentionnant les autres à titre de contrôle.</p>168<h3 id="s-3-2-3" class="h-subsection"><span class="h-num">3.2.3</span><span class="h-text">Les neuf éléments d'ajustement et leur ordre d'application</span><a class="h-anchor" href="#s-3-2-3" aria-label="Lien vers cette section">#</a></h3>169<p id="p3-24">La doctrine reconnaît neuf éléments d'ajustement, répartis en deux familles dont l'<strong class="c-or">ordre d'application diffère</strong> :</p>170<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th class="al-c">N<sup>o</sup></th><th>Élément</th><th>Ce qu'il corrige</th></tr></thead><tbody><tr><td class="al-c">1</td><td>Droits de propriété transmis</td><td>Pleine propriété, emphytéose, servitudes grevant le fonds</td></tr><tr><td class="al-c">2</td><td>Conditions de financement</td><td>Balance de prix de vente, financement vendeur avantageux</td></tr><tr><td class="al-c">3</td><td>Conditions de vente</td><td>Vente forcée, lien familial, motivation particulière</td></tr><tr><td class="al-c">4</td><td>Conditions de marché</td><td>Ajustement temporel entre la date de vente et la date d'évaluation</td></tr><tr class="rule-above"><td class="al-c">5</td><td>Localisation</td><td>Quartier, accès, visibilité, proximité des services</td></tr><tr><td class="al-c">6</td><td>Caractéristiques physiques</td><td>Superficie, forme, topographie, nature du sol</td></tr><tr><td class="al-c">7</td><td>Services publics</td><td>Eau, égout, gaz, électricité, télécommunications</td></tr><tr><td class="al-c">8</td><td>Zonage et usage permis</td><td>Densité, hauteur, ratio d'implantation</td></tr><tr><td class="al-c">9</td><td>Composantes non immobilières</td><td>Biens meubles inclus dans la vente</td></tr></tbody></table></div></div>171<p id="p3-25">La logique de l'ordre mérite d'être comprise, pas seulement mémorisée. Les éléments 1 à 4 — dits <strong class="c-bleu">transactionnels</strong> — ne décrivent pas le terrain : ils décrivent la <em>transaction</em>. Tant qu'ils ne sont pas neutralisés, le prix observé n'est pas encore un prix de marché comparable : une vente entre frères, financée par le vendeur à taux de faveur, conclue il y a deux ans, ne dit rien du marché d'aujourd'hui tant qu'on ne l'a pas redressée. C'est pourquoi ces quatre ajustements s'appliquent <strong class="c-bleu">séquentiellement, en cascade</strong> — chacun au résultat du précédent —, dans l'ordre du tableau : on rétablit d'abord ce qui a été vendu (les droits), puis comment (le financement), puis pourquoi (les conditions de vente), puis quand (le marché). Une fois le prix « assaini », les éléments 5 à 9 — les ajustements <strong class="c-bleu">de propriété</strong> — comparent enfin les deux terrains eux-mêmes; portant sur des caractéristiques indépendantes les unes des autres, ils s'appliquent de manière <strong class="c-bleu">additive</strong> au prix ajusté transactionnel :</p>172<div class="center"><div class="tikz"><img src="/assets/fig/0299f1841380955c.svg" alt="Figure" width="418" height="207" style="width:min(100%,607px)" loading="lazy" decoding="async"></div></div>173<div class="box box-att" id="attention-3-26"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-warning"/></svg></span><span class="box-label">La règle d'or : on ajuste le comparable, jamais le sujet</span><a class="box-anchor" href="#attention-3-26" aria-label="Lien">#</a></div><div class="box-body"><p id="p3-27">On ajuste toujours le <strong class="c-bleu">comparable vers le sujet</strong>. Comparable <strong class="c-bleu">supérieur</strong> au sujet <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>⇒</mo></mrow><annotation encoding="application/x-tex">\Rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">⇒</span></span></span></span> ajustement <strong class="c-rouge">négatif</strong> (on ramène son prix vers le bas); comparable <strong class="c-bleu">inférieur</strong> <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>⇒</mo></mrow><annotation encoding="application/x-tex">\Rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">⇒</span></span></span></span> ajustement <strong class="c-vert">positif</strong>. L'inversion du sens des ajustements est l'erreur mécanique la plus fréquente aux examens — vérifiez chaque signe en vous demandant : « si mon sujet était vendu, obtiendrait-il plus ou moins que ce comparable? »</p></div></div>174<h3 id="s-3-2-4" class="h-subsection"><span class="h-num">3.2.4</span><span class="h-text">Les seuils de vraisemblance</span><a class="h-anchor" href="#s-3-2-4" aria-label="Lien vers cette section">#</a></h3>175<p id="p3-28">Deux garde-fous encadrent l'ampleur des ajustements : l'ajustement <strong class="c-bleu">net</strong> total (somme algébrique) devrait idéalement demeurer sous <strong class="c-bleu">25 %</strong> du prix de vente, et l'ajustement <strong class="c-bleu">brut</strong> (somme des valeurs absolues) sous <strong class="c-bleu">50 %</strong>. Au-delà, le comparable est trop différent du sujet : on le remplace ou on réduit son poids dans la réconciliation. Ces seuils sont des règles de pratique, non des normes impératives — le jugement professionnel et la qualité des données priment; certains mandats (dont votre TP1) imposent des seuils plus stricts.</p>176<h3 id="s-3-2-5" class="h-subsection"><span class="h-num">3.2.5</span><span class="h-text">Exemple travaillé complet</span><a class="h-anchor" href="#s-3-2-5" aria-label="Lien vers cette section">#</a></h3>177<div class="box box-ex" id="ex-3-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 3.1</span><span class="box-title">— terrain résidentiel du secteur Aylmer — quatre comparables</span><a class="box-anchor" href="#ex-3-1" aria-label="Lien">#</a></div><div class="box-body"><p id="p3-29"><strong>Le sujet</strong> : terrain de <span class="num">8000</span> pi<sup>2</sup> (60 pi de façade), rue Principale, Gatineau (secteur Aylmer); zonage R-2; topographie plane; tous services. Date d'évaluation : février 2026. Données fictives à des fins pédagogiques.</p>178<p id="p3-30"><strong>Les comparables</strong> :</p>179<div class="center"><div class="table-wrap"><table class="tbl table-wide"><thead><tr><th></th><th class="al-c">Sujet</th><th class="al-c">A</th><th class="al-c">B</th><th class="al-c">C</th><th class="al-c">D</th></tr></thead><tbody><tr><td>Prix de vente</td><td class="al-c">—</td><td class="al-c"><span class="num">120 000 $</span></td><td class="al-c"><span class="num">135 000 $</span></td><td class="al-c"><span class="num">110 000 $</span></td><td class="al-c"><span class="num">128 000 $</span></td></tr><tr><td>Date de vente</td><td class="al-c">—</td><td class="al-c">Déc. 2025</td><td class="al-c">Oct. 2025</td><td class="al-c">Août 2025</td><td class="al-c">Janv. 2026</td></tr><tr><td>Superficie (pi<sup>2</sup>)</td><td class="al-c"><span class="num">8000</span></td><td class="al-c"><span class="num">7500</span></td><td class="al-c"><span class="num">9000</span></td><td class="al-c"><span class="num">7000</span></td><td class="al-c"><span class="num">8500</span></td></tr><tr><td>Zonage</td><td class="al-c">R-2</td><td class="al-c">R-2</td><td class="al-c">R-2</td><td class="al-c">R-2</td><td class="al-c">R-3</td></tr><tr><td>Topographie</td><td class="al-c">Plane</td><td class="al-c">Plane</td><td class="al-c">Plane</td><td class="al-c">Lég. pente</td><td class="al-c">Plane</td></tr><tr><td>Services</td><td class="al-c">Complets</td><td class="al-c">Complets</td><td class="al-c">Complets</td><td class="al-c">Pas de gaz</td><td class="al-c">Complets</td></tr><tr><td>Localisation</td><td class="al-c">Référence</td><td class="al-c">Similaire</td><td class="al-c">Supérieure</td><td class="al-c">Inférieure</td><td class="al-c">Similaire</td></tr><tr><td>Prix ($/pi<sup>2</sup>)</td><td class="al-c">?</td><td class="al-c">16,00</td><td class="al-c">15,00</td><td class="al-c">15,71</td><td class="al-c">15,06</td></tr></tbody></table></div></div>180<p id="p3-31"><strong>La grille d'ajustements</strong> (en $/pi<sup>2</sup>; conditions de marché : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>3</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">+3\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">3</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>/an appliqué au prorata des mois écoulés) :</p>181<div class="center"><div class="table-wrap"><table class="tbl table-wide"><thead><tr><th>Élément</th><th class="al-r">A</th><th class="al-r">B</th><th class="al-r">C</th><th class="al-r">D</th></tr></thead><tbody><tr><td>Prix de vente ($/pi<sup>2</sup>)</td><td class="al-r">16,00</td><td class="al-r">15,00</td><td class="al-r">15,71</td><td class="al-r">15,06</td></tr><tr><td>Droits, financement, cond. de vente</td><td class="al-r">0,00</td><td class="al-r">0,00</td><td class="al-r">0,00</td><td class="al-r">0,00</td></tr><tr><td>Conditions de marché (<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><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">+3\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">3</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>/an)</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span>0,08</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span>0,15</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span>0,24</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span>0,04</td></tr><tr class="rule-above"><td><strong>Prix ajusté transactionnel</strong></td><td class="al-r"><strong>16,08</strong></td><td class="al-r"><strong>15,15</strong></td><td class="al-r"><strong>15,95</strong></td><td class="al-r"><strong>15,10</strong></td></tr><tr class="rule-above"><td>Localisation</td><td class="al-r">0,00</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span>1,00</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span>1,00</td><td class="al-r">0,00</td></tr><tr><td>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></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>0,25</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span>0,30</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span>0,40</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span>0,15</td></tr><tr><td>Topographie</td><td class="al-r">0,00</td><td class="al-r">0,00</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span>0,50</td><td class="al-r">0,00</td></tr><tr><td>Services</td><td class="al-r">0,00</td><td class="al-r">0,00</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span>0,75</td><td class="al-r">0,00</td></tr><tr><td>Zonage</td><td class="al-r">0,00</td><td class="al-r">0,00</td><td class="al-r">0,00</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span>0,50</td></tr><tr class="rule-above"><td><strong>Valeur indiquée ($/pi<sup>2</sup>)</strong></td><td class="al-r"><strong class="c-vert">15,83</strong></td><td class="al-r"><strong class="c-vert">14,45</strong></td><td class="al-r"><strong class="c-vert">17,80</strong></td><td class="al-r"><strong class="c-vert">14,75</strong></td></tr></tbody></table></div></div>182<p id="p3-32">Lisons deux ajustements pour fixer la logique. Comparable B, localisation <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>1,00</mn></mrow><annotation encoding="application/x-tex">-1{,}00</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">−</span><span class="mord">1</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">00</span></span></span></span> : B est <em>mieux</em> situé que le sujet, son prix doit donc être <em>réduit</em> pour représenter le sujet. Comparable C, services <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>0,75</mn></mrow><annotation encoding="application/x-tex">+0{,}75</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">+</span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">75</span></span></span></span> : C n'a pas le gaz, il est <em>inférieur</em> au sujet, son prix est <em>relevé</em>. Comparable D, zonage <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>0,50</mn></mrow><annotation encoding="application/x-tex">-0{,}50</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">−</span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">50</span></span></span></span> : le zonage R-3 de D (plus permissif) vaut davantage que le R-2 du sujet — ajustement négatif.</p>183<p id="p3-33"><strong>Vérification des seuils et pondération</strong> :</p>184<div class="center"><div class="table-wrap"><table class="tbl table-wide"><thead><tr><th></th><th class="al-r">A</th><th class="al-r">B</th><th class="al-r">C</th><th class="al-r">D</th></tr></thead><tbody><tr><td>Ajustement net</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span>1,1 %</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span>3,7 %</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span>13,3 %</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span>2,1 %</td></tr><tr><td>Ajustement brut</td><td class="al-r">2,1 %</td><td class="al-r">9,7 %</td><td class="al-r">18,4 %</td><td class="al-r">4,6 %</td></tr><tr><td>Pondération retenue</td><td class="al-r">35 %</td><td class="al-r">15 %</td><td class="al-r">15 %</td><td class="al-r">35 %</td></tr></tbody></table></div></div>185<p id="p3-34">Tous les comparables respectent les seuils (net <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≤</mo><mn>25</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">\leq 25\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">25</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>, brut <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≤</mo><mn>50</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">\leq18650\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">50</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>). Les comparables les <strong class="c-bleu">moins ajustés</strong> (A et D) reçoivent le poids le plus élevé — c'est la logique même de la pondération.