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<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>80</svg>8182<a class="skip" href="#main">Aller au contenu</a>83<header class="topbar">84 <div class="topbar-inner">85 <a class="brand" href="/" aria-label="IMM1003 — accueil"><img class="brand-logo" src="/assets/brand/uqo-logo.png" alt="UQO" width="568" height="238"><span class="brand-sep"></span><span class="brand-text"><span class="brand-code">IMM1003</span><span class="brand-title">Éléments d’évaluation immobilière</span></span></a>86 <nav class="topnav" aria-label="Navigation principale"><div class="dd current"><button type="button" aria-expanded="false" aria-haspopup="true">Séances <span class="caret" aria-hidden="true">▾</span></button><div class="dd-menu wide"><div class="dd-part"><i style="background:#2976bb"></i>Partie I — Fondements de l’évaluation immobilière</div><a href="/seance/01/" data-ch="01"><span class="pastille" style="background:#2976bb">1</span><span>Introduction à l'évaluation immobilière</span></a><a href="/seance/02/" data-ch="02"><span class="pastille" style="background:#2976bb">2</span><span>Le cadre professionnel au Québec</span></a><a href="/seance/03/" data-ch="03"><span class="pastille" style="background:#2976bb">3</span><span>Les principes fondamentaux de l'évaluation</span></a><div class="dd-part"><i style="background:#0f8b8d"></i>Partie II — Valeur, marché et données</div><a href="/seance/04/" data-ch="04"><span class="pastille" style="background:#0f8b8d">4</span><span>La valeur : concepts et types</span></a><a href="/seance/05/" data-ch="05"><span class="pastille" style="background:#0f8b8d">5</span><span>Le marché immobilier québécois</span></a><a href="/seance/06/" data-ch="06"><span class="pastille" style="background:#0f8b8d">6</span><span>Collecte et analyse des données</span></a><a href="/seance/07/" data-ch="07"><span class="pastille" style="background:#0f8b8d">7</span><span>Examen mi-session : révision des blocs 1 et 2</span></a><div class="dd-part"><i style="background:#cca424"></i>Partie III — Les trois méthodes d’évaluation</div><a href="/seance/08/" data-ch="08"><span class="pastille" style="background:#cca424">8</span><span>La méthode de comparaison — Partie 1 : principes et sélection des comparables</span></a><a href="/seance/09/" data-ch="09"><span class="pastille" style="background:#cca424">9</span><span>La méthode de comparaison — Partie 2 : ajustements et réconciliation</span></a><a href="/seance/10/" data-ch="10"><span class="pastille" style="background:#cca424">10</span><span>La méthode du coût</span></a><a href="/seance/11/" data-ch="11"><span class="pastille" style="background:#cca424">11</span><span>La méthode du revenu — Partie 1 : du revenu brut au RNE</span></a><a href="/seance/12/" data-ch="12"><span class="pastille" style="background:#cca424">12</span><span>La méthode du revenu — Partie 2 : le taux et le DCF</span></a><div class="dd-part"><i style="background:#6b4fbb"></i>Partie IV — Synthèse et pratique professionnelle</div><a href="/seance/13/" data-ch="13"><span class="pastille" style="background:#6b4fbb">13</span><span>Le rapport d'évaluation</span></a><a href="/seance/14/" data-ch="14"><span class="pastille" style="background:#6b4fbb">14</span><span>Révision générale et cas intégrateur</span></a><div class="dd-part">Enregistrements</div><a href="/videos/"><span class="pastille" style="background:var(--rouge)">▶</span><span>Séances vidéo — enregistrements Zoom, transcription synchronisée</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><a class="nav-video" href="/videos/"><svg class="" aria-hidden="true"><use href="#i-video"/></svg> Vidéos</a><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="/videos/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-video"/></svg></span><span>Séances vidéo<span class="dd-desc">Enregistrements Zoom : chapitres, transcription, sous-titres</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="" 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class="readbar-fill"></div></div>94</header>9596<main id="main" class="chapter-page" data-chapter="09" data-title="Séance 9 — La méthode de comparaison — Partie 2 : ajustements et réconciliation" data-words="7898">97 98<header class="ch-hero">99 <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>100 <div class="watermark" aria-hidden="true">09</div>101 <div class="ch-hero-inner">102 <div class="eyebrow"><span class="part-chip">Partie III</span> Les trois méthodes d’évaluation · Séance 9 · IMM1003</div>103 <h1>La méthode de comparaison — Partie 2 : ajustements et réconciliation</h1>104 <div class="ch-sub">Éléments d’évaluation immobilière · Automne 2026 · Simon-Pierre Boucher · UQO</div>105 <div class="ch-meta">106 <span class="chip"><svg class="" aria-hidden="true"><use href="#i-list"/></svg> 9 sections</span>107 <span class="chip"><svg class="" aria-hidden="true"><use href="#i-book"/></svg> 4 définitions</span>108 <span class="chip"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg> 2 formules</span>109 <span class="chip"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg> 8 exemples</span>110 <span class="chip"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg> 5 exercices</span>111 <span class="chip"><svg class="" aria-hidden="true"><use href="#i-eye"/></svg> ≈ 44 min de lecture</span>112 <span class="chip"><svg class="" aria-hidden="true"><use href="#i-chart"/></svg> 1 explorateur interactif</span>113 <span class="chip">Annonce du TP2</span>114 </div>115 <div class="ch-tools">116 117 <a class="btn btn-ghost" href="/files/slides/seance09.pdf" target="_blank" rel="noopener"><svg class="" aria-hidden="true"><use href="#i-slides"/></svg> Diapositives (PDF)</a>118 <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>119 <button class="btn btn-ghost" type="button" data-action="tts"><svg class="" aria-hidden="true"><use href="#i-audio"/></svg> Écouter</button>120 <a class="btn btn-ghost" href="#quiz"><svg class="" aria-hidden="true"><use href="#i-quiz"/></svg> Quiz de la séance</a>121 </div>122 </div>123</header>124<div class="stepper-wrap"><nav class="stepper" aria-label="Sections"><a href="#s-9-1"><span class="n">1</span>La logique des ajustements</a><a href="#s-9-2"><span class="n">2</span>L'ordre séquentiel en six étapes</a><a href="#s-9-3"><span class="n">3</span>Extraire les ajustements du marché</a><a href="#s-9-4"><span class="n">4</span>Les seuils de prudence : net et brut</a><a href="#s-9-5"><span class="n">5</span>La réconciliation des indications de valeur</a><a href="#s-9-6"><span class="n">6</span>Fiabilité selon le contexte et limites</a><a href="#s-9-7"><span class="n">7</span>Exemple guidé complet : unifamiliale du secteur Hull</a><a href="#s-9-8"><span class="n">8</span>Le travail pratique de la méthode de comparaison</a><a href="#s-9-9"><span class="n">9</span>Exercices</a><span class="rem" id="read-remaining"></span></nav></div>125 <div class="ch-layout">126 127<aside class="ch-toc" aria-label="Sommaire de la séance">128 <div class="toc-progress"><div class="bar"><i></i></div><span>0 % lu</span></div>129 <h4>Dans cette séance</h4>130 <ol><li class="lvl2"><a href="#s-9-1"><span class="toc-num">9.1</span><span>La logique des ajustements</span></a></li><li class="lvl3"><a href="#s-9-1-1"><span class="toc-num">9.1.1</span><span>La règle cardinale</span></a></li><li class="lvl3"><a href="#s-9-1-2"><span class="toc-num">9.1.2</span><span>Ajustements quantitatifs et qualitatifs</span></a></li><li class="lvl2"><a href="#s-9-2"><span class="toc-num">9.2</span><span>L'ordre séquentiel en six étapes</span></a></li><li class="lvl2"><a href="#s-9-3"><span class="toc-num">9.3</span><span>Extraire les ajustements du marché</span></a></li><li class="lvl3"><a href="#s-9-3-1"><span class="toc-num">9.3.1</span><span>L'analyse par paires</span></a></li><li class="lvl3"><a href="#s-9-3-2"><span class="toc-num">9.3.2</span><span>La régression multiple</span></a></li><li class="lvl3"><a href="#s-9-3-3"><span class="toc-num">9.3.3</span><span>L'analyse graphique</span></a></li><li class="lvl3"><a href="#s-9-3-4"><span class="toc-num">9.3.4</span><span>Le coût déprécié et la capitalisation de loyer</span></a></li><li class="lvl3"><a href="#s-9-3-5"><span class="toc-num">9.3.5</span><span>Quelle technique pour quel élément?</span></a></li><li class="lvl2"><a href="#s-9-4"><span class="toc-num">9.4</span><span>Les seuils de prudence : net et brut</span></a></li><li class="lvl2"><a href="#s-9-5"><span class="toc-num">9.5</span><span>La réconciliation des indications de valeur</span></a></li><li class="lvl3"><a href="#s-9-5-1"><span class="toc-num">9.5.1</span><span>Définition et critères de pondération</span></a></li><li class="lvl3"><a href="#s-9-5-2"><span class="toc-num">9.5.2</span><span>Le processus en six temps</span></a></li><li class="lvl3"><a href="#s-9-5-3"><span class="toc-num">9.5.3</span><span>Fourchette ou valeur ponctuelle?</span></a></li><li class="lvl3"><a href="#s-9-5-4"><span class="toc-num">9.5.4</span><span>Rédiger la justification : la phrase qui vaut des points</span></a></li><li class="lvl3"><a href="#s-9-5-5"><span class="toc-num">9.5.5</span><span>Illustration — cinq ventes ajustées (V1 à V5)</span></a></li><li class="lvl2"><a href="#s-9-6"><span class="toc-num">9.6</span><span>Fiabilité selon le contexte et limites</span></a></li><li class="lvl2"><a href="#s-9-7"><span class="toc-num">9.7</span><span>Exemple guidé complet : unifamiliale du secteur Hull</span></a></li><li class="lvl3"><a href="#s-9-7-1"><span class="toc-num">9.7.1</span><span>Le sujet et les données</span></a></li><li class="lvl3"><a href="#s-9-7-2"><span class="toc-num">9.7.2</span><span>Les comparables et les ajustements unitaires</span></a></li><li class="lvl3"><a href="#s-9-7-3"><span class="toc-num">9.7.3</span><span>Grilles d'ajustement détaillées — C1 et C2</span></a></li><li class="lvl3"><a href="#s-9-7-4"><span class="toc-num">9.7.4</span><span>Grilles résumées — C3, C4 et C5</span></a></li><li class="lvl3"><a href="#s-9-7-5"><span class="toc-num">9.7.5</span><span>Seuils, pondération et conclusion</span></a></li><li class="lvl3"><a href="#s-9-7-6"><span class="toc-num">9.7.6</span><span>Validation externe et sensibilité de la conclusion</span></a></li><li class="lvl2"><a href="#s-9-8"><span class="toc-num">9.8</span><span>Le travail pratique de la méthode de comparaison</span></a></li><li class="lvl2"><a href="#s-9-9"><span class="toc-num">9.9</span><span>Exercices</span></a></li></ol>131 <div class="toc-extra">132 <a href="#objectifs"><svg class="" aria-hidden="true"><use href="#i-target"/></svg> Objectifs d’apprentissage</a>133 <a href="#synthese"><svg class="" aria-hidden="true"><use href="#i-clipboard"/></svg> L’essentiel de la séance</a>134 <a href="#quiz"><svg class="" aria-hidden="true"><use href="#i-quiz"/></svg> Testez-vous</a>135 136 <a href="/fiches/?ch=09"><svg class="" aria-hidden="true"><use href="#i-cards"/></svg> Fiches de la séance</a>137 <a href="/entrainement/"><svg class="" aria-hidden="true"><use href="#i-dumbbell"/></svg> Entraînement</a>138 <a href="/aide-memoire/"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg> Aide-mémoire</a>139 </div>140 <h4 style="margin-top:14px">Raccourcis</h4>141 <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>142</aside>143 <div class="ch-body">144 <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>145 <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>146 <article class="prose" id="notes">147 <p id="p9-1">La séance 8 a posé l'architecture de la méthode de comparaison; celle-ci en livre le moteur. Trois questions structurent le chapitre. <em>D'où viennent les ajustements?</em> — des techniques d'extraction fondées sur le marché : analyse par paires, régression, analyse graphique, coût déprécié, capitalisation d'une différence de loyer. <em>Comment s'appliquent-ils?</em> — dans un ordre séquentiel précis, sous la surveillance des seuils de prudence net et brut. <em>Comment passe-t-on de plusieurs indications à une seule conclusion?</em> — par la réconciliation, qui est un jugement professionnel de fiabilité et jamais une moyenne. Le tout culmine dans un exemple guidé complet à cinq comparables, celui-là même qui sert de modèle au travail pratique de la méthode de comparaison.</p>148<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-9-1" data-obj="obj-9-1"><span class="obj-text">Appliquer la règle cardinale des ajustements et distinguer ajustements quantitatifs et qualitatifs;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-9-2" data-obj="obj-9-2"><span class="obj-text">Dérouler l'ordre séquentiel des six étapes d'ajustement et comprendre pourquoi cet ordre importe;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-9-3" data-obj="obj-9-3"><span class="obj-text">Extraire un ajustement du marché par cinq techniques : paires, régression, graphique, coût déprécié, capitalisation de loyer;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-9-4" data-obj="obj-9-4"><span class="obj-text">Calculer et interpréter les ajustements net et brut d'un comparable et réagir au dépassement des seuils;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-9-5" data-obj="obj-9-5"><span class="obj-text">Conduire une réconciliation professionnelle : critères de pondération, fourchette et valeur ponctuelle;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-9-6" data-obj="obj-9-6"><span class="obj-text">Compléter de bout en bout une grille à cinq comparables et rédiger la conclusion motivée exigée au travail pratique.</span></label></li></ul></div></section>149<h2 id="s-9-1" class="h-section"><span class="h-num">9.1</span><span class="h-text">La logique des ajustements</span><a class="h-anchor" href="#s-9-1" aria-label="Lien vers cette section">#</a></h2>150<h3 id="s-9-1-1" class="h-subsection"><span class="h-num">9.1.1</span><span class="h-text">La règle cardinale</span><a class="h-anchor" href="#s-9-1-1" aria-label="Lien vers cette section">#</a></h3>151<div class="box box-def" id="def-9-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 9.1</span><span class="box-title">— le rôle d'un ajustement</span><a class="box-anchor" href="#def-9-1" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-8">Aucun comparable n'est identique au sujet. Un <span class="motcle" data-term="ajustement">ajustement</span> transforme le prix de vente d'un comparable pour refléter ce qu'il aurait valu <strong>s'il avait été identique au sujet</strong> à la date d'évaluation.