</p>187<p id="p3-35"><strong>Réconciliation</strong> :</p>188<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mrow><mn>0,35</mn><mo>×</mo><mn>15,83</mn><mo>+</mo><mn>0,15</mn><mo>×</mo><mn>14,45</mn><mo>+</mo><mn>0,15</mn><mo>×</mo><mn>17,80</mn><mo>+</mo><mn>0,35</mn><mo>×</mo><mn>14,75</mn><mo>=</mo><mn>15,54</mn><mo>≈</mo><mn>15,50</mn><mtext> </mtext><mi mathvariant="normal">$</mi><mi mathvariant="normal">/</mi><msup><mtext>pi</mtext><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">0{,}35 \times 15{,}83 + 0{,}15 \times 14{,}45 + 0{,}15 \times 17{,}80189+ 0{,}35 \times 14{,}75 = 15{,}54 \approx 15{,}50~\$/\text{pi}^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><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">35</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">15</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">83</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">15</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">14</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">45</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">15</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">17</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">80</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">35</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">14</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">75</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:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">15</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">54</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:1.1219em;vertical-align:-0.25em;"></span><span class="mord">15</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">50</span><span class="mspace nobreak"> </span><span class="mord">$/</span><span class="mord"><span class="mord text"><span class="mord">pi</span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8719em;"><span style="top:-3.1208em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span></span></div>190<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mrow><msub><mi>V</mi><mtext>terrain</mtext></msub><mo>=</mo><mn>8</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><msup><mtext>pi</mtext><mn>2</mn></msup><mo>×</mo><mn>15,50</mn><mtext> </mtext><mi mathvariant="normal">$</mi><mi mathvariant="normal">/</mi><msup><mtext>pi</mtext><mn>2</mn></msup><mo>=</mo><mstyle mathcolor="#107C4E"><mrow><mn mathvariant="bold">124</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}} = 8\,000~\text{pi}^2 \times 15{,}50~\$/\text{pi}^2191= \uqogreen{124\,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:1.0663em;vertical-align:-0.1944em;"></span><span class="mord">8</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace nobreak"> </span><span class="mord"><span class="mord text"><span class="mord">pi</span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8719em;"><span style="top:-3.1208em;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 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:1.1219em;vertical-align:-0.25em;"></span><span class="mord">15</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">50</span><span class="mspace nobreak"> </span><span class="mord">$/</span><span class="mord"><span class="mord text"><span class="mord">pi</span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8719em;"><span style="top:-3.1208em;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 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:#107C4E;"><span class="mord mathbf" style="color:#107C4E;">124</span><span class="mspace" style="color:#107C4E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#107C4E;">000</span><span class="mspace" style="color:#107C4E;"><span style="color:#107C4E;"> </span></span><span class="mord mathbf" style="color:#107C4E;">$</span></span></span></span></span></span></div></div></div>192<div class="box box-terrain" id="terrain-3-36"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-hardhat"/></svg></span><span class="box-label">Sur le terrain</span><a class="box-anchor" href="#terrain-3-36" aria-label="Lien">#</a></div><div class="box-body"><p id="p3-37">Dans un rapport réel, chaque ajustement de la grille doit être <em>appuyé</em> : analyse de ventes appariées (deux ventes ne différant que par l'élément ajusté), statistiques de marché, ou à défaut jugement documenté. Une grille dont les ajustements « tombent du ciel » ne survit ni à l'inspection professionnelle de l'OEAQ ni au contre-interrogatoire d'un avocat. Le TP1 vous demandera précisément cette discipline.</p></div></div>193<h2 id="s-3-3" class="h-section"><span class="h-num">3.3</span><span class="h-text">La méthode d'extraction</span><a class="h-anchor" href="#s-3-3" aria-label="Lien vers cette section">#</a></h2>194<div class="box box-def" id="def-3-3"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 3.3</span><span class="box-title">— méthode d'extraction</span><a class="box-anchor" href="#def-3-3" aria-label="Lien">#</a></div><div class="box-body"><p id="p3-38">La méthode d'<strong>extraction</strong> (ou d'abstraction) estime la valeur du terrain en soustrayant du prix de vente total d'une propriété <strong>améliorée</strong> la valeur dépréciée de ses améliorations : <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><mtext>Prix de vente</mtext><mo>−</mo><mo stretchy="false">(</mo><msub><mi>C</mi><mtext>neuf</mtext></msub><mo>−</mo><msub><mi>D</mi><mtext>totale</mtext></msub><mo stretchy="false">)</mo></mrow><annotation encoding="application/x-tex">V_{\text{terrain}} = \text{Prix de vente} - (C_{\text{neuf}} -195D_{\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:0.2222em;">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:0.7778em;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:1em;vertical-align:-0.25em;"></span><span class="mopen">(</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:1em;vertical-align:-0.25em;"></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="mclose">)</span></span></span></span>.</p></div></div>196<p id="p3-39">L'idée est élégante : à défaut de ventes de terrains vacants, on utilise les ventes de propriétés <em>bâties</em> — abondantes — et on en « extrait » la composante foncière en retirant le bâtiment<label for="sn-3-4" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-3-4" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">Extraction : prix total <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> bâtiment déprécié <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> terrain.</span>. La méthode convient quand les terrains vacants manquent, quand les bâtiments sont relativement récents (dépréciation facile à estimer), quand les améliorations sont modestes par rapport au terrain, en zone rurale — et comme contre-vérification d'une autre méthode. Sa faiblesse est tout aussi claire : elle <strong class="c-rouge">hérite de toute l'incertitude</strong> de l'estimation du coût déprécié. Une erreur sur la dépréciation se transfère dollar pour dollar sur le terrain.</p>197<div class="box box-ex" id="ex-3-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 3.2</span><span class="box-title">— extraction sur une vente résidentielle à Gatineau</span><a class="box-anchor" href="#ex-3-2" aria-label="Lien">#</a></div><div class="box-body"><p id="p3-40">Une maison unifamiliale vient de se vendre <span class="num">425 000 $</span>. Superficie habitable : <span class="num">1500</span> pi<sup>2</sup>; coût de remplacement neuf : 185 $/pi<sup>2</sup>, soit <span class="num">277 500 $</span> (coût total, hypothèse du cas); âge réel 15 ans; durée de vie économique 50 ans; dépréciation linéaire.</p>198<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mtext>D</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>pr</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>ciation</mtext></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>277</mn><mtext> </mtext><mn>500</mn><mo>×</mo><mstyle scriptlevel="0" displaystyle="false"><mfrac><mn>15</mn><mn>50</mn></mfrac></mstyle><mo>=</mo><mn>83</mn><mtext> </mtext><mn>250</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mtext>Valeur 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><mtext>e du b</mtext><mover accent="true"><mtext>a</mtext><mo>ˆ</mo></mover><mtext>timent</mtext></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>277</mn><mtext> </mtext><mn>500</mn><mo>−</mo><mn>83</mn><mtext> </mtext><mn>250</mn><mo>=</mo><mn>194</mn><mtext> </mtext><mn>250</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>V</mi><mtext>terrain</mtext></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>425</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>194</mn><mtext> </mtext><mn>250</mn><mo>=</mo><mstyle mathcolor="#107C4E"><mrow><mn mathvariant="bold">230</mn><mtext> </mtext><mn mathvariant="bold">750</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}\text{Dépréciation} &amp;= 277\,500 \times \tfrac{15}{50} = 83\,250\ \$\\199\text{Valeur dépréciée du bâtiment} &amp;= 277\,500 - 83\,250 = 194\,250\ \$\\200V_{\text{terrain}} &amp;= 425\,000 - 194\,250 = \uqogreen{230\,750\ \$}\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:4.2051em;vertical-align:-1.8526em;"></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:2.3526em;"><span style="top:-4.5074em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">D</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">pr</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">ciation</span></span></span></span><span style="top:-3.0074em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">Valeur d</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">pr</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">ci</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">e du b</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">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">timent</span></span></span></span><span style="top:-1.5074em;"><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:0.3175em;"><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><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.8526em;"><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:2.3526em;"><span style="top:-4.5074em;"><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">277</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 class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.8451em;"><span style="top:-2.655em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">50</span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.394em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">15</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.345em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">83</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">250</span><span class="mspace"> </span><span class="mord">$</span></span></span><span style="top:-3.0074em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">277</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">500</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">83</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">250</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">194</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">250</span><span class="mspace"> </span><span class="mord">$</span></span></span><span style="top:-1.5074em;"><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">425</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">194</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" style="color:#107C4E;"><span class="mord mathbf" style="color:#107C4E;">230</span><span class="mspace" style="color:#107C4E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#107C4E;">750</span><span class="mspace" style="color:#107C4E;"><span style="color:#107C4E;"> </span></span><span class="mord mathbf" style="color:#107C4E;">$</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.8526em;"><span></span></span></span></span></span></span></span></span></span></span></span></div></div></div>201<h3 id="s-3-3-1" class="h-subsection"><span class="h-num">3.3.1</span><span class="h-text">Sensibilité aux hypothèses</span><a class="h-anchor" href="#s-3-3-1" aria-label="Lien vers cette section">#</a></h3>202<p id="p3-41">La fragilité de l'extraction se mesure : faisons varier la seule durée de vie économique, toutes choses égales par ailleurs.</p>203<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th class="al-c">Durée de vie</th><th class="al-r">Dépréciation</th><th class="al-r">Valeur bâtiment</th><th class="al-r">Valeur terrain</th></tr></thead><tbody><tr><td class="al-c">40 ans</td><td class="al-r"><span class="num">104 063 $</span></td><td class="al-r"><span class="num">173 438 $</span></td><td class="al-r"><span class="num">251 563 $</span></td></tr><tr><td class="al-c">45 ans</td><td class="al-r"><span class="num">92 500 $</span></td><td class="al-r"><span class="num">185 000 $</span></td><td class="al-r"><span class="num">240 000 $</span></td></tr><tr><td class="al-c"><strong>50 ans</strong></td><td class="al-r"><strong><span class="num">83 250 $</span></strong></td><td class="al-r"><strong><span class="num">194 250 $</span></strong></td><td class="al-r"><strong><span class="num">230 750 $</span></strong></td></tr><tr><td class="al-c">55 ans</td><td class="al-r"><span class="num">75 682 $</span></td><td class="al-r"><span class="num">201 818 $</span></td><td class="al-r"><span class="num">223 182 $</span></td></tr><tr><td class="al-c">60 ans</td><td class="al-r"><span class="num">69 375 $</span></td><td class="al-r"><span class="num">208 125 $</span></td><td class="al-r"><span class="num">216 875 $</span></td></tr></tbody></table></div></div>204<p id="p3-42">Dix ans d'écart sur la durée de vie déplacent la valeur du terrain de près de <span class="num">35 000 $</span> : la méthode est structurellement <strong class="c-rouge">sensible</strong> aux hypothèses de dépréciation. D'où l'importance de la <strong class="c-bleu">validation par ratio</strong> : on confronte le résultat aux ratios terrain/valeur totale observés dans le segment.</p>205<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Type de propriété</th><th class="al-c">Ratio terrain/total indicatif</th></tr></thead><tbody><tr><td>Unifamiliale de banlieue</td><td class="al-c">25–40 %</td></tr><tr><td>Unifamiliale de centre-ville</td><td class="al-c">40–60 %</td></tr><tr><td>Condo (terrain sous-jacent)</td><td class="al-c">15–30 %</td></tr><tr><td>Commercial urbain</td><td class="al-c">30–50 %</td></tr><tr><td>Industriel</td><td class="al-c">15–25 %</td></tr><tr><td>Agricole (avec bâtiments)</td><td class="al-c">50–80 %</td></tr></tbody></table></div></div>206<p id="p3-43">Notre exemple donne <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>230</mn><mtext> </mtext><mn>750</mn><mi mathvariant="normal">/</mi><mn>425</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>54,3</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">230\,750 / 425\,000 = 54{,}3\,\%</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">750/425</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">54</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">3</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> : plausible pour un terrain urbain bien situé, mais au-dessus de la fourchette de banlieue — un signal à corroborer par une seconde méthode avant de conclure.</p>207<div class="box box-terrain" id="terrain-3-44"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-hardhat"/></svg></span><span class="box-label">Sur le terrain</span><a class="box-anchor" href="#terrain-3-44" aria-label="Lien">#</a></div><div class="box-body"><p id="p3-45">En pratique, l'extraction gagne beaucoup à être menée en <em>série</em> plutôt qu'à l'unité : l'évaluateur extrait la composante foncière de cinq ou six ventes récentes du même secteur, puis observe la convergence des valeurs unitaires obtenues (en $/pi<sup>2</sup>). Si quatre extractions sur six pointent vers 14–16 $/pi<sup>2</sup>, la fourchette est crédible même si chaque extraction individuelle est fragile — les erreurs d'estimation de la dépréciation, si elles ne sont pas systématiques, se compensent partiellement. C'est la même logique qui fait la force d'un sondage : peu fiable réponse par réponse, informatif en agrégé.</p></div></div>208<h2 id="s-3-4" class="h-section"><span class="h-num">3.4</span><span class="h-text">Affectation et analyse de lotissement</span><a class="h-anchor" href="#s-3-4" aria-label="Lien vers cette section">#</a></h2>209<h3 id="s-3-4-1" class="h-subsection"><span class="h-num">3.4.1</span><span class="h-text">La méthode d'affectation : le ratio comme dernier recours</span><a class="h-anchor" href="#s-3-4-1" aria-label="Lien vers cette section">#</a></h3>210<div class="box box-def" id="def-3-4"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 3.4</span><span class="box-title">— méthode d'affectation</span><a class="box-anchor" href="#def-3-4" aria-label="Lien">#</a></div><div class="box-body"><p id="p3-46">La méthode d'<strong>affectation</strong> (<em>allocation method</em>) applique à la valeur totale d'une propriété un <strong>ratio typique</strong> terrain/valeur totale observé sur le marché : <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><msub><mi>V</mi><mtext>totale</mtext></msub><mo>×</mo><msub><mi>R</mi><mtext>terrain/total</mtext></msub></mrow><annotation encoding="application/x-tex">V_{\text{terrain}} = V_{\text{totale}} \times211R_{\text{terrain/total}}</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:0.8333em;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:0.3361em;"><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">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:1.0385em;vertical-align:-0.3552em;"></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:0.3448em;"><span style="top:-2.5198em;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 mtight"><span class="mord text mtight"><span class="mord mtight">terrain/total</span></span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.3552em;"><span></span></span></span></span></span></span></span></span></span>.</p></div></div>212<p id="p3-47">Simple, rapide, applicable avec très peu de données — mais c'est une méthode de <strong class="c-rouge">dernier recours</strong> : le ratio est une moyenne qui ignore les particularités du terrain sujet, et il suppose une stabilité sectorielle qui n'est jamais garantie. Son usage légitime : l'estimation préliminaire et la <strong class="c-bleu">vérification</strong> d'un résultat obtenu autrement.</p>213<p id="p3-48">Comprendre <em>pourquoi</em> le ratio dérive éclaire ses limites. La part du terrain dans la valeur totale n'est pas une constante naturelle : elle augmente avec la rareté foncière (centre-ville, secteurs riverains), avec l'âge du parc bâti (le bâtiment se déprécie, le sol non — le ratio d'un quartier vieillit donc à la hausse), et au gré des changements réglementaires (un rezonage densificateur gonfle d'un coup la composante foncière). Appliquer le ratio moyen d'un secteur à un terrain d'angle surdimensionné, ou le ratio d'un quartier de bungalows des années 1970 à une construction neuve, produit des écarts de dizaines de points. D'où la règle : le ratio doit provenir du <em>même</em> segment (âge, usage, densité) et d'une période récente — et même alors, il ne fait que borner la vraisemblance d'un résultat obtenu par une méthode plus directe.</p>214<div class="box box-ex" id="ex-3-3"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 3.3</span><span class="box-title">— affectation</span><a class="box-anchor" href="#ex-3-3" aria-label="Lien">#</a></div><div class="box-body"><p id="p3-49">Propriété comparable vendue <span class="num">450 000 $</span>; ratio terrain/total observé dans le secteur (dérivé des rôles d'évaluation et de ventes antérieures de terrains vacants) : 35 %.</p>215<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mrow><msub><mi>V</mi><mtext>terrain</mtext></msub><mo>=</mo><mn>450</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,35</mn><mo>=</mo><mstyle mathcolor="#107C4E"><mrow><mn mathvariant="bold">157</mn><mtext> </mtext><mn mathvariant="bold">500</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow><annotation encoding="application/x-tex">V_{\text{terrain}} = 450\,000 \times 0{,}35 = \uqogreen{157\,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:0.3175em;"><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">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">35</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:#107C4E;"><span class="mord mathbf" style="color:#107C4E;">157</span><span class="mspace" style="color:#107C4E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#107C4E;">500</span><span class="mspace" style="color:#107C4E;"><span style="color:#107C4E;"> </span></span><span class="mord mathbf" style="color:#107C4E;">$</span></span></span></span></span></span></div>216<p id="p3-50">Le ratio doit provenir de <strong class="c-bleu">données de marché réelles</strong> — jamais d'une estimation arbitraire.</p></div></div>217<h3 id="s-3-4-2" class="h-subsection"><span class="h-num">3.4.2</span><span class="h-text">L'analyse de lotissement</span><a class="h-anchor" href="#s-3-4-2" aria-label="Lien vers cette section">#</a></h3>218<div class="box box-def" id="def-3-5"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 3.5</span><span class="box-title">— analyse de lotissement</span><a class="box-anchor" href="#def-3-5" aria-label="Lien">#</a></div><div class="box-body"><p id="p3-51">L'<strong>analyse de lotissement</strong> (<em>subdivision development method</em>) évalue un grand terrain subdivisible en soustrayant des revenus anticipés de la vente des lots tous les coûts de développement, le profit du promoteur et le coût du temps (actualisation sur la période d'absorption). Le solde est la valeur résiduelle du terrain brut.</p></div></div>219<div class="center"><div class="tikz"><img src="/assets/fig/f5d0f145a1d62ece.svg" alt="Figure" width="377" height="165" style="width:min(100%,547px)" loading="lazy" decoding="async"></div></div>220<div class="box box-ex" id="ex-3-4"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 3.4</span><span class="box-title">— projet de lotissement résidentiel à Sherbrooke</span><a class="box-anchor" href="#ex-3-4" aria-label="Lien">#</a></div><div class="box-body"><p id="p3-52">Terrain brut de 5 hectares; potentiel de 40 lots résidentiels de <span class="num">5000</span> pi<sup>2</sup>; prix de vente anticipé <span class="num">85 000 $</span>/lot; période d'absorption de 3 ans (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≈</mo></mrow><annotation encoding="application/x-tex">\approx</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.4831em;"></span><span class="mrel">≈</span></span></span></span> 13 lots/an). Données fictives.</p>221<p id="p3-53"><strong>Revenus bruts</strong> : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>40</mn><mo>×</mo><mn>85</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>3</mn><mtext> </mtext><mn>400</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">40 \times 85\,000 = 3\,400\,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">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><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></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:0.2778em;"></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">3</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">400</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace"> </span><span class="mord">$</span></span></span></span>.</p>222<p id="p3-54"><strong>Coûts de développement</strong> :</p>223<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Arpentage et subdivision</th><th class="al-r"><span class="num">60 000 $</span></th></tr><tr><th>Rues et trottoirs</th><th class="al-r"><span class="num">480 000 $</span></th></tr><tr><th>Aqueduc et égout</th><th class="al-r"><span class="num">520 000 $</span></th></tr><tr><th>Électricité et télécommunications</th><th class="al-r"><span class="num">160 000 $</span></th></tr><tr><th>Aménagement paysager</th><th class="al-r"><span class="num">80 000 $</span></th></tr><tr><th>Honoraires professionnels</th><th class="al-r"><span class="num">120 000 $</span></th></tr><tr><th>Taxes, permis, frais légaux</th><th class="al-r"><span class="num">100 000 $</span></th></tr><tr><th>Marketing et vente (5 % des revenus)</th><th class="al-r"><span class="num">170 000 $</span></th></tr><tr><th>Frais de financement</th><th class="al-r"><span class="num">90 000 $</span></th></tr></thead><tbody><tr><td><strong>Total des coûts</strong></td><td class="al-r"><strong><span class="num">1 780 000 $</span></strong></td></tr></tbody></table></div></div>224<p id="p3-55"><strong>Cascade finale</strong> :</p>225<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mtext>Revenus bruts</mtext></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>3</mn><mtext> </mtext><mn>400</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mo>−</mo><mtext> </mtext><mrow><mtext>co</mtext><mover accent="true"><mtext>u</mtext><mo>ˆ</mo></mover><mtext>ts de d</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>veloppement</mtext></mrow></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>1</mn><mtext> </mtext><mn>780</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mo>−</mo><mtext> </mtext><mrow><mtext>profit du promoteur (15</mtext><mtext> </mtext><mtext>% des revenus)</mtext></mrow></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>510</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mo>−</mo><mtext> </mtext><mrow><mtext>actualisation (8</mtext><mtext> </mtext><mtext>%, 3 ans)</mtext></mrow></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>210</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mtext mathvariant="bold">Valeur</mtext><mtext> </mtext><mtext mathvariant="bold">r</mtext><mover accent="true"><mtext mathvariant="bold">e</mtext><mo>ˊ</mo></mover><mtext mathvariant="bold">siduelle</mtext><mtext> </mtext><mtext mathvariant="bold">du</mtext><mtext> </mtext><mtext mathvariant="bold">terrain</mtext><mtext> </mtext><mtext mathvariant="bold">brut</mtext></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mstyle mathcolor="#107C4E"><mrow><mn mathvariant="bold">900</mn><mtext> </mtext><mn mathvariant="bold">000</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}\text{Revenus bruts} &amp;= 3\,400\,000\ \$\\226-\ \text{coûts de développement} &amp;= 1\,780\,000\ \$\\227-\ \text{profit du promoteur (15\,\% des revenus)} &amp;= 510\,000\ \$\\228-\ \text{actualisation (8\,\%, 3 ans)} &amp;= 210\,000\ \$\\229\textbf{Valeur résiduelle du terrain brut} &amp;= \uqogreen{900\,000\ \$}\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:7.2em;vertical-align:-3.35em;"></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:3.85em;"><span style="top:-6.01em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">Revenus bruts</span></span></span></span><span style="top:-4.51em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord">−</span><span class="mspace"> </span><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 de d</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">veloppement</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"> </span><span class="mord text"><span class="mord">profit du promoteur (15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">% des revenus)</span></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"> </span><span class="mord text"><span class="mord">actualisation (8</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%, 3 ans)</span></span></span></span><span style="top:-0.01em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord textbf">Valeur r</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">e</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">ˊ</span></span></span></span></span></span></span><span class="mord textbf">siduelle du terrain brut</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:3.35em;"><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:3.85em;"><span style="top:-6.01em;"><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">3</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">400</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace"> </span><span class="mord">$</span></span></span><span style="top:-4.51em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">780</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace"> </span><span class="mord">$</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">510</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace"> </span><span class="mord">$</span></span></span><span style="top:-1.51em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">210</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace"> </span><span class="mord">$</span></span></span><span style="top:-0.01em;"><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" style="color:#107C4E;"><span class="mord mathbf" style="color:#107C4E;">900</span><span class="mspace" style="color:#107C4E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#107C4E;">000</span><span class="mspace" style="color:#107C4E;"><span style="color:#107C4E;"> </span></span><span class="mord mathbf" style="color:#107C4E;">$</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:3.35em;"><span></span></span></span></span></span></span></span></span></span></span></span></div>230<p id="p3-56"><strong>Vérifications</strong> : <span class="num">22 500 $</span>/lot; <span class="num">180 000 $</span>/hectare; ratio terrain/revenus de 26,5 % — trois angles pour tester la vraisemblance.