</p></div></div>152<div class="box box-att" id="attention-9-9"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-warning"/></svg></span><span class="box-label">On ajuste le comparable, jamais le sujet</span><a class="box-anchor" href="#attention-9-9" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-10">La règle cardinale de toute la méthode<label for="sn-9-1" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-9-1" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">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> on retire. Inférieur <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo></mrow><annotation encoding="application/x-tex">\rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span></span></span></span> on ajoute. Toujours sur le comparable.</span> : on ajuste toujours <strong>le comparable vers le sujet</strong>, jamais l'inverse.</p>153<ul><li>Comparable <strong>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>négatif</strong> (on retire l'avantage);</li><li>Comparable <strong>inférieur</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>positif</strong> (on ajoute ce qui manque).</li></ul>154<p id="p9-13">Inverser les signes est l'erreur la plus dévastatrice des copies : elle fausse chaque ligne de la grille, dans le mauvais sens, deux fois plutôt qu'une.</p></div></div>155<p id="p9-14">Un moyen simple de ne jamais se tromper : se demander « <em>que faudrait-il faire au prix du comparable pour qu'il décrive le sujet?</em> ». Si le comparable a un garage double et le sujet un garage simple, il faut lui <em>enlever</em> l'excédent : ajustement négatif.</p>156<p id="p9-15">Pourquoi cette asymétrie — toujours le comparable, jamais le sujet? Parce que les deux objets n'ont pas le même statut logique. Le prix du comparable est un <em>fait</em> : il peut être corrigé, décomposé, ramené à d'autres conditions, précisément parce qu'il existe. Le sujet, lui, n'a pas de prix : c'est l'inconnue de l'équation. « Ajuster le sujet » reviendrait à modifier l'inconnue pour la rapprocher des données — l'inverse exact de la démarche scientifique, qui ajuste les observations vers l'objet mesuré. La règle des signes découle ensuite du <span class="motcle" data-term="principe de contribution">principe de contribution</span> : chaque ajustement chiffre ce que le marché paie <em>en plus</em> ou accepte <em>en moins</em> pour une caractéristique, et l'on retire du prix du comparable la contribution des avantages qu'il possède et que le sujet n'a pas, comme on lui ajoute la contribution de ce qui lui manque. L'ajustement n'est donc jamais « le coût du garage » : c'est <em>ce que le garage change au prix</em>, une nuance qui resurgira dans la technique du coût déprécié.</p>157<h3 id="s-9-1-2" class="h-subsection"><span class="h-num">9.1.2</span><span class="h-text">Ajustements quantitatifs et qualitatifs</span><a class="h-anchor" href="#s-9-1-2" aria-label="Lien vers cette section">#</a></h3>158<p id="p9-16">Les ajustements <strong>quantitatifs</strong> s'expriment en <strong>dollars</strong> — montant fixe ajouté ou retranché, adapté aux éléments discrets (garage : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>25</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,25\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">25</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>) — ou en <strong>pourcentage</strong> du prix — adapté aux effets de marché et transactionnels (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>). Le choix n'est pas esthétique : les écarts <em>physiques</em> se chiffrent surtout en dollars, les effets de <em>marché</em> en pourcentage, parce que ces derniers croissent proportionnellement au prix du bien.</p>159<p id="p9-17">Les ajustements <strong>qualitatifs</strong><label for="sn-9-2" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-9-2" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-terme"><strong class="sn-term">Ajustement qualitatif</strong> Classement du comparable (supérieur / similaire / inférieur) quand les données ne permettent pas de chiffrer.</span> procèdent par classement — supérieur, similaire, inférieur, avec l'échelle usuelle <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><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 class="mord">+</span></span></span></span> / <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span> / <span class="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> / <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span> / <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><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 class="mord">−</span></span></span></span> — lorsque les données ne permettent pas de quantifier. Ils ne remplacent pas la grille chiffrée : ils la complètent et orientent la réconciliation (un comparable « globalement similaire » à faible ajustement net inspirera davantage confiance).</p>160<p id="p9-18">La forme la plus utile de l'analyse qualitative est le <strong class="c-bleu">rangement par encadrement</strong> (<em>bracketing</em>) : classer chaque comparable comme globalement supérieur ou inférieur au sujet, puis vérifier que la valeur conclue tombe bien <em>entre</em> les prix des inférieurs et ceux des supérieurs.</p>161<div class="box box-ex" id="ex-9-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 9.1</span><span class="box-title">— encadrer avant de chiffrer</span><a class="box-anchor" href="#ex-9-1" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-19">Trois ventes pour un jumelé de Gatineau. Vente A, globalement <em>supérieure</em> au sujet (garage, cour plus grande) : <span class="num">462 000 $</span>. Vente B, globalement <em>inférieure</em> (pas de garage, état moyen) : <span class="num">431 000 $</span>. Vente C, <em>très similaire</em> : <span class="num">447 000 $</span>. Avant tout calcul, l'encadrement dit déjà : la valeur du sujet se situe entre <span class="num">431 000 $</span> et <span class="num">462 000 $</span>, probablement près de <span class="num">447 000 $</span>. Si la grille chiffrée conclut ensuite à <span class="num">470 000 $</span> — au-dessus du comparable supérieur —, une erreur de signe ou d'ampleur s'y cache nécessairement : un sujet ne peut pas valoir plus qu'un bien qui lui est supérieur en tout. L'encadrement est ainsi le <em>filet de sécurité logique</em> de la grille : il ne produit pas la valeur, il interdit les valeurs impossibles.</p></div></div>162<h2 id="s-9-2" class="h-section"><span class="h-num">9.2</span><span class="h-text">L'ordre séquentiel en six étapes</span><a class="h-anchor" href="#s-9-2" aria-label="Lien vers cette section">#</a></h2>163<p id="p9-20">La doctrine (<em>The Appraisal of Real Estate</em>) prescrit une séquence stricte, car les premières corrections <strong>modifient la base de calcul</strong> des suivantes :</p>164<div class="center"><div class="tikz"><img src="/assets/fig/d4bce0787cd872dd.svg" alt="Figure" width="418" height="201" style="width:min(100%,607px)" loading="lazy" decoding="async"></div></div>165<p id="p9-21">Les étapes 1 à 4 s'appliquent typiquement <strong>en pourcentage, sur une base cumulée</strong> : chaque correction s'applique au prix issu de la précédente. Les étapes 5 et 6 s'appliquent ensuite, en dollars ou en pourcentage, sur le prix ajusté aux conditions du marché.</p>166<p id="p9-22">La logique de cette répartition mérite d'être explicitée, car elle revient à l'examen sous forme de « pourquoi ». Les quatre premières corrections portent sur la <em>transaction</em> : un droit amoindri, un financement de faveur, une pression sur les parties ou un marché qui a bougé affectent le prix <em>proportionnellement</em> — une emphytéose ne retire pas <span class="num">50 000 $</span> à tout bien indistinctement, elle retire un pourcentage de sa valeur, quel que soit son niveau de prix; d'où le pourcentage et la base cumulée. Les corrections de <em>propriété</em>, elles, chiffrent des composantes matérielles : un garage, des pieds carrés, un sous-sol fini ont une contribution en dollars relativement stable à l'intérieur d'un segment de marché — le garage du bungalow de <span class="num">400 000 $</span> et celui du bungalow de <span class="num">450 000 $</span> valent sensiblement la même chose; d'où le montant fixe, additif. Mélanger les régimes — appliquer la localisation en pourcentage du prix brut, ou le temps en dollars forfaitaires — brouille cette correspondance entre la nature de l'écart et la forme de sa mesure.</p>167<div class="box box-form" id="form-9-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg></span><span class="box-label">Formule 9.1</span><span class="box-title">— composition des ajustements transactionnels</span><a class="box-anchor" href="#form-9-1" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-23">Si <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>t</mi><mn>1</mn></msub><mo separator="true">,</mo><msub><mi>t</mi><mn>2</mn></msub><mo separator="true">,</mo><msub><mi>t</mi><mn>3</mn></msub><mo separator="true">,</mo><msub><mi>t</mi><mn>4</mn></msub></mrow><annotation encoding="application/x-tex">t_1, t_2, t_3, t_4</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8095em;vertical-align:-0.1944em;"></span><span class="mord"><span class="mord mathnormal">t</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:0em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">1</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mpunct">,</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord"><span class="mord mathnormal">t</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:0em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mpunct">,</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord"><span class="mord mathnormal">t</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:0em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">3</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mpunct">,</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord"><span class="mord mathnormal">t</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:0em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">4</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> désignent les taux d'ajustement des étapes 1 à 4 et <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>P</mi><mn>0</mn></msub></mrow><annotation encoding="application/x-tex">P_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:0.1389em;">P</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">0</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 prix de vente, la base d'application des ajustements de propriété <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>a</mi><mn>5</mn></msub><mo separator="true">,</mo><msub><mi>a</mi><mn>6</mn></msub></mrow><annotation encoding="application/x-tex">a_5, a_6</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.625em;vertical-align:-0.1944em;"></span><span class="mord"><span class="mord mathnormal">a</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:0em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">5</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mpunct">,</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord"><span class="mord mathnormal">a</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:0em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">6</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> (en dollars) est :</p>168<div class="eq" id="eq-9-1"><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>P</mi><mrow><mtext>march</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover></mrow></msub><mo>=</mo><msub><mi>P</mi><mn>0</mn></msub><mtext> </mtext><mo stretchy="false">(</mo><mn>1</mn><mo>+</mo><msub><mi>t</mi><mn>1</mn></msub><mo stretchy="false">)</mo><mo stretchy="false">(</mo><mn>1</mn><mo>+</mo><msub><mi>t</mi><mn>2</mn></msub><mo stretchy="false">)</mo><mo stretchy="false">(</mo><mn>1</mn><mo>+</mo><msub><mi>t</mi><mn>3</mn></msub><mo stretchy="false">)</mo><mo stretchy="false">(</mo><mn>1</mn><mo>+</mo><msub><mi>t</mi><mn>4</mn></msub><mo stretchy="false">)</mo><mspace width="1em"/><mtext>puis</mtext><mspace width="1em"/><msub><mi>V</mi><mrow><mtext>indiqu</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>e</mtext></mrow></msub><mo>=</mo><msub><mi>P</mi><mrow><mtext>march</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover></mrow></msub><mo>+</mo><msub><mi>a</mi><mn>5</mn></msub><mo>+</mo><msub><mi>a</mi><mn>6</mn></msub><mi mathvariant="normal">.</mi></mrow></mtd><mtd width="50%"></mtd><mtd><mtext>(9.1)</mtext></mtd></mtr></mtable><annotation encoding="application/x-tex">P_{\text{march\'e}} = P_0\,(1+t_1)(1+t_2)(1+t_3)(1+t_4)169\quad\text{puis}\quad170V_{\text{indiqu\'ee}} = P_{\text{march\'e}} + a_5 + a_6 .