</p></div></div>231<p id="p3-57">Les variables sensibles sautent aux yeux : prix de vente des lots (étude de marché indispensable), rythme d'absorption, taux d'actualisation, coûts d'infrastructure (soumissions récentes), densité permise. S'y ajoutent des particularités québécoises : <strong class="c-bleu">redevances municipales</strong> (frais de parcs et de développement), règlements de <strong class="c-bleu">MRC/CMM</strong>, certificat d'autorisation environnementale du <strong class="c-bleu">MELCCFP</strong>, cession des rues à la municipalité, <strong class="c-bleu">bandes riveraines</strong> obligatoires.</p>232<p id="p3-58">Il faut enfin comprendre pourquoi cette méthode, malgré son appareil de calcul, demeure classée « fiabilité modérée » : elle empile des <em>prévisions</em>. Le prix des lots dans trois ans, le rythme auquel le marché les absorbera, le coût des infrastructures qui seront soumissionnées l'an prochain, le taux qui rémunérera l'attente — chacune de ces variables est une hypothèse, et l'exercice 4 de ce chapitre montrera qu'un simple allongement de l'absorption de trois à cinq ans ampute la valeur du cinquième. La discipline professionnelle consiste à documenter chaque hypothèse (étude de marché, soumissions, comparables de taux) et à présenter une analyse de sensibilité : un chiffre unique sans fourchette, dans une analyse de lotissement, est un aveu de faiblesse.</p>233<h2 id="s-3-5" class="h-section"><span class="h-num">3.5</span><span class="h-text">La méthode du résidu foncier</span><a class="h-anchor" href="#s-3-5" aria-label="Lien vers cette section">#</a></h2>234<div class="box box-def" id="def-3-6"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 3.6</span><span class="box-title">— résidu foncier</span><a class="box-anchor" href="#def-3-6" aria-label="Lien">#</a></div><div class="box-body"><p id="p3-59">La technique du <strong>résidu foncier</strong> (<em>land residual technique</em>) isole le revenu net attribuable au terrain en soustrayant du revenu net d'exploitation (RNE) le rendement requis par les améliorations, puis capitalise ce résidu au taux du terrain :</p>235<div class="eq" id="eq-3-1"><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><msub><mi>V</mi><mtext>terrain</mtext></msub><mtext>  </mtext><mo>=</mo><mtext>  </mtext><mfrac><mrow><mtext>RNE</mtext><mo>−</mo><mo stretchy="false">(</mo><msub><mi>V</mi><mrow><mtext>b</mtext><mover accent="true"><mtext>a</mtext><mo>ˆ</mo></mover><mtext>timent</mtext></mrow></msub><mo>×</mo><msub><mi>R</mi><mi>b</mi></msub><mo stretchy="false">)</mo></mrow><msub><mi>R</mi><mi>t</mi></msub></mfrac></mrow></mtd><mtd width="50%"></mtd><mtd><mtext>(3.1)</mtext></mtd></mtr></mtable><annotation encoding="application/x-tex">V_{\text{terrain}} \;=\;236\frac{\text{RNE} - (V_{\text{bâtiment}} \times R_b)}{R_t}\tag{3.1}</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:2.263em;vertical-align:-0.836em;"></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:1.427em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><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:0.2806em;"><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">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 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">RNE</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="mopen">(</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:0.3361em;"><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">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</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:0.0077em;">R</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:-0.0077em;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">b</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></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.836em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span></span><span class="katex-tag"><span class="katex-strut" style="height:2.263em;vertical-align:-0.836em;"></span><span class="mord text"><span class="mord">(</span><span class="mord"><span class="mord">3.1</span></span><span class="mord">)</span></span></span></span></span></span></div>237<p id="p3-60">où <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>R</mi><mi>b</mi></msub></mrow><annotation encoding="application/x-tex">R_b</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:0.3361em;"><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">b</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 taux de rendement du bâtiment (rendement <em>sur</em> et <em>de</em> l'investissement — il inclut la récupération du capital) et <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:0.2806em;"><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">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> le taux de capitalisation du terrain.</p></div></div>238<p id="p3-61"><label for="sn-3-5" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-3-5" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-terme"><strong class="sn-term"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>R</mi><mi>b</mi></msub><mo>&gt;</mo><msub><mi>R</mi><mi>t</mi></msub></mrow><annotation encoding="application/x-tex">R_b &gt; 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:0.3361em;"><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">b</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">&gt;</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:0.0077em;">R</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.2806em;"><span style="top:-2.55em;margin-left:-0.0077em;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">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></strong> Le bâtiment doit rembourser son capital (durée de vie finie); le terrain, non.</span>Les hypothèses de validité sont exigeantes : bâtiment <strong class="c-bleu">neuf</strong> représentant le PHMU, RNE <strong class="c-bleu">stabilisé</strong>, taux <strong class="c-bleu">étayés par le marché</strong>. Et une inégalité structurelle : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>R</mi><mi>b</mi></msub><mo>&gt;</mo><msub><mi>R</mi><mi>t</mi></msub></mrow><annotation encoding="application/x-tex">R_b &gt; 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:0.3361em;"><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">b</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">&gt;</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:0.0077em;">R</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.2806em;"><span style="top:-2.55em;margin-left:-0.0077em;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">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>, car le bâtiment, actif à durée de vie finie, doit à la fois rémunérer et <em>rembourser</em> le capital investi, alors que le terrain, perpétuel, n'a qu'à le rémunérer.</p>239<div class="box box-ex" id="ex-3-5"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 3.5</span><span class="box-title">— résidu foncier — immeuble de 12 logements à Trois-Rivières</span><a class="box-anchor" href="#ex-3-5" aria-label="Lien">#</a></div><div class="box-body"><p id="p3-62">Projet neuf : RNE stabilisé <span class="num">156 000 $</span>/an; coût neuf du bâtiment <span class="num">1 800 000 $</span>; <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>R</mi><mi>b</mi></msub><mo>=</mo><mn>7,5</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">R_b = 7{,}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:0.0077em;">R</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:-0.0077em;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">b</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:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">7</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">5</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> (récupération incluse); <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><mo>=</mo><mn>5,0</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">R_t = 5{,}0\,\%</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:0.2806em;"><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">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:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">5</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>.</p>240<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>Rendement requis par le b</mtext><mover accent="true"><mtext>a</mtext><mo>ˆ</mo></mover><mtext>timent</mtext></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>1</mn><mtext> </mtext><mn>800</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,075</mn><mo>=</mo><mn>135</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mtext>Revenu r</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>siduel du terrain</mtext></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>156</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>135</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>21</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>V</mi><mtext>terrain</mtext></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mfrac><mrow><mn>21</mn><mtext> </mtext><mn>000</mn></mrow><mn>0,05</mn></mfrac><mo>=</mo><mstyle mathcolor="#107C4E"><mrow><mn mathvariant="bold">420</mn><mtext> </mtext><mn mathvariant="bold">000</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}\text{Rendement requis par le bâtiment} &amp;= 1\,800\,000 \times 0{,}075241   = 135\,000\ \$\\242\text{Revenu résiduel du terrain} &amp;= 156\,000 - 135\,000 = 21\,000\ \$\\243V_{\text{terrain}} &amp;= \frac{21\,000}{0{,}05} = \uqogreen{420\,000\ \$}\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:5.2019em;vertical-align:-2.3509em;"></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:2.8509em;"><span style="top:-5.3324em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord text"><span class="mord">Rendement requis par le b</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">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">timent</span></span></span></span><span style="top:-3.8324em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord text"><span class="mord">Revenu 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">siduel du terrain</span></span></span></span><span style="top:-1.8509em;"><span class="pstrut" style="height:3.3214em;"></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:0.3175em;"><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><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:2.3509em;"><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:2.8509em;"><span style="top:-5.3324em;"><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">1</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">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="mord"><span class="mpunct">,</span></span><span class="mord">075</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">135</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace"> </span><span class="mord">$</span></span></span><span style="top:-3.8324em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">156</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">135</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">21</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace"> </span><span class="mord">$</span></span></span><span style="top:-1.8509em;"><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">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">05</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">21</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:0.8804em;"><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" style="color:#107C4E;"><span class="mord mathbf" style="color:#107C4E;">420</span><span class="mspace" style="color:#107C4E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#107C4E;">000</span><span class="mspace" style="color:#107C4E;"><span style="color:#107C4E;"> </span></span><span class="mord mathbf" style="color:#107C4E;">$</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:2.3509em;"><span></span></span></span></span></span></span></span></span></span></span></span></div></div></div>244<h3 id="s-3-5-1" class="h-subsection"><span class="h-num">3.5.1</span><span class="h-text">Une sensibilité redoutable</span><a class="h-anchor" href="#s-3-5-1" aria-label="Lien vers cette section">#</a></h3>245<p id="p3-63">Faisons varier <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>R</mi><mi>b</mi></msub></mrow><annotation encoding="application/x-tex">R_b</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:0.3361em;"><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">b</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> d'un demi-point à la fois (<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:0.2806em;"><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">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> fixé à 5 %) :</p>246<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th class="al-c"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>R</mi><mi>b</mi></msub></mrow><annotation encoding="application/x-tex">R_b</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:0.3361em;"><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">b</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></th><th class="al-r">Rendement bâtiment</th><th class="al-r">Résidu terrain</th><th class="al-r"><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></th></tr></thead><tbody><tr><td class="al-c">7,0 %</td><td class="al-r"><span class="num">126 000 $</span></td><td class="al-r"><span class="num">30 000 $</span></td><td class="al-r"><span class="num">600 000 $</span></td></tr><tr><td class="al-c"><strong>7,5 %</strong></td><td class="al-r"><strong><span class="num">135 000 $</span></strong></td><td class="al-r"><strong><span class="num">21 000 $</span></strong></td><td class="al-r"><strong><span class="num">420 000 $</span></strong></td></tr><tr><td class="al-c">8,0 %</td><td class="al-r"><span class="num">144 000 $</span></td><td class="al-r"><span class="num">12 000 $</span></td><td class="al-r"><span class="num">240 000 $</span></td></tr><tr><td class="al-c">8,5 %</td><td class="al-r"><span class="num">153 000 $</span></td><td class="al-r"><span class="num">3000 $</span></td><td class="al-r"><span class="num">60 000 $</span></td></tr></tbody></table></div></div>247<p id="p3-64">Un demi-point de <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>R</mi><mi>b</mi></msub></mrow><annotation encoding="application/x-tex">R_b</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:0.3361em;"><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">b</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> déplace la valeur du terrain de <strong class="c-rouge"><span class="num">180 000 $</span></strong>. La raison mathématique : le résidu est une <em>petite différence entre deux grands nombres</em> — toute erreur relative sur les grands nombres explose dans le résidu. Conséquences pratiques : n'utiliser cette technique que si les taux sont solidement documentés; ne jamais l'utiliser seule; et se méfier d'elle pour un bâtiment ancien (la dépréciation contaminerait <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>V</mi><mrow><mtext>b</mtext><mover accent="true"><mtext>a</mtext><mo>ˆ</mo></mover><mtext>timent</mtext></mrow></msub></mrow><annotation encoding="application/x-tex">V_{\text{bâtiment}}</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:0.3361em;"><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">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</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>). Les pièges classiques complètent la liste : revenus non stabilisés, coûts indirects oubliés dans <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>V</mi><mi>b</mi></msub></mrow><annotation encoding="application/x-tex">V_b</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:0.3361em;"><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">b</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>, confusion entre <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>R</mi><mi>b</mi></msub></mrow><annotation encoding="application/x-tex">R_b</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:0.3361em;"><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">b</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> et <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:0.2806em;"><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">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>.</p>248<h3 id="s-3-5-2" class="h-subsection"><span class="h-num">3.5.2</span><span class="h-text">Choisir sa méthode : la hiérarchie de fiabilité</span><a class="h-anchor" href="#s-3-5-2" aria-label="Lien vers cette section">#</a></h3>249<div class="center"><div class="tikz"><img src="/assets/fig/6d80e7738c18ee8d.svg" alt="Figure" width="415" height="185" style="width:min(100%,602px)" loading="lazy" decoding="async"></div></div>250<p id="p3-65">Le principe directeur : plus la méthode s'appuie sur des <strong class="c-bleu">données directes du marché</strong>, plus elle est fiable; plus elle repose sur des <strong class="c-bleu">hypothèses</strong>, plus elle est vulnérable. Et la règle de pratique qui en découle : utiliser <strong class="c-or">au moins deux méthodes</strong> lorsque possible, et réconcilier les résultats.</p>251<p id="p3-66">Cette hiérarchie n'est toutefois pas un classement absolu : elle se lit <em>à données égales</em>. Une comparaison directe bâtie sur deux ventes douteuses vieilles de trois ans vaut moins qu'une extraction menée en série sur six ventes récentes de bâtiments quasi neufs; un résidu foncier appuyé sur des taux extraits du marché local peut surclasser une affectation dont le ratio provient d'un autre quartier. Le réflexe professionnel n'est donc pas « quelle méthode est la meilleure? » mais « laquelle dispose, <em>ici et maintenant</em>, des meilleures données? » — et la réponse à cette question, avec ses motifs, appartient au rapport.</p>252<div class="center"><div class="table-wrap"><table class="tbl table-wide"><thead><tr><th>Méthode</th><th>Principe</th><th>Données requises</th><th>Fiabilité</th><th>Usage</th></tr></thead><tbody><tr><td>Comparaison directe</td><td>Ventes de terrains similaires</td><td>Comparables vacants</td><td>Élevée</td><td>Méthode privilégiée</td></tr><tr><td>Extraction</td><td>Prix total <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> bâtiment déprécié</td><td>Ventes améliorées, coûts</td><td>Modérée</td><td>Peu de vacants</td></tr><tr><td>Affectation</td><td>Ratio terrain/total</td><td>Ratios de marché</td><td>Faible–mod.</td><td>Vérification</td></tr><tr><td>Lotissement</td><td>Revenus <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 de développement</td><td>Étude de marché complète</td><td>Modérée</td><td>Grands terrains</td></tr><tr><td>Résidu foncier</td><td>Capitalisation du revenu résiduel</td><td>RNE, coûts, taux</td><td>Modérée</td><td>Terrains à revenus</td></tr></tbody></table></div></div>253<h2 id="s-3-6" class="h-section"><span class="h-num">3.6</span><span class="h-text">Le marché foncier québécois</span><a class="h-anchor" href="#s-3-6" aria-label="Lien vers cette section">#</a></h2>254<h3 id="s-3-6-1" class="h-subsection"><span class="h-num">3.6.1</span><span class="h-text">Le rôle d'évaluation et les droits de mutation</span><a class="h-anchor" href="#s-3-6-1" aria-label="Lien vers cette section">#</a></h3>255<p id="p3-67">Le <strong class="c-bleu">rôle d'évaluation foncière</strong>, encadré par la LFM <span class="citation">(<a class="cite" href="/bibliographie/#lfm" data-cite="lfm">Québec, 1979</a>)</span>, a été présenté à la séance 1; rappelons ce qui sert directement l'évaluation de terrains : le rôle est <strong class="c-bleu">triennal</strong>, les valeurs sont établies à la date de référence du 1<sup>er</sup> juillet situé 18 mois avant l'entrée en vigueur, et chaque unité est <strong class="c-bleu">ventilée</strong> terrain/bâtiment — ce qui en fait la source première des <strong class="c-bleu">ratios</strong> de la méthode d'affectation. Mise en garde permanente : la valeur au rôle n'est pas la valeur marchande à la date de votre mandat — décalage temporel et évaluation de masse obligent.</p>256<p id="p3-68">Les <span class="motcle" data-term="droits de mutation immobilière">droits de mutation immobilière</span> (la « taxe de bienvenue ») <span class="citation">(<a class="cite" href="/bibliographie/#quebecMutations" data-cite="quebecMutations">Gouvernement du Québec, 2026</a>)</span> suivent un barème progressif dont les tranches sont <strong class="c-bleu">indexées annuellement</strong>. Barème de base 2026 (hors Montréal) : 0,5 % jusqu'à <span class="num">62 900 $</span>; 1,0 % de <span class="num">62 900 $</span> à <span class="num">315 000 $</span>; 1,5 % au-delà. Les municipalités peuvent imposer jusqu'à 3 % sur les tranches excédant <span class="num">500 000 $</span>, et Montréal applique son propre barème (jusqu'à 4 % au sommet). Point de contact avec l'évaluation : les droits se calculent sur le <strong class="c-or">plus élevé</strong> de la contrepartie versée ou de la valeur inscrite au rôle — la valeur foncière a donc des conséquences fiscales immédiates.</p>257<h3 id="s-3-6-2" class="h-subsection"><span class="h-num">3.6.2</span><span class="h-text">LPTAA et CPTAQ : la zone agricole</span><a class="h-anchor" href="#s-3-6-2" aria-label="Lien vers cette section">#</a></h3>258<div class="box box-qc" id="quebec-3-69"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-map"/></svg></span><span class="box-label">La zone verte</span><a class="box-anchor" href="#quebec-3-69" aria-label="Lien">#</a></div><div class="box-body"><p id="p3-70">La <span class="motcle" data-term="LPTAA">LPTAA</span> (Loi sur la protection du territoire et des activités agricoles) protège quelque <span class="num">63 000</span> km<sup>2</sup> de terres agricoles contre l'urbanisation; la <strong class="c-bleu">CPTAQ</strong> l'administre <span class="citation">(<a class="cite" href="/bibliographie/#lptaa" data-cite="lptaa">Québec, 1978</a>)</span>. En zone verte, toute utilisation non agricole requiert une autorisation : le <strong class="c-bleu">PHMU est légalement restreint</strong> à l'agriculture, et la valeur s'en ressent — un terrain en zone verte vaut généralement beaucoup moins que son jumeau en zone blanche. Les décisions de la CPTAQ (autorisations, exclusions, refus) déplacent des valeurs considérables; l'évaluateur surveille aussi les <strong class="c-bleu">droits acquis</strong> et usages dérogatoires qui peuvent subsister.</p></div></div>259<h3 id="s-3-6-3" class="h-subsection"><span class="h-num">3.6.3</span><span class="h-text">La LAU : zonage et outils d'urbanisme</span><a class="h-anchor" href="#s-3-6-3" aria-label="Lien vers cette section">#</a></h3>260<p id="p3-71">La <span class="motcle" data-term="LAU">LAU</span> (Loi sur l'aménagement et l'urbanisme) <span class="citation">(<a class="cite" href="/bibliographie/#lau" data-cite="lau">Québec, 1979</a>)</span> organise la planification territoriale en cascade : <strong class="c-bleu">schéma d'aménagement</strong> (MRC) <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> <strong class="c-bleu">plan d'urbanisme</strong> (municipalité) <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> <strong class="c-bleu">règlements</strong> (zonage, lotissement, construction), chaque palier devant se conformer au précédent. Pour la valeur d'un terrain, le règlement de zonage est décisif : usages permis, densité, hauteur maximale, ratio d'implantation, marges de recul. Deux terrains physiquement identiques mais zonés différemment peuvent avoir des valeurs très différentes — <strong class="c-or">le zonage détermine le PHMU</strong><label for="sn-3-6" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-3-6" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">Zonage <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> PHMU <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> valeur. La réglementation crée et détruit de la valeur foncière.</span>.</p>261<p id="p3-72">S'y ajoutent des outils qualitatifs qui pèsent sur les coûts, les délais et le risque des projets — donc sur la valeur : les <strong class="c-bleu">PIIA</strong> (plans d'implantation et d'intégration architecturale, contrôle qualitatif de l'apparence), les <strong class="c-bleu">PAE</strong> (plans d'aménagement d'ensemble exigés avant le développement d'un secteur) et les <strong class="c-bleu">PPU</strong> (programmes particuliers d'urbanisme pour des secteurs ciblés).</p>262<h3 id="s-3-6-4" class="h-subsection"><span class="h-num">3.6.4</span><span class="h-text">Le régime de droit civil et autres particularités</span><a class="h-anchor" href="#s-3-6-4" aria-label="Lien vers cette section">#</a></h3>263<p id="p3-73">Le Québec est une juridiction de <strong class="c-bleu">droit civil</strong> : cadastre et Registre foncier assurent la publicité des droits; le Code civil régit des institutions distinctives — servitudes légales (vue, eaux, mur mitoyen), <span class="motcle" data-term="emphytéose">emphytéose</span> (démembrement de 10 à 100 ans, art. 1195 et s. C.c.Q.) qui affecte directement les droits de propriété transmis (élément d'ajustement no 1). S'ajoutent le <strong class="c-bleu">droit de préemption municipal</strong> issu de la réforme de la LAU, les <strong class="c-bleu">droits miniers</strong> généralement réservés à l'État, et la protection des <strong class="c-bleu">milieux humides et hydriques</strong> (conservation, compensations). Le réflexe professionnel : toujours vérifier titres, servitudes et contraintes réglementaires avant de conclure.