\tag{9.1}</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:0.1389em;">P</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">march</span><span class="mord katex-accent mtight"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-2.7em;"><span class="pstrut" style="height:2.7em;"></span><span class="mord mtight">e</span></span><span style="top:-2.7em;"><span class="pstrut" style="height:2.7em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord mtight">ˊ</span></span></span></span></span></span></span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><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:1em;vertical-align:-0.25em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.1389em;">P</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">0</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mopen">(</span><span class="mord">1</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord"><span class="mord mathnormal">t</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:0em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">1</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mclose">)</span><span class="mopen">(</span><span class="mord">1</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord"><span class="mord mathnormal">t</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:0em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mclose">)</span><span class="mopen">(</span><span class="mord">1</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord"><span class="mord mathnormal">t</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:0em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">3</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="mopen">(</span><span class="mord">1</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1.0361em;vertical-align:-0.2861em;"></span><span class="mord"><span class="mord mathnormal">t</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:0em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">4</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="mspace" style="margin-right:1em;"></span><span class="mord text"><span class="mord">puis</span></span><span class="mspace" style="margin-right:1em;"></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">indiqu</span><span class="mord katex-accent mtight"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-2.7em;"><span class="pstrut" style="height:2.7em;"></span><span class="mord mtight">e</span></span><span style="top:-2.7em;"><span class="pstrut" style="height:2.7em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord mtight">ˊ</span></span></span></span></span></span></span><span class="mord mtight">e</span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.2861em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.1389em;">P</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">march</span><span class="mord katex-accent mtight"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-2.7em;"><span class="pstrut" style="height:2.7em;"></span><span class="mord mtight">e</span></span><span style="top:-2.7em;"><span class="pstrut" style="height:2.7em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord mtight">ˊ</span></span></span></span></span></span></span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7333em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord mathnormal">a</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:0em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">5</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.5806em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord mathnormal">a</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:0em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">6</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 class="katex-tag"><span class="katex-strut" style="height:1.0361em;vertical-align:-0.2861em;"></span><span class="mord text"><span class="mord">(</span><span class="mord"><span class="mord">9.1</span></span><span class="mord">)</span></span></span></span></span></span></div>171<p id="p9-24">La composition multiplicative des étapes 1 à 4 explique pourquoi leur ordre — et leur séparation d'avec les étapes 5 et 6 — n'est pas une coquetterie : un même ajustement en pourcentage ne produit pas le même montant selon la base sur laquelle il s'applique.</p></div></div>172<div class="box box-ex" id="ex-9-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 9.2</span><span class="box-title">— financement puis marché, pas l'inverse</span><a class="box-anchor" href="#ex-9-2" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-25">Un comparable s'est vendu <span class="num">400 000 $</span> avec une hypothèque assumable à 2 % (marché à 5 %), avantage évalué à <span class="num">12 000 $</span>. Étapes 1–3 : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>400</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>12</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>388</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">400\,000 - 12\,000 = 388\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">400</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">12</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">388</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> — le prix « comptant équivalent ». La vente date de 12 mois et le marché a crû de 6 % : étape 4 : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>388</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>1,06</mn><mo>=</mo><mn>411</mn><mtext> </mtext><mn>280</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">388\,000 \times 1{,}06 = 411\,280\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">388</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">1</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">06</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">411</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">280</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>, soit <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>23</mn><mtext> </mtext><mn>277</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,23\,277\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">23</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">277</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> — que la présentation en classe arrondissait à <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>385</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>1,06</mn><mo>=</mo><mn>408</mn><mtext> </mtext><mn>100</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">385\,000 \times 1{,}06 = 408\,100\,\$</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">385</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">1</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">06</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">408</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">100</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> pour un avantage de financement légèrement supérieur. Si l'on avait appliqué le temps <em>avant</em> de retirer le financement : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>400</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>1,06</mn><mo>−</mo><mn>12</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>412</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">400\,000 \times 1{,}06 - 12\,000 =173412\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">400</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">1</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">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:0.6444em;"></span><span class="mord">12</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">412</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> — un écart de plusieurs centaines de dollars créé par la seule inversion des étapes. L'ordre protège la cohérence : l'avantage de financement appartient à la transaction d'origine, pas au marché qui a évolué depuis.</p></div></div>174<div class="box box-rem" id="remarque-9-26"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pen"/></svg></span><span class="box-label">Ordres de grandeur usuels — étapes 5 et 6</span><a class="box-anchor" href="#remarque-9-26" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-27">Pour la <strong>localisation</strong> : quartier supérieur, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>5</mn></mrow><annotation encoding="application/x-tex">-5</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mord">5</span></span></span></span> à <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>15</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">-15\,\%</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">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>; similaire, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>0</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">0\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">0</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>; inférieur, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>5</mn></mrow><annotation encoding="application/x-tex">+5</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">5</span></span></span></span> à <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>15</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">+15\,\%</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">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>. Pour les <strong>caractéristiques physiques</strong> : garage double, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>25</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,25\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">25</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> à <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>40</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,40\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">40</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>; chambre supplémentaire, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>10</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,10\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> à <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>20</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,20\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">20</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. Ces fourchettes sont des <em>repères de pratique</em>, jamais des barèmes : chaque ajustement doit être appuyé par des données du marché local.</p></div></div>175<h2 id="s-9-3" class="h-section"><span class="h-num">9.3</span><span class="h-text">Extraire les ajustements du marché</span><a class="h-anchor" href="#s-9-3" aria-label="Lien vers cette section">#</a></h2>176<p id="p9-28">Un ajustement qui ne provient pas du marché n'est qu'une opinion déguisée en chiffre. Cinq techniques permettent de l'ancrer dans les données.</p>177<h3 id="s-9-3-1" class="h-subsection"><span class="h-num">9.3.1</span><span class="h-text">L'analyse par paires</span><a class="h-anchor" href="#s-9-3-1" aria-label="Lien vers cette section">#</a></h3>178<div class="box box-def" id="def-9-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 9.2</span><span class="box-title">— analyse par paires</span><a class="box-anchor" href="#def-9-2" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-29">L'<span class="motcle" data-term="analyse par paires">analyse par paires</span> (<em>paired sales analysis</em>) isole la valeur d'un élément en comparant deux ventes <strong>identiques en tout sauf cet élément</strong> : l'écart de prix mesure la contribution marchande de l'élément.</p></div></div>179<div class="box box-ex" id="ex-9-3"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 9.3</span><span class="box-title">— la valeur d'un garage par paires</span><a class="box-anchor" href="#ex-9-3" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-30">Vente A : bungalow avec garage, <span class="num">420 000 $</span>. Vente B : bungalow identique (secteur, taille, état, date) sans garage, <span class="num">395 000 $</span>. Contribution du garage <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>420</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>395</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>25</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= 420\,000 - 395\,000 = 25\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">420</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">395</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">25</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. Force de la technique : simple, intuitive, directement issue du comportement des acheteurs. Faiblesse : les paires parfaites sont rares — en pratique on travaille avec des « quasi-paires » dont il faut neutraliser les différences résiduelles, ce qui ajoute une couche d'incertitude. D'où l'intérêt de constituer plusieurs paires et de retenir la tendance centrale.</p></div></div>180<h3 id="s-9-3-2" class="h-subsection"><span class="h-num">9.3.2</span><span class="h-text">La régression multiple</span><a class="h-anchor" href="#s-9-3-2" aria-label="Lien vers cette section">#</a></h3>181<p id="p9-31">La <span class="motcle" data-term="régression">régression</span> modélise le prix comme fonction de plusieurs caractéristiques simultanément :</p>182<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><mi>V</mi><mtext> </mtext><mo>=</mo><mtext> </mtext><msub><mi>β</mi><mn>0</mn></msub><mo>+</mo><msub><mi>β</mi><mn>1</mn></msub><msub><mi>X</mi><mn>1</mn></msub><mo>+</mo><msub><mi>β</mi><mn>2</mn></msub><msub><mi>X</mi><mn>2</mn></msub><mo>+</mo><mo>⋯</mo><mo>+</mo><msub><mi>β</mi><mi>k</mi></msub><msub><mi>X</mi><mi>k</mi></msub><mo>+</mo><mi>ε</mi><mo separator="true">,</mo></mrow><annotation encoding="application/x-tex">V \;=\; \beta_0 + \beta_1 X_1 + \beta_2 X_2 + \cdots + \beta_k X_k +183\varepsilon,</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6833em;"></span><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8889em;vertical-align:-0.1944em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0528em;">β</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:-0.0528em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">0</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8889em;vertical-align:-0.1944em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0528em;">β</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:-0.0528em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">1</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0785em;">X</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:-0.0785em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">1</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8889em;vertical-align:-0.1944em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0528em;">β</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:-0.0528em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0785em;">X</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:-0.0785em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="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:0.6667em;vertical-align:-0.0833em;"></span><span class="minner">⋯</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8889em;vertical-align:-0.1944em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0528em;">β</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:-0.0528em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mathnormal