</p>264<div class="box box-rem" id="remarque-3-74"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pen"/></svg></span><span class="box-label">TP1 — Évaluation d'un terrain résidentiel (10 %)</span><a class="box-anchor" href="#remarque-3-74" aria-label="Lien">#</a></div><div class="box-body"><p id="p3-75">Le TP1 met cette séance en pratique : mandat d'un liquidateur de succession pour établir la valeur marchande d'un terrain vacant du secteur Saint-Rosaire (Gatineau). Au menu : choix motivé de la méthode, grille d'ajustements en $/pi<sup>2</sup> (temps, coin, services, topographie), seuils de vraisemblance resserrés (net 15 %, brut 25 %), réconciliation, test de vraisemblance contre des inscriptions réelles (Realtor.ca) et analyse du risque des zones inondables 2026. Livrable : gabarit Excel Dashboard, remise à la séance 5. Les prix sont personnalisés par code permanent; l'IA est tolérée avec déclaration.</p></div></div>265<h2 id="s-3-7" class="h-section"><span class="h-num">3.7</span><span class="h-text">Exercices</span><a class="h-anchor" href="#s-3-7" aria-label="Lien vers cette section">#</a></h2>266<p id="p3-76">Les six exercices couvrent les cinq méthodes et le PHMU. L'exercice 2 reproduit la mécanique exacte de la grille du TP1 (cascade transactionnelle, puis ajustements additifs, puis seuils) : maîtrisez-le avant d'ouvrir le gabarit Excel.</p>267<div class="box box-exo" id="exo-3-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 3.1</span><span class="box-title">— PHMU et zonage</span><a class="box-anchor" href="#exo-3-1" aria-label="Lien">#</a></div><div class="box-body"><p id="p3-77">Un terrain de <span class="num">12 000</span> pi<sup>2</sup> porte un bungalow de 1962 en bon état. Le zonage permet désormais du multifamilial de 6 logements. Des terrains comparables se vendent 14 $/pi<sup>2</sup> pour l'usage unifamilial et <span class="num">32 000 $</span> par unité constructible pour le multifamilial; la démolition du bungalow coûterait <span class="num">25 000 $</span>. (a) Évaluez le terrain selon chaque usage. (b) Lequel retient l'évaluateur, et en vertu de quel principe? (c) Quelle condition supplémentaire faudrait-il vérifier avant de conclure?</p></div></div>268<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p3-78">(a) Usage unifamilial : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>12</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>14</mn><mo>=</mo><mn>168</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">12\,000 \times 14 = 168\,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">12</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">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><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">168</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace"> </span><span class="mord">$</span></span></span></span>. Usage multifamilial : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>6</mn><mo>×</mo><mn>32</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>192</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">6 \times 32\,000 = 192\,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">6</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">32</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">192</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace"> </span><span class="mord">$</span></span></span></span>, moins la démolition nécessaire pour libérer le site : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>192</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>25</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mstyle mathcolor="#107C4E"><mrow><mn mathvariant="bold">167</mn><mtext> </mtext><mn mathvariant="bold">000</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow><annotation encoding="application/x-tex">192\,000 - 25\,000 =269\uqogreen{167\,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">192</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">25</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" style="color:#107C4E;"><span class="mord mathbf" style="color:#107C4E;">167</span><span class="mspace" style="color:#107C4E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#107C4E;">000</span><span class="mspace" style="color:#107C4E;"><span style="color:#107C4E;"> </span></span><span class="mord mathbf" style="color:#107C4E;">$</span></span></span></span></span> net... contre <span class="num">168 000 $</span> pour l'usage unifamilial, qui conserve le bâtiment. (b) Les deux usages franchissent les trois premiers tests (légal, possible, faisable); le quatrième — <strong class="c-bleu">maximalement productif</strong> — départage : ici l'usage unifamilial domine de justesse une fois la démolition comptée. Le principe en jeu est l'<strong class="c-bleu">utilisation optimale</strong> : la valeur retenue est la valeur résiduelle nette la plus élevée, pas le revenu brut le plus élevé. (c) Vérifier que le marché absorbe réellement du multifamilial dans ce secteur (faisabilité), que les exigences réglementaires (stationnement, marges, implantation) permettent bien 6 logements sur ce terrain précis — et refaire le calcul si l'un des paramètres change : à <span class="num">33 000 $</span>/unité, la conclusion s'inverse.</p></div></details>270<div class="box box-exo" id="exo-3-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 3.2</span><span class="box-title">— grille d'ajustements — sens et cascade</span><a class="box-anchor" href="#exo-3-2" aria-label="Lien">#</a></div><div class="box-body"><p id="p3-79">Un comparable s'est vendu 18,40 $/pi<sup>2</sup> il y a 10 mois. Le marché progresse de 3 %/an. Le comparable est mieux localisé que le sujet (<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>0,90 $/pi<sup>2</sup>) et n'a pas l'égout (<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>1,10 $/pi<sup>2</sup>); le sujet et le comparable sont autrement équivalents. (a) Calculez le prix ajusté transactionnel puis l'indication finale. (b) Calculez les ajustements net et brut en pourcentage et vérifiez les seuils usuels.</p></div></div>271<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="p3-80">(a) Conditions de marché : <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><mi mathvariant="normal">%</mi><mo>×</mo><mstyle scriptlevel="0" displaystyle="false"><mfrac><mn>10</mn><mn>12</mn></mfrac></mstyle><mo>=</mo><mo>+</mo><mn>2,5</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">+3\,\% \times \tfrac{10}{12} = +2{,}5\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">3</span><span class="mspace" style="margin-right:0.1667em;"></span><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><span class="katex-base"><span class="katex-strut" style="height:1.1901em;vertical-align:-0.345em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.8451em;"><span style="top:-2.655em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">12</span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.394em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">10</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.345em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">+</span><span class="mord">2</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">5</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>, soit <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>18,40</mn><mo>×</mo><mn>1,025</mn><mo>=</mo><mn>18,86</mn><mtext> </mtext><mi mathvariant="normal">$</mi><mi mathvariant="normal">/</mi><msup><mtext>pi</mtext><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">18{,}40 \times 1{,}025 = 18{,}86~\$/\text{pi}^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">18</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><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">025</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:1.1219em;vertical-align:-0.25em;"></span><span class="mord">18</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">86</span><span class="mspace nobreak"> </span><span class="mord">$/</span><span class="mord"><span class="mord text"><span class="mord">pi</span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8719em;"><span style="top:-3.1208em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> (prix ajusté transactionnel). Ajustements de propriété (additifs) : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>18,86</mn><mo>−</mo><mn>0,90</mn><mo>+</mo><mn>1,10</mn><mo>=</mo><mn>19,06</mn><mtext> </mtext><mi mathvariant="normal">$</mi><mi mathvariant="normal">/</mi><msup><mtext>pi</mtext><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">18{,}86 - 0{,}90 +2721{,}10 = 19{,}06~\$/\text{pi}^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">18</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">86</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">90</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">10</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1.1219em;vertical-align:-0.25em;"></span><span class="mord">19</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">06</span><span class="mspace nobreak"> </span><span class="mord">$/</span><span class="mord"><span class="mord text"><span class="mord">pi</span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8719em;"><span style="top:-3.1208em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>, soit <strong class="c-vert">19,06 $/pi<sup>2</sup></strong>. (b) Ajustement net (hors temps, sur le prix ajusté) : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo stretchy="false">(</mo><mo>−</mo><mn>0,90</mn><mo>+</mo><mn>1,10</mn><mo stretchy="false">)</mo><mi mathvariant="normal">/</mi><mn>18,86</mn><mo>=</mo><mo>+</mo><mn>1,1</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">(-0{,}90 + 1{,}10)/18{,}86 = +1{,}1\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mopen">(</span><span class="mord">−</span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">90</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">1</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">10</span><span class="mclose">)</span><span class="mord">/18</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">86</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">+</span><span class="mord">1</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>; en incluant le temps sur le prix initial : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo stretchy="false">(</mo><mn>19,06</mn><mo>−</mo><mn>18,40</mn><mo stretchy="false">)</mo><mi mathvariant="normal">/</mi><mn>18,40</mn><mo>=</mo><mo>+</mo><mn>3,6</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">(19{,}06 - 18{,}40)/18{,}40 = +3{,}6\,\%</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">19</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">06</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">18</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">40</span><span class="mclose">)</span><span class="mord">/18</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">40</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">+</span><span class="mord">3</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">6</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>. Ajustement brut : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo stretchy="false">(</mo><mn>0,46</mn><mo>+</mo><mn>0,90</mn><mo>+</mo><mn>1,10</mn><mo stretchy="false">)</mo><mi mathvariant="normal">/</mi><mn>18,40</mn><mo>=</mo><mn>13,4</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">(0{,}46 + 0{,}90 + 1{,}10)/18{,}40 = 13{,}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="mopen">(</span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">46</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">90</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">1</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">10</span><span class="mclose">)</span><span class="mord">/18</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">40</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">13</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>. Les deux mesures respectent largement les seuils usuels (net <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≤</mo><mn>25</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">\leq 25\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">25</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>, brut <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≤</mo><mn>50</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">\leq 50\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">50</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>) : le comparable est de bonne qualité.</p></div></details>273<div class="box box-exo" id="exo-3-3"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 3.3</span><span class="box-title">— extraction avec validation par ratio</span><a class="box-anchor" href="#exo-3-3" aria-label="Lien">#</a></div><div class="box-body"><p id="p3-81">Un jumelé de 12 ans s'est vendu <span class="num">485 000 $</span> à Gatineau. Coût de remplacement neuf des améliorations : <span class="num">340 000 $</span>; durée de vie économique : 55 ans; dépréciation linéaire. (a) Extrayez la valeur du terrain. (b) Calculez le ratio terrain/total et confrontez-le à la fourchette de banlieue (25–40 %). (c) Refaites le calcul avec une durée de vie de 45 ans et commentez.</p></div></div>274<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p3-82">(a) Dépréciation : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>340</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mstyle scriptlevel="0" displaystyle="false"><mfrac><mn>12</mn><mn>55</mn></mfrac></mstyle><mo>=</mo><mn>74</mn><mtext> </mtext><mn>182</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">340\,000 \times \tfrac{12}{55} = 74\,182\ \$</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">340</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:1.1901em;vertical-align:-0.345em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.8451em;"><span style="top:-2.655em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">55</span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.394em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">12</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.345em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">74</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">182</span><span class="mspace"> </span><span class="mord">$</span></span></span></span>; bâtiment déprécié : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>340</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>74</mn><mtext> </mtext><mn>182</mn><mo>=</mo><mn>265</mn><mtext> </mtext><mn>818</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">340\,000 - 74\,182 = 265\,818\ \$</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">340</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">74</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">182</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">265</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">818</span><span class="mspace"> </span><span class="mord">$</span></span></span></span>; terrain : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>485</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>265</mn><mtext> </mtext><mn>818</mn><mo>=</mo><mstyle mathcolor="#107C4E"><mrow><mn mathvariant="bold">219</mn><mtext> </mtext><mn mathvariant="bold">182</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow><annotation encoding="application/x-tex">485\,000 -275265\,818 = \uqogreen{219\,182\ \$}</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">485</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">265</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">818</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:#107C4E;"><span class="mord mathbf" style="color:#107C4E;">219</span><span class="mspace" style="color:#107C4E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#107C4E;">182</span><span class="mspace" style="color:#107C4E;"><span style="color:#107C4E;"> </span></span><span class="mord mathbf" style="color:#107C4E;">$</span></span></span></span></span>, arrondi à <span class="num">219 000 $</span>. (b) Ratio : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>219</mn><mtext> </mtext><mn>182</mn><mi mathvariant="normal">/</mi><mn>485</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>45,2</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">219\,182/485\,000 = 45{,}2\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">219</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">182/485</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">45</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">2</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> — <strong class="c-rouge">au-dessus</strong> de la fourchette de banlieue : à corroborer (secteur central? bâtiment sous-estimé?). (c) Avec 45 ans : dépréciation <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>340</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mstyle scriptlevel="0" displaystyle="false"><mfrac><mn>12</mn><mn>45</mn></mfrac></mstyle><mo>=</mo><mn>90</mn><mtext> </mtext><mn>667</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= 340\,000 \times276\tfrac{12}{45} = 90\,667\ \$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">340</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:1.1901em;vertical-align:-0.345em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.8451em;"><span style="top:-2.655em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">45</span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.394em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">12</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.345em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">90</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">667</span><span class="mspace"> </span><span class="mord">$</span></span></span></span>; bâtiment <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>249</mn><mtext> </mtext><mn>333</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= 249\,333\ \$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">249</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">333</span><span class="mspace"> </span><span class="mord">$</span></span></span></span>; terrain <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mstyle mathcolor="#107C4E"><mrow><mn mathvariant="bold">235</mn><mtext> </mtext><mn mathvariant="bold">667</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow><annotation encoding="application/x-tex">=277\uqogreen{235\,667\ \$}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord" style="color:#107C4E;"><span class="mord mathbf" style="color:#107C4E;">235</span><span class="mspace" style="color:#107C4E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#107C4E;">667</span><span class="mspace" style="color:#107C4E;"><span style="color:#107C4E;"> </span></span><span class="mord mathbf" style="color:#107C4E;">$</span></span></span></span></span> (ratio 48,6 %). Dix ans de durée de vie déplacent le terrain de <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">\approx</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></span></span> <span class="num">16 500 $</span> : illustration directe de la sensibilité de l'extraction aux hypothèses de dépréciation.</p></div></details>278<div class="box box-exo" id="exo-3-4"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 3.4</span><span class="box-title">— lotissement — effet du rythme d'absorption</span><a class="box-anchor" href="#exo-3-4" aria-label="Lien">#</a></div><div class="box-body"><p id="p3-83">Reprenez l'exemple du lotissement de Sherbrooke (revenus <span class="num">3 400 000 $</span>, coûts <span class="num">1 780 000 $</span>, profit 15 % des revenus). Le service d'urbanisme signale que l'absorption prendra 5 ans plutôt que 3, portant le coût d'actualisation de <span class="num">210 000 $</span> à <span class="num">345 000 $</span> et les frais de financement de <span class="num">90 000 $</span> à <span class="num">150 000 $</span>. Recalculez la valeur résiduelle et l'écart en pourcentage.</p></div></div>279<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p3-84">Nouveaux coûts de développement : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>1</mn><mtext> </mtext><mn>780</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>90</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>150</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>1</mn><mtext> </mtext><mn>840</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">1\,780\,000 - 90\,000 + 150\,000 =2801\,840\,000\ \$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">780</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">90</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">150</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">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">840</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace"> </span><span class="mord">$</span></span></span></span>. Cascade : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>3</mn><mtext> </mtext><mn>400</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>1</mn><mtext> </mtext><mn>840</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>510</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>345</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mstyle mathcolor="#107C4E"><mrow><mn mathvariant="bold">705</mn><mtext> </mtext><mn mathvariant="bold">000</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow><annotation encoding="application/x-tex">3\,400\,000 - 1\,840\,000 - 510\,000 - 345\,000281= \uqogreen{705\,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">3</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">400</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">840</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">510</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">345</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" style="color:#107C4E;"><span class="mord mathbf" style="color:#107C4E;">705</span><span class="mspace" style="color:#107C4E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#107C4E;">000</span><span class="mspace" style="color:#107C4E;"><span style="color:#107C4E;"> </span></span><span class="mord mathbf" style="color:#107C4E;">$</span></span></span></span></span> (contre <span class="num">900 000 $</span>), soit une baisse de <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>195</mn><mtext> </mtext><mn>000</mn><mi mathvariant="normal">/</mi><mn>900</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mstyle mathcolor="#B22A20"><mrow><mn mathvariant="bold">21,7</mn><mtext> </mtext><mi mathvariant="bold">%</mi></mrow></mstyle></mrow><annotation encoding="application/x-tex">195\,000/900\,000 = \uqoalert{21{,}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">195</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000/900</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord" style="color:#B22A20;"><span class="mord mathbf" style="color:#B22A20;">21</span><span class="mord" style="color:#B22A20;"><span class="mpunct" style="color:#B22A20;">,</span></span><span class="mord mathbf" style="color:#B22A20;">7</span><span class="mspace" style="color:#B22A20;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#B22A20;">%</span></span></span></span></span>. Deux années d'absorption de plus amputent la valeur du terrain de plus du cinquième : le <strong class="c-bleu">rythme d'absorption</strong> est l'une des variables les plus sensibles de la méthode — d'où l'importance d'une étude de marché sérieuse.</p></div></details>282<div class="box box-exo" id="exo-3-5"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 3.5</span><span class="box-title">— résidu foncier</span><a class="box-anchor" href="#exo-3-5" aria-label="Lien">#</a></div><div class="box-body"><p id="p3-85">Un promoteur projette un petit immeuble commercial neuf : RNE stabilisé <span class="num">224 000 $</span>; coût neuf du bâtiment (indirects et profit compris) <span class="num">2 450 000 $</span>; <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>R</mi><mi>b</mi></msub><mo>=</mo><mn>8,0</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">R_b = 8{,}0\,\%</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:0.3361em;"><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">b</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:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">8</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>; <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><mo>=</mo><mn>5,5</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">R_t = 5{,}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:0.0077em;">R</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.2806em;"><span style="top:-2.55em;margin-left:-0.0077em;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">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:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">5</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">5</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>. (a) Évaluez le terrain. (b) Expliquez pourquoi <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>R</mi><mi>b</mi></msub><mo>&gt;</mo><msub><mi>R</mi><mi>t</mi></msub></mrow><annotation encoding="application/x-tex">R_b &gt; 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:0.3361em;"><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">b</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">&gt;</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:0.0077em;">R</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.2806em;"><span style="top:-2.55em;margin-left:-0.0077em;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">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>. (c) Donnez deux conditions de validité de votre résultat.</p></div></div>283<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="p3-86">(a) Rendement du bâtiment : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>2</mn><mtext> </mtext><mn>450</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,08</mn><mo>=</mo><mn>196</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">2\,450\,000 \times 0{,}08 = 196\,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">2</span><span class="mspace" style="margin-right:0.1667em;"></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">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><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">196</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace"> </span><span class="mord">$</span></span></span></span>; résidu du terrain : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>224</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>196</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>28</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">224\,000 - 196\,000 = 28\,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">224</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">196</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">28</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace"> </span><span class="mord">$</span></span></span></span>; valeur : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>28</mn><mtext> </mtext><mn>000</mn><mi mathvariant="normal">/</mi><mn>0,055</mn><mo>=</mo><mstyle mathcolor="#107C4E"><mrow><mn mathvariant="bold">509</mn><mtext> </mtext><mn mathvariant="bold">091</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow><annotation encoding="application/x-tex">28\,000/0{,}055 = \uqogreen{509\,091\ \$}</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">28</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000/0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">055</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:#107C4E;"><span class="mord mathbf" style="color:#107C4E;">509</span><span class="mspace" style="color:#107C4E;margin-right:0.1667em;"></span><span class="mord mathbf" style="color:#107C4E;">091</span><span class="mspace" style="color:#107C4E;"><span style="color:#107C4E;"> </span></span><span class="mord mathbf" style="color:#107C4E;">$</span></span></span></span></span>, arrondie à <span class="num">510 000 $</span>. (b) Le bâtiment a une durée de vie finie : son taux doit couvrir le rendement <em>sur</em> le capital <em>et</em> la récupération <em>du</em> capital. Le terrain, perpétuel, n'exige que le rendement — d'où <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>R</mi><mi>b</mi></msub><mo>&gt;</mo><msub><mi>R</mi><mi>t</mi></msub></mrow><annotation encoding="application/x-tex">R_b &gt; 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:0.3361em;"><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">b</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">&gt;</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:0.0077em;">R</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.2806em;"><span style="top:-2.55em;margin-left:-0.0077em;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">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>. (c) Conditions : bâtiment neuf représentant le PHMU du site; RNE stabilisé; taux <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>R</mi><mi>b</mi></msub></mrow><annotation encoding="application/x-tex">R_b</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:0.3361em;"><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">b</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> et <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:0.2806em;"><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">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> solidement étayés par le marché; et validation par une seconde méthode — le résultat bouge de dizaines de milliers de dollars par demi-point de taux.