mtight" style="margin-right:0.0315em;">k</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:0.0785em;">X</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:-0.0785em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mathnormal mtight" style="margin-right:0.0315em;">k</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.625em;vertical-align:-0.1944em;"></span><span class="mord mathnormal">ε</span><span class="mpunct">,</span></span></span></span></span></div>184<p id="p9-32">où <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>V</mi></mrow><annotation encoding="application/x-tex">V</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6833em;"></span><span class="mord mathnormal" style="margin-right:0.2222em;">V</span></span></span></span> est le prix de vente, les <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>X</mi><mi>i</mi></msub></mrow><annotation encoding="application/x-tex">X_i</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:0.0785em;">X</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3117em;"><span style="top:-2.55em;margin-left:-0.0785em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mathnormal mtight">i</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span></span> les caractéristiques (superficie, âge, terrain, garage…) et chaque coefficient <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>β</mi><mi>i</mi></msub></mrow><annotation encoding="application/x-tex">\beta_i</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8889em;vertical-align:-0.1944em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0528em;">β</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3117em;"><span style="top:-2.55em;margin-left:-0.0528em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mathnormal mtight">i</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span></span> s'interprète directement comme l'<strong>ajustement unitaire</strong> de la caractéristique <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>X</mi><mi>i</mi></msub></mrow><annotation encoding="application/x-tex">X_i</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:0.0785em;">X</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3117em;"><span style="top:-2.55em;margin-left:-0.0785em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mathnormal mtight">i</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span></span>, toutes choses égales par ailleurs. Avantages : objectivité, traitement simultané de plusieurs variables, mesure de la précision. Limites : il faut un échantillon substantiel (règle de pouce : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>n</mi><mo>></mo><mn>30</mn></mrow><annotation encoding="application/x-tex">n > 30</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="mord mathnormal">n</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">></span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">30</span></span></span></span> ventes), des données propres et une réelle compétence statistique — un modèle mal spécifié produit des coefficients absurdes avec une assurance trompeuse.</p>185<div class="box box-ex" id="ex-9-4"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 9.4</span><span class="box-title">— lire une sortie de régression en évaluateur</span><a class="box-anchor" href="#ex-9-4" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-33">Sur 42 ventes de bungalows d'un secteur de Gatineau, une régression donne : constante <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>β</mi><mn>0</mn></msub><mo>=</mo><mn>148</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">\beta_0 = 148\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8889em;vertical-align:-0.1944em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0528em;">β</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:-0.0528em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">0</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:0.6444em;"></span><span class="mord">148</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span>; superficie <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>β</mi><mn>1</mn></msub><mo>=</mo><mn>112</mn></mrow><annotation encoding="application/x-tex">\beta_1 = 112</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8889em;vertical-align:-0.1944em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0528em;">β</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:-0.0528em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">1</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">112</span></span></span></span> $/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> (écart-type 14); garage <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>β</mi><mn>2</mn></msub><mo>=</mo><mn>22</mn><mtext> </mtext><mn>400</mn></mrow><annotation encoding="application/x-tex">\beta_2 = 22\,400</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8889em;vertical-align:-0.1944em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0528em;">β</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:-0.0528em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">22</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">400</span></span></span></span> $ (écart-type 6 100); âge <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>β</mi><mn>3</mn></msub><mo>=</mo><mo>−</mo><mn>1</mn><mtext> </mtext><mn>850</mn></mrow><annotation encoding="application/x-tex">\beta_3 = -1\,850</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8889em;vertical-align:-0.1944em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0528em;">β</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:-0.0528em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">3</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">−</span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">850</span></span></span></span> $ par année (écart-type 700); <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mi>R</mi><mn>2</mn></msup><mo>=</mo><mn>0,84</mn></mrow><annotation encoding="application/x-tex">R^2 = 0{,}84</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0077em;">R</span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span><span 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">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">84</span></span></span></span>. Lecture professionnelle : le coefficient de superficie, précis (l'écart-type est huit fois plus petit que lui), peut servir d'ajustement unitaire; celui du garage confirme l'ordre de grandeur obtenu par paires (<span class="num">25 000 $</span>) — convergence rassurante; celui de l'âge s'interprète comme un effet <em>combiné</em> d'âge et d'état, à ne pas cumuler avec un ajustement d'état distinct sous peine de compter deux fois la même chose. Et deux réserves de méthode : un <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mi>R</mi><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">R^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0077em;">R</span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> de 0,84 laisse 16 % du prix inexpliqué — la micro-localisation et l'état intérieur, absents du modèle —, et les coefficients ne valent que pour le <em>domaine</em> des données (extrapoler à un bungalow de <span class="num">2400</span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> quand l'échantillon plafonne à <span class="num">1700</span> est une faute). La régression outille le jugement; elle ne le remplace pas.</p></div></div>186<h3 id="s-9-3-3" class="h-subsection"><span class="h-num">9.3.3</span><span class="h-text">L'analyse graphique</span><a class="h-anchor" href="#s-9-3-3" aria-label="Lien vers cette section">#</a></h3>187<p id="p9-34">Tracer le prix de vente contre une caractéristique continue (la superficie, typiquement) : la <strong>pente</strong> de la tendance estime l'ajustement unitaire.</p>188<div class="center"><div class="tikz"><img src="/assets/fig/d9fd9916b0fdc514.svg" alt="Figure" width="345" height="193" style="width:min(100%,501px)" loading="lazy" decoding="async"></div></div>189<p id="p9-35">L'outil est modeste mais précieux : il visualise la tendance, révèle les valeurs aberrantes d'un coup d'œil et fournit une contre-vérification rapide des coefficients de régression. Sur le graphique ci-dessus, l'œil accomplit en deux secondes trois vérifications que les chiffres seuls rendent laborieuses : la relation est-elle réellement <em>linéaire</em> sur la plage utile (une courbure trahirait des rendements décroissants de la superficie, et un ajustement unitaire constant serait alors trop simple)? les points s'écartent-ils de la droite de façon <em>homogène</em> (un nuage qui s'évase aux grandes superficies signale que d'autres facteurs — terrain, gamme de finition — entrent en jeu dans ce segment)? enfin, un point isolé loin de la droite mérite-t-il l'enquête (revoilà notre détecteur d'anomalies)? Tracer ce nuage devrait être un réflexe dès que l'on dispose de plus de six ou sept ventes : c'est l'analyse exploratoire la moins chère de toute la boîte à outils.</p>190<h3 id="s-9-3-4" class="h-subsection"><span class="h-num">9.3.4</span><span class="h-text">Le coût déprécié et la capitalisation de loyer</span><a class="h-anchor" href="#s-9-3-4" aria-label="Lien vers cette section">#</a></h3>191<p id="p9-36">Le <strong>coût déprécié</strong> évalue la contribution d'un élément par son coût de construction, diminué de la dépréciation <em>et</em> de l'écart entre coût et valeur marchande : une piscine creusée coûte <span class="num">60 000 $</span>, mais sa contribution au prix de revente se situe plutôt entre <span class="num">25 000 $</span> et <span class="num">35 000 $</span> — le marché ne rembourse pas les goûts personnels (principe de contribution).</p>192<p id="p9-37">La <strong>capitalisation d'une différence de loyer</strong> convertit un supplément de revenu attribuable à l'élément en valeur :</p>193<div class="box box-form" id="form-9-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg></span><span class="box-label">Formule 9.2</span><span class="box-title">— capitalisation d'une différence de loyer</span><a class="box-anchor" href="#form-9-2" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-38">Si un élément permet un loyer mensuel supplémentaire <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi mathvariant="normal">Δ</mi><mi>L</mi></mrow><annotation encoding="application/x-tex">\Delta L</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">Δ</span><span class="mord mathnormal">L</span></span></span></span> et que le taux global du marché est <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>τ</mi></mrow><annotation encoding="application/x-tex">\tau</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.4306em;"></span><span class="mord mathnormal" style="margin-right:0.1132em;">τ</span></span></span></span> :</p>194<div class="eq" id="eq-9-2"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable width="100%"><mtr><mtd width="50%"></mtd><mtd><mrow><mtext>Contribution</mtext><mtext> </mtext><mo>=</mo><mtext> </mtext><mfrac><mrow><mn>12</mn><mtext> </mtext><mi mathvariant="normal">Δ</mi><mi>L</mi></mrow><mi>τ</mi></mfrac><mi mathvariant="normal">.</mi></mrow></mtd><mtd width="50%"></mtd><mtd><mtext>(9.2)</mtext></mtd></mtr></mtable><annotation encoding="application/x-tex">\text{Contribution} \;=\; \frac{12\,\Delta L}{\tau}.\tag{9.2}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6944em;"></span><span class="mord text"><span class="mord">Contribution</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:2.0463em;vertical-align:-0.686em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.3603em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.1132em;">τ</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">12</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">Δ</span><span class="mord mathnormal">L</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.686em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mord">.</span></span><span class="katex-tag"><span class="katex-strut" style="height:2.0463em;vertical-align:-0.686em;"></span><span class="mord text"><span class="mord">(</span><span class="mord"><span class="mord">9.2</span></span><span class="mord">)</span></span></span></span></span></span></div>195<p id="p9-39">Exemple : un garage loué <span class="num">150 $</span> de plus par mois, à <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>τ</mi><mo>=</mo><mn>7</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">\tau = 7\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.4306em;"></span><span class="mord mathnormal" style="margin-right:0.1132em;">τ</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">7</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>12</mn><mo>×</mo><mn>150</mn><mi mathvariant="normal">/</mi><mn>0,07</mn><mo>≈</mo><mn>25</mn><mtext> </mtext><mn>700</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">12 \times 150 / 0{,}07 \approx 25\,700\,\$</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:0.2222em;"></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">150/0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">07</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">25</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">700</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>.</p></div></div>196<div class="box box-terrain" id="terrain-9-40"><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-9-40" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-41">La meilleure pratique consiste à <strong>trianguler</strong> : un même ajustement de garage estimé à <span class="num">25 000 $</span> par paires, <span class="num">25 700 $</span> par capitalisation et <span class="num">27 000 $</span> par coût déprécié est un ajustement solide; trois techniques qui divergent du simple au double signalent au contraire un élément mal compris — et une note explicative à prévoir au rapport.</p></div></div>197<h3 id="s-9-3-5" class="h-subsection"><span class="h-num">9.3.5</span><span class="h-text">Quelle technique pour quel élément?</span><a class="h-anchor" href="#s-9-3-5" aria-label="Lien vers cette section">#</a></h3>198<p id="p9-42">Le choix de la technique n'est pas affaire de goût : chaque famille d'éléments a sa voie d'extraction naturelle. Les <strong class="c-bleu">éléments discrets et fréquents</strong> — garage, sous-sol fini, salle de bain supplémentaire — relèvent d'abord de l'analyse par paires, car le marché en offre régulièrement des quasi-paires, et du coût déprécié en contre-vérification. Les <strong class="c-bleu">caractéristiques continues</strong> — superficie habitable, superficie de terrain, âge — appellent la régression ou l'analyse graphique, qui exploitent toute l'étendue de l'échantillon plutôt que deux points. Les <strong class="c-bleu">effets de marché</strong> — temps, conditions de financement — s'extraient de l'analyse des reventes et des indices de prix, jamais du coût. Enfin, les <strong class="c-bleu">éléments producteurs de revenu</strong> — garage locatif, logement d'appoint, espace commercial accessoire — se prêtent à la capitalisation de la différence de loyer, qui parle le langage même de l'acheteur investisseur. Quand un élément n'offre aucune voie fiable — une vue exceptionnelle, un cachet patrimonial —, mieux vaut l'admettre et le traiter en ajustement qualitatif assumé que de lui inventer un chiffre : un classement honnête « supérieur, non quantifiable » informe davantage le lecteur qu'un montant sorti de nulle part.</p>199<h2 id="s-9-4" class="h-section"><span class="h-num">9.4</span><span class="h-text">Les seuils de prudence : net et brut</span><a class="h-anchor" href="#s-9-4" aria-label="Lien vers cette section">#</a></h2>200<div class="box box-def" id="def-9-3"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 9.3</span><span class="box-title">— ajustements net et brut</span><a class="box-anchor" href="#def-9-3" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-43">L'ajustement <strong>net</strong> d'un comparable est la <strong>somme algébrique</strong> de ses ajustements (les signes se compensent); l'ajustement <strong>brut</strong> est la <strong>somme des valeurs absolues</strong> (rien ne se compense). Tous deux s'expriment en pourcentage du prix de vente. Repères usuels : net <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≤</mo><mn>15</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">\leq 15\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>, brut <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≤</mo><mn>25</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">\leq 25\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">25</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>.</p></div></div>201<p id="p9-44">Le net mesure l'<em>écart global</em> entre comparable et sujet; le brut mesure le <em>volume total de corrections</em> — donc d'incertitude — injecté dans l'indication. Un net faible peut masquer un brut énorme : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>40</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,40\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">40</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> et <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mtext> </mtext><mn>38</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">-\,38\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">38</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> se compensent presque (net <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>2000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,2000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">2000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>) mais représentent <span class="num">78 000 $</span> de manipulations. D'où la double surveillance.</p>202<p id="p9-45">Le fondement du seuil brut est au fond statistique, et le comprendre le rend mémorable. Chaque ajustement est une <em>estimation</em> entachée d'une erreur : le garage vaut « environ » <span class="num">25 000 $</span>, la superficie « environ » 100 $/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>. Ces erreurs ne se compensent pas comme les signes : elles s'accumulent — en première approximation, l'incertitude totale croît avec la somme des ajustements manipulés, donc avec le brut. Un comparable à 24 % brut n'est pas « faux » : il est simplement porteur d'une indication dont la marge d'erreur est devenue trop large pour ancrer une conclusion. Voilà pourquoi le brut plafonne plus haut que le net (25 contre 15 %) mais se surveille tout autant : le net dit « ce comparable ressemble-t-il au sujet? », le brut dit « combien de fois ai-je dû intervenir pour le lui faire ressembler? ». Les deux questions sont distinctes, et une grille professionnelle répond aux deux.</p>203<div class="box box-ex" id="ex-9-5"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 9.5</span><span class="box-title">— vérification des seuils — comparable C1</span><a class="box-anchor" href="#ex-9-5" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-46">Prix de vente : <span class="num">410 000 $</span>. Ajustements de propriété : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mtext> </mtext><mn>8000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">-\,8000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">8000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>3500</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,3500\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">3500</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>4000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,4000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">4000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>18</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,18\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">18</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>15</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,15\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. Net <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mo>+</mo><mtext> </mtext><mn>32</mn><mtext> </mtext><mn>500</mn><mtext> </mtext><mi mathvariant="normal">$</mi><mo>⇒</mo><mn>32</mn><mtext> </mtext><mn>500</mn><mi mathvariant="normal">/</mi><mn>410</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>7,9</mn><mtext> </mtext><mi mathvariant="normal">%</mi><mo>≤</mo><mn>15</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">= +\,32\,500\,\$ \Rightarrow 32\,500/410\,000 = 7{,}9\,\% \leq20415\,\%</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:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">32</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">500</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">⇒</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">32</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">500/410</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">7</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">9</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">≤</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> ✓. Brut <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>8</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>3</mn><mtext> </mtext><mn>500</mn><mo>+</mo><mn>4</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>18</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>15</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>48</mn><mtext> </mtext><mn>500</mn><mtext> </mtext><mi mathvariant="normal">$</mi><mo>⇒</mo><mn>11,8</mn><mtext> </mtext><mi mathvariant="normal">%</mi><mo>≤</mo><mn>25</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">= 8\,000 + 3\,500 + 4\,000 + 18\,000 + 15\,000 =20548\,500\,\$ \Rightarrow 11{,}8\,\% \leq 25\,\%</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">8</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">3</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">500</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">4</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">18</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">48</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">500</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span><span 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">11</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">8</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">≤</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">25</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> ✓. Le comparable conserve une bonne fiabilité. (Convention à déclarer dans la grille : ces pourcentages sont calculés ici sur les ajustements de propriété; certains praticiens incluent aussi l'ajustement temporel — l'essentiel est d'appliquer la même convention à tous les comparables et de la documenter.)</p></div></div>206<div class="box box-att" id="attention-9-47"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-warning"/></svg></span><span class="box-label">Les seuils sont des balises, pas des couperets</span><a class="box-anchor" href="#attention-9-47" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-48">Un comparable à 20 % net n'est pas automatiquement rejeté : si le marché n'offre rien de mieux et que chaque ajustement est solidement documenté, il peut être conservé — avec un <strong>poids réduit</strong> et une justification explicite. La démarche en cas de dépassement : (1) réévaluer la pertinence du comparable; (2) vérifier la fiabilité de chaque ajustement; (3) chercher un meilleur comparable; (4) réduire le poids dans la réconciliation; (5) documenter. Ce que les seuils interdisent vraiment, c'est de traiter une indication lourdement ajustée <em>comme si</em> elle était fiable.</p></div></div>207<div class="widget" data-widget="seuils"></div>208<h2 id="s-9-5" class="h-section"><span class="h-num">9.5</span><span class="h-text">La réconciliation des indications de valeur</span><a class="h-anchor" href="#s-9-5" aria-label="Lien vers cette section">#</a></h2>209<h3 id="s-9-5-1" class="h-subsection"><span class="h-num">9.5.1</span><span class="h-text">Définition et critères de pondération</span><a class="h-anchor" href="#s-9-5-1" aria-label="Lien vers cette section">#</a></h3>210<div class="box box-def" id="def-9-4"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 9.4</span><span class="box-title">— réconciliation</span><a class="box-anchor" href="#def-9-4" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-49">La <span class="motcle" data-term="réconciliation">réconciliation</span> est le processus par lequel l'évaluateur analyse les indications de valeur des comparables ajustés et formule une <strong>conclusion finale</strong> — valeur ponctuelle ou fourchette. Ce n'est <strong>pas une moyenne arithmétique</strong> : c'est un jugement professionnel fondé sur la <strong>fiabilité relative</strong> de chaque indication.</p></div></div>211<div class="box box-ex" id="ex-9-6"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 9.6</span><span class="box-title">— la moyenne n'est pas la conclusion</span><a class="box-anchor" href="#ex-9-6" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-50">Trois comparables donnent <span class="num">452 000 $</span>, <span class="num">460 000 $</span> et <span class="num">448 000 $</span>. Moyenne : <span class="num">453 333 $</span>. Mais si l'indication à <span class="num">460 000 $</span> provient du comparable le plus semblable, vendu le plus récemment, avec les ajustements les plus faibles, la conclusion motivée pourrait être <span class="num">455 000 $</span> — plus près de l'indication la plus fiable que du centre de gravité arithmétique.</p></div></div>212<p id="p9-51">Six critères hiérarchisent la fiabilité<label for="sn-9-3" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-9-3" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">Fiabilité = peu d'ajustements, faibles, comparable semblable, vente récente, données vérifiées, transaction libre.</span> :</p>213<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Critère</th><th>Lecture</th></tr></thead><tbody><tr><td>Nombre d'ajustements</td><td>Moins de corrections <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> indication plus directe du marché</td></tr><tr><td>Ampleur (net et brut)</td><td>Faibles pourcentages <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> moins d'incertitude injectée</td></tr><tr><td>Similarité globale</td><td>Localisation, taille, âge, état proches du sujet</td></tr><tr><td>Date de vente</td><td>Récente <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> moins d'ajustement temporel, conditions actuelles</td></tr><tr><td>Qualité des données</td><td>Vente vérifiée auprès des parties, dossier complet</td></tr><tr><td>Conditions de vente</td><td>Transaction libre, sans pression</td></tr></tbody></table></div></div>214<h3 id="s-9-5-2" class="h-subsection"><span class="h-num">9.5.2</span><span class="h-text">Le processus en six temps</span><a class="h-anchor" href="#s-9-5-2" aria-label="Lien vers cette section">#</a></h3>215<div class="center"><div class="tikz"><img src="/assets/fig/3a6143e325040efc.svg" alt="Figure" width="418" height="201" style="width:min(100%,607px)" loading="lazy" decoding="async"></div></div>216<h3 id="s-9-5-3" class="h-subsection"><span class="h-num">9.5.3</span><span class="h-text">Fourchette ou valeur ponctuelle?