</p></div></details>284<div class="box box-exo" id="exo-3-6"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 3.6</span><span class="box-title">— choix de méthode</span><a class="box-anchor" href="#exo-3-6" aria-label="Lien">#</a></div><div class="box-body"><p id="p3-87">Pour chaque situation, identifiez la méthode d'évaluation du terrain la plus appropriée : (a) terrain unifamilial dans un nouveau développement où huit terrains vacants se sont vendus cette année; (b) terrain sous un immeuble de bureaux au centre-ville de Gatineau, aucune vente de terrain vacant depuis dix ans, mais bonnes données de revenus et de coûts pour un projet neuf; (c) emplacement résidentiel dans un quartier établi, quelques ventes récentes de maisons dont les bâtiments sont récents; (d) terre de 8 hectares en bordure de l'urbanisation, zonée blanche, propice à une subdivision; (e) vérification rapide d'une estimation, avec pour seules données les rôles d'évaluation du secteur.</p></div></div>285<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="p3-88">(a) <strong class="c-bleu">Comparaison directe</strong> : comparables vacants abondants — la méthode reine s'applique. (b) <strong class="c-bleu">Résidu foncier</strong> : pas de comparables, mais revenus, coûts et taux disponibles pour un projet au PHMU. (c) <strong class="c-bleu">Extraction</strong> : ventes améliorées récentes avec bâtiments récents, donc dépréciation estimable de façon fiable. (d) <strong class="c-bleu">Analyse de lotissement</strong> : grand terrain subdivisible — revenus des lots moins coûts de développement. (e) <strong class="c-bleu">Affectation</strong> : ratio terrain/total dérivé des rôles — acceptable comme vérification, jamais comme méthode principale.</p></div></details>286<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>Le terrain s'évalue <strong class="c-bleu">séparément</strong> (il ne se déprécie pas) et         <strong class="c-bleu">comme s'il était vacant</strong>, à son <strong class="c-bleu">PHMU</strong> : légalement         permis, physiquement possible, financièrement faisable, maximalement         productif — dans cet ordre.</li><li>L'usage actuel n'est pas nécessairement le PHMU; le PHMU est toujours         borné par le cadre légal (zonage, LPTAA).</li><li><strong class="c-bleu">Comparaison directe</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> méthode privilégiée : 3–5         comparables, unité de comparaison du marché, ajustements         transactionnels <strong class="c-bleu">en cascade</strong> puis ajustements de propriété         <strong class="c-bleu">additifs</strong>; on ajuste le <strong class="c-bleu">comparable vers le sujet</strong>         (supérieur <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>⇒</mo></mrow><annotation encoding="application/x-tex">\Rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">⇒</span></span></span></span> négatif).</li><li>Seuils de vraisemblance usuels : ajustement net <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≤</mo><mn>25</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">\leq 25\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">25</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>, brut         <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≤</mo><mn>50</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">\leq 50\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">50</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>; pondérer davantage les comparables les moins ajustés.</li><li><strong class="c-bleu">Extraction</strong> : 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> bâtiment déprécié; sensible         aux hypothèses de dépréciation — valider par les ratios         terrain/total.</li><li><strong class="c-bleu">Affectation</strong> : <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><msub><mi>V</mi><mtext>totale</mtext></msub><mo>×</mo></mrow><annotation encoding="application/x-tex">V_{\text{terrain}} = V_{\text{totale}}287        \times</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:0.8333em;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:0.3361em;"><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">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="mord">×</span></span></span></span> ratio de marché — dernier recours et vérification.</li><li><strong class="c-bleu">Lotissement</strong> : revenus des lots <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 <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 <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>         actualisation; très sensible au rythme d'absorption.</li><li><strong class="c-bleu">Résidu foncier</strong> : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo stretchy="false">(</mo><mi>R</mi><mi>N</mi><mi>E</mi><mo>−</mo><msub><mi>V</mi><mi>b</mi></msub><msub><mi>R</mi><mi>b</mi></msub><mo stretchy="false">)</mo><mi mathvariant="normal">/</mi><msub><mi>R</mi><mi>t</mi></msub></mrow><annotation encoding="application/x-tex">(RNE - V_b R_b)/R_t</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 mathnormal" style="margin-right:0.0077em;">R</span><span class="mord mathnormal" style="margin-right:0.109em;">N</span><span class="mord mathnormal" style="margin-right:0.0576em;">E</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"><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:0.3361em;"><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">b</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mord"><span 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:0.3361em;"><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">b</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><span class="mord">/</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:0.2806em;"><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">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>; exige bâtiment         neuf au PHMU, RNE stabilisé, taux étayés; <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>R</mi><mi>b</mi></msub><mo>&gt;</mo><msub><mi>R</mi><mi>t</mi></msub></mrow><annotation encoding="application/x-tex">R_b &gt; 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:0.3361em;"><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">b</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">&gt;</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:0.0077em;">R</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.2806em;"><span style="top:-2.55em;margin-left:-0.0077em;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">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>; extrêmement         sensible aux taux.</li><li>Hiérarchie de fiabilité : comparaison <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>&gt;</mo></mrow><annotation encoding="application/x-tex">&gt;</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.5782em;vertical-align:-0.0391em;"></span><span class="mrel">&gt;</span></span></span></span> extraction/lotissement <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>&gt;</mo></mrow><annotation encoding="application/x-tex">&gt;</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.5782em;vertical-align:-0.0391em;"></span><span class="mrel">&gt;</span></span></span></span>         résidu <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>&gt;</mo></mrow><annotation encoding="application/x-tex">&gt;</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.5782em;vertical-align:-0.0391em;"></span><span class="mrel">&gt;</span></span></span></span> affectation; toujours <strong class="c-bleu">au moins deux méthodes</strong>         quand c'est possible.</li><li>Québec : rôle <strong class="c-bleu">triennal</strong> (date de référence 18 mois avant),         droits de mutation sur le <strong class="c-bleu">plus élevé</strong> du prix ou de la         valeur au rôle, <strong class="c-bleu">LPTAA/CPTAQ</strong> (zone verte <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> PHMU         agricole), <strong class="c-bleu">LAU</strong> (schéma <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> plan <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>         zonage; PIIA, PAE, PPU), droit civil (emphytéose, servitudes,         préemption municipale).</li></ul></div></section>288      </article>289    </div>290  </div>291  <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>292  293<nav class="ch-pager" aria-label="Navigation entre les séances">294  <a class="prev" href="/seance/02/"><small>← Séance 2</small><b>Cadre conceptuel et terminologie</b></a>295  <a class="next" href="/seance/04/"><small>Séance 4 →</small><b>Analyse du terrain et ajustements</b></a>296</nav>297  298<div class="read-tools" role="toolbar" aria-label="Outils de lecture">299  <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>300  <button type="button" data-action="tts" data-tip="Écouter la séance"><svg class="" aria-hidden="true"><use href="#i-audio"/></svg></button>301  <button type="button" data-action="revision" data-tip="Mode révision" aria-pressed="false"><svg class="" aria-hidden="true"><use href="#i-eye"/></svg></button>302  <hr>303  <button type="button" data-action="fontsize" data-tip="Taille du texte"><svg class="" aria-hidden="true"><use href="#i-text"/></svg></button>304  <button type="button" data-action="theme" data-tip="Thème clair / sombre"><svg class="" aria-hidden="true"><use href="#i-sun"/></svg></button>305  <button type="button" data-action="top" data-tip="Haut de page"><svg class="" aria-hidden="true"><use href="#i-up"/></svg></button>306</div>307<aside class="notes-panel" id="notes-panel" aria-label="Mes notes">308  <div class="notes-head"><h3>Mes notes — séance 3</h3><button class="icon-btn" type="button" data-action="notes-close" aria-label="Fermer">✕</button></div>309  <div class="notes-body">310    <div><h4>Notes personnelles <span id="notes-saved"></span></h4><textarea placeholder="Vos notes pour cette séance (enregistrées automatiquement sur cet appareil)…"></textarea></div>311    <div><h4>Passages surlignés</h4><ul id="hl-list"></ul></div>312  </div>313  <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>314</aside>315<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>316</main>317<footer class="site-footer">318  <div class="footer-inner">319    <div class="footer-brand">320      <img src="/assets/brand/uqo-logo-white.png" alt="UQO" width="140" height="59" style="width:140px;height:auto;margin-bottom:10px">321      <div class="brand-code">IMM1033</div>322      <div>Méthodes du coût en évaluation immobilière</div>323      <div style="opacity:.7;margin-top:6px;font-size:.85rem">Hiver 2026 · 3 crédits · premier cycle · 14 séances</div>324      <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>325    </div>326    <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>327    <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>328    <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-imm1003.app" rel="noopener">IMM1003 — Éléments d’évaluation immobilière</a></div>329  </div>330  <div class="footer-legal"><div><span>© 2026 Simon-Pierre Boucher — Université du Québec en Outaouais. Document destiné aux étudiantes et étudiants inscrits au cours IMM1033 ; toute reproduction ou diffusion sans autorisation écrite de l’auteur est interdite.</span><span>Généré depuis les sources LaTeX · KaTeX · TikZ</span></div></div>331</footer>332<div id="search-modal" class="search-modal" role="dialog" aria-modal="true" aria-label="Recherche dans les notes">333  <div class="search-box">334    <input type="search" placeholder="Rechercher une notion, une formule, un exemple…" autocomplete="off" spellcheck="false">335    <div class="search-results"></div>336    <div class="search-foot"><span><kbd>↑</kbd><kbd>↓</kbd> naviguer</span><span><kbd>↵</kbd> ouvrir</span><span><kbd>Échap</kbd> fermer</span><span style="margin-left:auto"><a href="/recherche/">Page de recherche complète</a></span></div>337  </div>338</div>339340<script src="/assets/js/app.js" defer></script>341</body>342</html>343
Files main
Menu

Theme