</span><a class="h-anchor" href="#s-9-5-3" aria-label="Lien vers cette section">#</a></h3>217<p id="p9-52">La <strong>fourchette</strong> <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo stretchy="false">[</mo><msub><mi>V</mi><mi>min</mi><mo></mo></msub><mo separator="true">,</mo><msub><mi>V</mi><mi>max</mi><mo></mo></msub><mo stretchy="false">]</mo></mrow><annotation encoding="application/x-tex">[V_{\min}, V_{\max}]</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 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="mop mtight"><span class="mtight">m</span><span class="mtight">i</span><span class="mtight">n</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="mpunct">,</span><span class="mspace" style="margin-right:0.1667em;"></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:0.1514em;"><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="mop mtight"><span class="mtight">m</span><span class="mtight">a</span><span class="mtight">x</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> — usuellement <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>±</mo><mtext> </mtext><mn>3</mn></mrow><annotation encoding="application/x-tex">\pm\,3</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">±</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">3</span></span></span></span> à <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>5</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">5\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">5</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> autour de la conclusion — reconnaît honnêtement l'incertitude inhérente à toute évaluation; elle est acceptable dans certains rapports. La <strong>valeur ponctuelle</strong>, exigée par la plupart des mandats (prêteurs, tribunaux), résulte de la réconciliation finale et s'arrondit de façon appropriée — au <span class="num">5000 $</span> près pour du résidentiel courant. Un arrondi fin (<span class="num">452 380 $</span>) afficherait une précision que la méthode ne possède pas : l'arrondi est aussi une déclaration d'humilité analytique.</p>218<h3 id="s-9-5-4" class="h-subsection"><span class="h-num">9.5.4</span><span class="h-text">Rédiger la justification : la phrase qui vaut des points</span><a class="h-anchor" href="#s-9-5-4" aria-label="Lien vers cette section">#</a></h3>219<p id="p9-53">La réconciliation ne s'achève pas dans le chiffre : elle s'achève dans le <strong class="c-bleu">paragraphe qui le porte</strong>. Une justification professionnelle — celle qu'exigent le TP comme les normes — contient toujours les mêmes quatre éléments, dans un ordre naturel. D'abord l'<em>étendue</em> : rappeler la fourchette des indications, car une conclusion qui tait la dispersion de ses propres données paraît cacher quelque chose. Ensuite la <em>hiérarchie</em> : nommer les comparables dominants et dire <em>pourquoi</em> ils dominent (net faible, vente récente, similarité), en une proposition par comparable. Puis le <em>sort des indications faibles</em> : écartées, ou conservées à titre de balises — on ne fait pas simplement disparaître une indication gênante. Enfin la <em>conclusion située</em> : le chiffre retenu, son arrondi, et sa position dans la fourchette (« dans le tiers supérieur, compte tenu de… »). Quatre à six phrases suffisent; au-delà, on délaye. L'étudiant qui prend l'habitude de rédiger ce paragraphe <em>avant</em> de choisir le chiffre final découvre souvent que l'exercice d'écriture corrige le chiffre : ce qu'on ne parvient pas à justifier par écrit n'était pas une conclusion, c'était une envie.</p>220<div class="box box-ex" id="ex-9-7"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 9.7</span><span class="box-title">— de la fourchette à la valeur ponctuelle</span><a class="box-anchor" href="#ex-9-7" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-54">Indications : <span class="num">448 000 $</span>, <span class="num">455 000 $</span>, <span class="num">460 000 $</span>, <span class="num">452 000 $</span>. Fourchette : <span class="num">448 000 $</span>–<span class="num">460 000 $</span>. Les deux indications les plus fiables encadrant <span class="num">452 000 $</span>–<span class="num">455 000 $</span>, la conclusion réconciliée s'établit à <strong class="c-or"><span class="num">455 000 $</span></strong> (arrondie au <span class="num">5000 $</span>).</p></div></div>221<h3 id="s-9-5-5" class="h-subsection"><span class="h-num">9.5.5</span><span class="h-text">Illustration — cinq ventes ajustées (V1 à V5)</span><a class="h-anchor" href="#s-9-5-5" aria-label="Lien vers cette section">#</a></h3>222<p id="p9-55">Cet exemple, indépendant de l'exemple guidé qui suit (d'où les étiquettes V plutôt que C), montre la mécanique complète de pondération :</p>223<div class="center"><div class="table-wrap"><table class="tbl table-wide"><thead><tr><th>Vente</th><th class="al-r">Valeur indiquée</th><th class="al-c">Nb ajust.</th><th class="al-c">Net (%)</th><th class="al-c">Ancienneté</th><th>Poids</th></tr></thead><tbody><tr><td>V1</td><td class="al-r"><span class="num">456 000</span> $</td><td class="al-c">5</td><td class="al-c">7,9</td><td class="al-c">8 mois</td><td>Moyen</td></tr><tr><td>V2</td><td class="al-r"><span class="num">448 000</span> $</td><td class="al-c">3</td><td class="al-c">4,2</td><td class="al-c">3 mois</td><td><strong>Fort</strong></td></tr><tr><td>V3</td><td class="al-r"><span class="num">462 000</span> $</td><td class="al-c">6</td><td class="al-c">12,1</td><td class="al-c">10 mois</td><td>Faible</td></tr><tr><td>V4</td><td class="al-r"><span class="num">455 000</span> $</td><td class="al-c">4</td><td class="al-c">5,8</td><td class="al-c">5 mois</td><td><strong>Fort</strong></td></tr><tr><td>V5</td><td class="al-r"><span class="num">470 000</span> $</td><td class="al-c">7</td><td class="al-c">16,3</td><td class="al-c">14 mois</td><td><em>Écartée</em></td></tr></tbody></table></div></div>224<p id="p9-56">V5 cumule tous les défauts : net supérieur à 15 %, sept ajustements, vente de 14 mois — elle est écartée. V2 et V4, les plus fiables, resserrent la fourchette utile à <span class="num">448 000 $</span>–<span class="num">456 000 $</span>; V1 et V3 confirment sans peser. <strong>Conclusion : <span class="num">455 000 $</span>.</strong> Remarquez que la conclusion s'écarte de la moyenne des cinq (<span class="num">458 200 $</span>) : la pondération a fait son travail.</p>225<p id="p9-57">Écarter n'est pas effacer. V5 demeure au dossier, avec la raison de son écartement, pour deux motifs. Le premier est déontologique : les normes exigent que le rapport permette de reconstituer l'analyse, y compris ses chemins abandonnés — une vente qui disparaît sans trace ressemble à une vente qui dérangeait. Le second est analytique : même écartée, V5 apporte une information de second ordre; son indication de <span class="num">470 000 $</span>, au-dessus de la fourchette retenue, confirme que la conclusion ne surestime pas le sujet. Une indication faible est un mauvais pilier mais un témoin acceptable : elle ne porte pas la conclusion, elle l'accompagne.</p>226<h2 id="s-9-6" class="h-section"><span class="h-num">9.6</span><span class="h-text">Fiabilité selon le contexte et limites</span><a class="h-anchor" href="#s-9-6" aria-label="Lien vers cette section">#</a></h2>227<p id="p9-58">La méthode n'offre pas la même solidité partout — une lucidité que l'examen valorise. Le déterminant commun de toutes les lignes du tableau qui suit est le même : la fiabilité de la comparaison croît avec l'<strong class="c-bleu">homogénéité du bassin</strong> et la <strong class="c-bleu">fréquence des transactions</strong>, parce que ces deux facteurs réduisent ensemble le nombre et l'ampleur des ajustements nécessaires. À l'extrême favorable, deux condominiums du même projet ne diffèrent que par l'étage et l'orientation : la grille est presque vide, l'indication presque brute de marché. À l'extrême défavorable, une propriété à usage spécial n'a pas de substituts : la grille devrait tout réinventer, et la méthode s'efface au profit du coût ou du revenu.</p>228<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Contexte</th><th>Fiabilité</th><th>Justification</th></tr></thead><tbody><tr><td>Condominiums d'un même projet</td><td>Très élevée</td><td>Comparables quasi identiques</td></tr><tr><td>Résidentiel unifamilial, marché actif</td><td>Élevée</td><td>Nombreux comparables similaires</td></tr><tr><td>Terrains vacants, secteur développé</td><td>Élevée</td><td>Ajustements limités</td></tr><tr><td>Commercial standard (petite taille)</td><td>Moyenne</td><td>Comparables variés</td></tr><tr><td>Immeuble à revenus (multilogement)</td><td>Moyenne-faible</td><td>Méthode du revenu préférable</td></tr><tr><td>Propriété à usage spécial</td><td>Faible</td><td>Peu ou pas de comparables</td></tr><tr><td>Marché inactif, zone éloignée</td><td>Faible</td><td>Données insuffisantes</td></tr></tbody></table></div></div>229<p id="p9-59">Les limites de fond, complémentaires de celles de la séance 8 : l'<strong>effet cumulatif</strong> (chaque ajustement porte sa propre erreur, et les erreurs s'additionnent — c'est le fondement statistique du seuil brut), les <strong>marchés volatils</strong> (les données d'hier décrivent mal le marché d'aujourd'hui), les <strong>facteurs non mesurables</strong> (ambiance, prestige, historique d'un bien) et l'<strong>asymétrie d'information</strong> inhérente à un marché imparfait. La méthode reste néanmoins, au Québec, la référence du résidentiel unifamilial : nulle autre ne colle d'aussi près au comportement observable des acheteurs.</p>230<p id="p9-60">Prenons un peu de hauteur pour finir, car les deux chapitres de la méthode de comparaison enseignent quelque chose qui dépasse la méthode elle-même. La grille d'ajustement est, au fond, un <strong class="c-bleu">appareil à discipliner le jugement</strong> : chaque règle rencontrée — vérifier avant d'utiliser, ajuster le comparable et jamais le sujet, respecter l'ordre, surveiller le net et le brut, pondérer au lieu de moyenner, documenter chaque geste — vise le même adversaire, le raisonnement motivé, cette pente naturelle qui fait trouver des arguments à la conclusion qu'on espère. L'évaluateur qui « sent » que la maison vaut <span class="num">460 000 $</span> et construit sa grille pour y arriver commet la faute inverse de la méthode; celui qui laisse la grille le surprendre — et accepte qu'elle contredise son intuition initiale — pratique l'évaluation. Cette posture, acquise ici sur des bungalows de Hull, servira telle quelle dans la méthode du coût et la méthode du revenu : les techniques changeront, l'adversaire restera le même.</p>231<h2 id="s-9-7" class="h-section"><span class="h-num">9.7</span><span class="h-text">Exemple guidé complet : unifamiliale du secteur Hull</span><a class="h-anchor" href="#s-9-7" aria-label="Lien vers cette section">#</a></h2>232<p id="p9-61">Cet exemple, travaillé en classe, constitue le modèle méthodologique du travail pratique. Suivez chaque calcul : la grille du TP en reprend exactement la mécanique. Une suggestion de lecture active : avant de consulter chaque grille, tentez de prédire le <em>signe</em> de chaque ajustement à partir du tableau descriptif des comparables — C1 a un sous-sol non fini là où le sujet l'a fini, donc… — puis vérifiez. L'exercice prend dix minutes et vaut une heure de relecture passive : à l'examen comme au TP, c'est la prédiction du signe, bien plus que l'arithmétique, qui départage les copies.</p>233<h3 id="s-9-7-1" class="h-subsection"><span class="h-num">9.7.1</span><span class="h-text">Le sujet et les données</span><a class="h-anchor" href="#s-9-7-1" aria-label="Lien vers cette section">#</a></h3>234<div class="box box-ex" id="ex-9-8"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 9.8</span><span class="box-title">— présentation du mandat</span><a class="box-anchor" href="#ex-9-8" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-62"><strong>Mandat :</strong> estimer la valeur marchande d'une unifamiliale de Gatineau (secteur Hull) par la méthode de comparaison directe. <strong>Date d'évaluation :</strong> 1<sup>er</sup> octobre 2026. <strong>Sujet :</strong> unifamiliale détachée à deux étages, construite en 2005; <span class="num">1500</span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> habitables; 3 chambres, 2 salles de bain complètes; sous-sol fini (salle familiale); terrain de <span class="num">5500</span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>; garage double attaché; stationnement asphalté; chauffage au gaz naturel; terrasse de bois et clôture; bon état, entretien normal. <strong>Évaluation municipale (rôle 2025) :</strong> <span class="num">385 000 $</span> (terrain <span class="num">95 000 $</span>, bâtiment <span class="num">290 000 $</span>). <strong>Marché :</strong> hausse d'environ 5 % par année dans le secteur; cinq ventes comparables vérifiées auprès des courtiers (conditions normales, financement conventionnel).</p></div></div>235<h3 id="s-9-7-2" class="h-subsection"><span class="h-num">9.7.2</span><span class="h-text">Les comparables et les ajustements unitaires</span><a class="h-anchor" href="#s-9-7-2" aria-label="Lien vers cette section">#</a></h3>236<div class="center"><div class="table-wrap"><table class="tbl table-wide"><thead><tr><th>Caractéristique</th><th>C1</th><th>C2</th><th>C3</th><th>C4</th><th>C5</th></tr></thead><tbody><tr><td>Prix de vente ($)</td><td><span class="num">410 000</span></td><td><span class="num">445 000</span></td><td><span class="num">425 000</span></td><td><span class="num">460 000</span></td><td><span class="num">438 000</span></td></tr><tr><td>Date de vente</td><td>févr. 2026</td><td>juill. 2026</td><td>avr. 2026</td><td>août 2026</td><td>mai 2026</td></tr><tr><td>Localisation</td><td>Hull</td><td>Hull</td><td>Hull</td><td>Aylmer</td><td>Hull</td></tr><tr><td>Année</td><td>2003</td><td>2006</td><td>2005</td><td>2008</td><td>2004</td></tr><tr><td>Superficie (pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>)</td><td><span class="num">1580</span></td><td><span class="num">1480</span></td><td><span class="num">1520</span></td><td><span class="num">1650</span></td><td><span class="num">1500</span></td></tr><tr><td>Chambres / SDB</td><td>3 / 2</td><td>3 / 1</td><td>3 / 2</td><td>4 / 2</td><td>3 / 2</td></tr><tr><td>Sous-sol</td><td>Non fini</td><td>Fini</td><td>Fini</td><td>Fini</td><td>Partiel</td></tr><tr><td>Terrain (pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>)</td><td><span class="num">5000</span></td><td><span class="num">5200</span></td><td><span class="num">6000</span></td><td><span class="num">7000</span></td><td><span class="num">5500</span></td></tr><tr><td>Garage</td><td>Simple</td><td>Double</td><td>Double</td><td>Double</td><td>Simple</td></tr><tr><td>État</td><td>Bon</td><td>Très bon</td><td>Bon</td><td>Très bon</td><td>Moyen</td></tr></tbody></table></div></div>237<p id="p9-63">Les ajustements unitaires, tous documentés par leur technique d'extraction — c'est le standard attendu au TP :</p>238<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Élément</th><th class="al-r">Ajustement</th><th>Source (technique)</th></tr></thead><tbody><tr><td>Conditions de marché (temps)</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>5</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">+5\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">5</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>/an</td><td>Analyse de tendance Centris</td></tr><tr><td>Localisation Hull vs Aylmer</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>5</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">-5\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mord">5</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span></td><td>Analyse par paires</td></tr><tr><td>Superficie habitable</td><td class="al-r">100 $/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span></td><td>Régression (MLS)</td></tr><tr><td>Chambre supplémentaire</td><td class="al-r"><span class="num">12 000</span> $</td><td>Analyse par paires</td></tr><tr><td>Salle de bain complète</td><td class="al-r"><span class="num">10 000</span> $</td><td>Analyse par paires</td></tr><tr><td>Sous-sol fini vs non fini</td><td class="al-r"><span class="num">18 000</span> $</td><td>Coût déprécié</td></tr><tr><td>Sous-sol fini vs partiel</td><td class="al-r"><span class="num">8000</span> $</td><td>Coût déprécié</td></tr><tr><td>Terrain (pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> excédentaire)</td><td class="al-r">7 $/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span></td><td>Comparaison de terrains</td></tr><tr><td>Garage simple vs double</td><td class="al-r"><span class="num">15 000</span> $</td><td>Analyse par paires</td></tr><tr><td>État très bon vs bon</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">8000</span> $</td><td>Coût des travaux</td></tr><tr><td>État moyen vs bon</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">12 000</span> $</td><td>Coût des travaux</td></tr><tr><td>Âge (par année d'écart)</td><td class="al-r"><span class="num">2000</span> $/an</td><td>Analyse par paires</td></tr></tbody></table></div></div>239<h3 id="s-9-7-3" class="h-subsection"><span class="h-num">9.7.3</span><span class="h-text">Grilles d'ajustement détaillées — C1 et C2</span><a class="h-anchor" href="#s-9-7-3" aria-label="Lien vers cette section">#</a></h3>240<p id="p9-64"><strong>Comparable C1</strong> (vendu <span class="num">410 000 $</span> en février 2026, soit 8 mois avant la date d'évaluation). Transactions et financement normaux : étapes 1–3 nulles. Temps : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>410</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,05</mn><mo>×</mo><mn>8</mn><mi mathvariant="normal">/</mi><mn>12</mn><mo>=</mo><mo>+</mo><mtext> </mtext><mn>13</mn><mtext> </mtext><mn>667</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">410\,000 \times 0{,}05 \times 8/12 =241+\,13\,667\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">410</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">05</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">8/12</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">13</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">667</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>; base de marché : <span class="num">423 667 $</span>. Propriété : superficie <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>80</mn></mrow><annotation encoding="application/x-tex">+80</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">80</span></span></span></span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mtext> </mtext><mn>8000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">-\,8000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">8000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>); âge 2003, deux ans plus vieux (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>4000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,4000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">4000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>); sous-sol non fini contre fini (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>18</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,18\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">18</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>); terrain <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>500</mn></mrow><annotation encoding="application/x-tex">-500</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mord">500</span></span></span></span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>3500</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,3500\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">3500</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>); garage simple contre double (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>15</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,15\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>); localisation, chambres, salles de bain et état similaires (0).</p>242<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Élément</th><th class="al-c">Sujet</th><th class="al-c">C1</th><th class="al-r">Ajust. ($)</th></tr></thead><tbody><tr><td>Prix de vente</td><td class="al-c">—</td><td class="al-c"><span class="num">410 000</span></td><td class="al-r">—</td></tr><tr><td>Droits, financement, conditions de vente</td><td class="al-c">—</td><td class="al-c">Normales</td><td class="al-r">0</td></tr><tr><td>Conditions de marché (8 mois, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>5</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">+5\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">5</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>/an)</td><td class="al-c">oct. 2026</td><td class="al-c">févr. 2026</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">13 667</span></td></tr><tr class="rule-above"><td><strong>Prix ajusté transactionnel</strong></td><td class="al-c"></td><td class="al-c"></td><td class="al-r"><strong><span class="num">423 667</span></strong></td></tr><tr class="rule-above"><td>Superficie (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>80</mn></mrow><annotation encoding="application/x-tex">+80</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">80</span></span></span></span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>)</td><td class="al-c"><span class="num">1500</span></td><td class="al-c"><span class="num">1580</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">8000</span></td></tr><tr><td>Âge (2 ans plus vieux)</td><td class="al-c">2005</td><td class="al-c">2003</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">4000</span></td></tr><tr><td>Sous-sol</td><td class="al-c">Fini</td><td class="al-c">Non fini</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">18 000</span></td></tr><tr><td>Terrain (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>500</mn></mrow><annotation encoding="application/x-tex">-500</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mord">500</span></span></span></span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>)</td><td class="al-c"><span class="num">5500</span></td><td class="al-c"><span class="num">5000</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">3500</span></td></tr><tr><td>Garage</td><td class="al-c">Double</td><td class="al-c">Simple</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">15 000</span></td></tr><tr><td>Localisation, chambres, SDB, état</td><td class="al-c">—</td><td class="al-c">Similaires</td><td class="al-r">0</td></tr><tr class="rule-above"><td><strong>Total ajustements de propriété</strong></td><td class="al-c"></td><td class="al-c"></td><td class="al-r"><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:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">32 500</span></strong></td></tr><tr class="rule-above"><td><strong>Valeur indiquée par C1</strong></td><td class="al-c"></td><td class="al-c"></td><td class="al-r"><strong><span class="num">456 167</span></strong></td></tr></tbody></table></div></div>243<p id="p9-65"><strong>Comparable C2</strong> (vendu <span class="num">445 000 $</span> en juillet 2026, 3 mois). Temps : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>445</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,05</mn><mo>×</mo><mn>3</mn><mi mathvariant="normal">/</mi><mn>12</mn><mo>=</mo><mo>+</mo><mtext> </mtext><mn>5563</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">445\,000 \times 0{,}05 \times 3/12 = +\,5563\,\$</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">445</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">05</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">3/12</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">5563</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>; base : <span class="num">450 563 $</span>. Propriété : superficie <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>20</mn></mrow><annotation encoding="application/x-tex">-20</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mord">20</span></span></span></span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>2000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,2000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">2000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>); âge 2006, un an plus récent (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mtext> </mtext><mn>2000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">-\,2000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">2000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>); une salle de bain en moins (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>10</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,10\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>); terrain <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>300</mn></mrow><annotation encoding="application/x-tex">-300</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mord">300</span></span></span></span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>2100</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,2100\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">2100</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>); état très bon (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mtext> </mtext><mn>8000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">-\,8000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">8000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>); le reste similaire.</p>244<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Élément</th><th class="al-c">Sujet</th><th class="al-c">C2</th><th class="al-r">Ajust. ($)</th></tr></thead><tbody><tr><td>Prix de vente</td><td class="al-c">—</td><td class="al-c"><span class="num">445 000</span></td><td class="al-r">—</td></tr><tr><td>Droits, financement, conditions de vente</td><td class="al-c">—</td><td class="al-c">Normales</td><td class="al-r">0</td></tr><tr><td>Conditions de marché (3 mois)</td><td class="al-c">oct. 2026</td><td class="al-c">juill. 2026</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">5563</span></td></tr><tr class="rule-above"><td><strong>Prix ajusté transactionnel</strong></td><td class="al-c"></td><td class="al-c"></td><td class="al-r"><strong><span class="num">450 563</span></strong></td></tr><tr class="rule-above"><td>Superficie (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>20</mn></mrow><annotation encoding="application/x-tex">-20</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mord">20</span></span></span></span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>)</td><td class="al-c"><span class="num">1500</span></td><td class="al-c"><span class="num">1480</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">2000</span></td></tr><tr><td>Âge (1 an plus récent)</td><td class="al-c">2005</td><td class="al-c">2006</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">2000</span></td></tr><tr><td>Salles de bain (1 de moins)</td><td class="al-c">2</td><td class="al-c">1</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">10 000</span></td></tr><tr><td>Terrain (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>300</mn></mrow><annotation encoding="application/x-tex">-300</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mord">300</span></span></span></span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>)</td><td class="al-c"><span class="num">5500</span></td><td class="al-c"><span class="num">5200</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">2100</span></td></tr><tr><td>État</td><td class="al-c">Bon</td><td class="al-c">Très bon</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">8000</span></td></tr><tr><td>Localisation, chambres, sous-sol, garage</td><td class="al-c">—</td><td class="al-c">Similaires</td><td class="al-r">0</td></tr><tr class="rule-above"><td><strong>Total ajustements de propriété</strong></td><td class="al-c"></td><td class="al-c"></td><td class="al-r"><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:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">4100</span></strong></td></tr><tr class="rule-above"><td><strong>Valeur indiquée par C2</strong></td><td class="al-c"></td><td class="al-c"></td><td class="al-r"><strong><span class="num">454 663</span></strong></td></tr></tbody></table></div></div>245<h3 id="s-9-7-4" class="h-subsection"><span class="h-num">9.7.4</span><span class="h-text">Grilles résumées — C3, C4 et C5</span><a class="h-anchor" href="#s-9-7-4" aria-label="Lien vers cette section">#</a></h3>246<p id="p9-66">Les mêmes règles s'appliquent; les délais de marché sont respectivement de 6, 2 et 5 mois :</p>247<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Élément d'ajustement</th><th class="al-r">C3</th><th class="al-r">C4</th><th class="al-r">C5</th></tr></thead><tbody><tr><td>Prix de vente ($)</td><td class="al-r"><span class="num">425 000</span></td><td class="al-r"><span class="num">460 000</span></td><td class="al-r"><span class="num">438 000</span></td></tr><tr><td>Conditions de marché</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">10 625</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">3833</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">9125</span></td></tr><tr class="rule-above"><td><strong>Prix ajusté transactionnel</strong></td><td class="al-r"><strong><span class="num">435 625</span></strong></td><td class="al-r"><strong><span class="num">463 833</span></strong></td><td class="al-r"><strong><span class="num">447 125</span></strong></td></tr><tr class="rule-above"><td>Localisation (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>5</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">-5\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mord">5</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> pour Aylmer)</td><td class="al-r">0</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">23 192</span></td><td class="al-r">0</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><span class="num">2000</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">15 000</span></td><td class="al-r">0</td></tr><tr><td>Âge</td><td class="al-r">0</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">6000</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">2000</span></td></tr><tr><td>Chambres</td><td class="al-r">0</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">12 000</span></td><td class="al-r">0</td></tr><tr><td>Sous-sol</td><td class="al-r">0</td><td class="al-r">0</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">8000</span></td></tr><tr><td>Terrain</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">3500</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">10 500</span></td><td class="al-r">0</td></tr><tr><td>Garage</td><td class="al-r">0</td><td class="al-r">0</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">15 000</span></td></tr><tr><td>État</td><td class="al-r">0</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">8000</span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">12 000</span></td></tr><tr class="rule-above"><td><strong>Total ajustements de propriété</strong></td><td class="al-r"><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:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">5500</span></strong></td><td class="al-r"><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:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span><span class="num">74 692</span></strong></td><td class="al-r"><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:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span><span class="num">37 000</span></strong></td></tr><tr class="rule-above"><td><strong>Valeur indiquée ($)</strong></td><td class="al-r"><strong><span class="num">430 125</span></strong></td><td class="al-r"><strong><span class="num">389 141</span></strong></td><td class="al-r"><strong><span class="num">484 125</span></strong></td></tr></tbody></table></div></div>248<p id="p9-67">Deux calculs méritent le détail. <strong>C4, localisation</strong> : Aylmer étant jugé supérieur de 5 % à Hull pour ce type de bien, l'ajustement s'applique sur la base de marché : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>463</mn><mtext> </mtext><mn>833</mn><mo>×</mo><mo stretchy="false">(</mo><mo>−</mo><mn>0,05</mn><mo stretchy="false">)</mo><mo>=</mo><mo>−</mo><mtext> </mtext><mn>23</mn><mtext> </mtext><mn>192</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">463\,833 \times (-0{,}05) =249-\,23\,192\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">463</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">833</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mopen">(</span><span class="mord">−</span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">05</span><span class="mclose">)</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">23</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">192</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> — un ajustement en pourcentage se calcule toujours sur le prix ajusté transactionnel, pas sur le prix de vente brut. <strong>C5, état</strong> : état moyen contre bon <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mo>+</mo><mtext> </mtext><mn>12</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= +\,12\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">12</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> (coût des travaux de remise à niveau), auquel s'ajoutent le sous-sol partiel (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>8000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,8000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">8000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>) et le garage simple (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>15</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,15\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>) : C5 était globalement inférieur au sujet, et la grille le remonte logiquement.</p>250<h3 id="s-9-7-5" class="h-subsection"><span class="h-num">9.7.5</span><span class="h-text">Seuils, pondération et conclusion</span><a class="h-anchor" href="#s-9-7-5" aria-label="Lien vers cette section">#</a></h3>251<div class="center"><div class="table-wrap"><table class="tbl table-wide"><thead><tr><th>Comp.</th><th class="al-r">Valeur indiquée</th><th class="al-c">Net (%)</th><th class="al-c">Brut (%)</th><th class="al-c">Poids</th><th>Justification</th></tr></thead><tbody><tr><td>C1</td><td class="al-r"><span class="num">456 167</span> $</td><td class="al-c">7,9</td><td class="al-c">11,8</td><td class="al-c">Moyen</td><td>Fiable, mais ajustements substantiels (sous-sol, garage)</td></tr><tr><td>C2</td><td class="al-r"><span class="num">454 663</span> $</td><td class="al-c">0,9</td><td class="al-c">5,4</td><td class="al-c"><strong>Fort</strong></td><td>Le plus semblable, vente récente, net minime</td></tr><tr><td>C3</td><td class="al-r"><span class="num">430 125</span> $</td><td class="al-c">1,3</td><td class="al-c">1,3</td><td class="al-c"><strong>Fort</strong></td><td>Quasi-jumeau, deux ajustements seulement</td></tr><tr><td>C4</td><td class="al-r"><span class="num">389 141</span> $</td><td class="al-c">16,2</td><td class="al-c">16,2</td><td class="al-c"><em>Écarté</em></td><td>Aylmer, 4 chambres, net <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>></mo><mn>15</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">>15\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.5782em;vertical-align:-0.0391em;"></span><span class="mrel">></span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span></td></tr><tr><td>C5</td><td class="al-r"><span class="num">484 125</span> $</td><td class="al-c">8,4</td><td class="al-c">8,4</td><td class="al-c">Faible</td><td>Ajustements bruts lourds (état, garage)</td></tr></tbody></table></div></div>252<p id="p9-68">Les deux indications de poids fort, C2 (<span class="num">454 663 $</span>) et C3 (<span class="num">430 125 $</span>), délimitent la zone crédible; C1 la corrobore par le haut, C5 par l'extérieur, et C4 est écarté. <strong>Fourchette retenue : <span class="num">440 000 $</span>–<span class="num">455 000 $</span>. Valeur marchande estimée : <strong class="c-or"><span class="num">450 000 $</span></strong></strong> (arrondie au <span class="num">5000 $</span>). On notera la cohérence externe : le rôle municipal (<span class="num">385 000 $</span>, date de référence antérieure dans un marché haussier) se situe logiquement sous la conclusion.</p>253<div class="box box-att" id="attention-9-69"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-warning"/></svg></span><span class="box-label">L'écart C2–C3 mérite une phrase au rapport</span><a class="box-anchor" href="#attention-9-69" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-70">Les deux meilleurs comparables divergent de <span class="num">24 500 $</span> — environ 5 % — ce qui est normal, mais doit être commenté : « les indications les plus fiables encadrent la conclusion, qui se situe dans le tiers supérieur de la fourchette compte tenu de la corroboration de C1 ». Une conclusion qui ne discute pas la dispersion de ses propres indications est incomplète.</p></div></div>254<h3 id="s-9-7-6" class="h-subsection"><span class="h-num">9.7.6</span><span class="h-text">Validation externe et sensibilité de la conclusion</span><a class="h-anchor" href="#s-9-7-6" aria-label="Lien vers cette section">#</a></h3>255<p id="p9-71">Avant de signer, l'évaluateur confronte sa conclusion à trois repères externes<label for="sn-9-4" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-9-4" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">Trois recoupements : rôle municipal, médiane du secteur, prix unitaire implicite.</span>. Le <strong class="c-bleu">rôle municipal</strong> d'abord : <span class="num">385 000 $</span> à une date de référence antérieure, dans un marché qui progresse d'environ 5 % par année — l'écart de 17 % avec la conclusion est cohérent avec deux à trois années de hausse et l'écart usuel rôle-marché; un écart de 40 % aurait exigé une explication. La <strong class="c-bleu">médiane du secteur</strong> ensuite : le sujet, unifamiliale de <span class="num">1500</span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> avec garage double et sous-sol fini, se situe légèrement au-dessus du bien médian de Hull — une conclusion à <span class="num">450 000 $</span>, au-dessus d'une médiane d'environ <span class="num">430 000 $</span>, raconte une histoire plausible. Le <strong class="c-bleu">prix unitaire implicite</strong> enfin : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>450</mn><mtext> </mtext><mn>000</mn><mi mathvariant="normal">/</mi><mn>1</mn><mtext> </mtext><mn>500</mn><mo>=</mo><mn>300</mn></mrow><annotation encoding="application/x-tex">450\,000 / 1\,500256= 300</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">450</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000/1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">500</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">300</span></span></span></span> $/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>, dans la bande observée des comparables une fois leurs différences neutralisées.</p>257<p id="p9-72">Reste la sensibilité. Les deux poids forts, C2 et C3, dépendent peu des ajustements unitaires contestables : C2 n'a que <span class="num">4100 $</span> d'ajustements de propriété, C3 en a <span class="num">5500 $</span>. Faire varier de <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>±</mo><mn>10</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">\pm 10\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">±</span><span class="mord">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> les valeurs unitaires du tableau déplace leurs indications de moins de <span class="num">1000 $</span> chacune — la conclusion de <span class="num">450 000 $</span> est <strong class="c-vert">insensible</strong> aux hypothèses fragiles, précisément parce que la pondération a favorisé les comparables peu ajustés. C'est la récompense méthodologique de toute la démarche : bien choisir ses comparables rend la conclusion robuste <em>par construction</em>, là où une grille aux ajustements lourds resterait à la merci de chaque valeur unitaire.</p>258<h2 id="s-9-8" class="h-section"><span class="h-num">9.8</span><span class="h-text">Le travail pratique de la méthode de comparaison</span><a class="h-anchor" href="#s-9-8" aria-label="Lien vers cette section">#</a></h2>259<p id="p9-73">Le travail pratique (pondération : <strong class="c-or">10 %</strong>, remise à la séance 10) transpose intégralement la démarche de ce chapitre à un dossier réel du secteur Aylmer : la propriété du 53, rue du Tropique, inscrite à <span class="num">649 900 $</span> et sous promesse d'achat au prix demandé. Un prêteur vous mandate : votre grille d'ajustement complète dira si ce prix reflète la valeur marchande. Le dossier fournit des inscriptions et ventes réelles (Realtor.ca, MLS), la médiane du secteur (<span class="num">572 750 $</span>, APCIQ T2 2026) et des conventions d'ajustement ancrées; le prix de la vente n<sup>o</sup> 1 est personnalisé selon votre code étudiant.</p>260<p id="p9-74">Le rapport attendu suit huit sections, dans l'ordre : page titre; description du sujet; analyse du marché du secteur; sélection et justification des comparables; <strong>grille d'ajustement complète</strong> (calculs détaillés pour chaque comparable); <strong>vérification des seuils</strong> net et brut; <strong>réconciliation</strong> avec analyse de fiabilité; conclusion de valeur ponctuelle motivée — puis l'avis au prêteur. Barème : grille 40 %, calculs 25 %, réconciliation 25 %, présentation 10 %.</p>261<p id="p9-75">Un conseil d'organisation, tiré de l'expérience des corrections passées : travaillez le dossier en <em>deux passes</em> séparées d'au moins une journée. La première passe construit — sélection, vérifications, grille, calculs; la seconde <em>audite</em> : refaites chaque calcul à la calculatrice sans regarder le premier résultat, vérifiez chaque signe avec la question-réflexe (« que faudrait-il faire au prix du comparable pour qu'il décrive le sujet? »), relisez la justification de réconciliation comme si vous étiez le prêteur. La quasi-totalité des erreurs relevées au barème — signes inversés, ordre violé, moyenne déguisée — survivent à la première passe et meurent à la seconde. Enfin, gardez la trace de <em>tout</em> : la note qui explique pourquoi une vente a été écartée vaut des points; la vente écartée en silence en coûte.</p>262<div class="box box-att" id="attention-9-76"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-warning"/></svg></span><span class="box-label">Les six erreurs qui coûtent le plus de points</span><a class="box-anchor" href="#attention-9-76" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-77">(1) Faire une <strong>moyenne simple</strong> au lieu de réconcilier; (2) ajuster le <strong>sujet</strong> au lieu du comparable; (3) ignorer l'<strong>ordre séquentiel</strong>; (4) omettre la vérification des <strong>seuils</strong>; (5) ne pas <strong>justifier</strong> les ajustements par une source; (6) utiliser des ajustements <strong>arbitraires</strong> sans appui de marché. Chacune a son antidote dans ce chapitre.</p></div></div>263<div class="box box-terrain" id="terrain-9-78"><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-9-78" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-79">Réflexe professionnel à cultiver dès le TP : recouper la conclusion avec le rôle municipal et la médiane du secteur. Une conclusion à <span class="num">650 000 $</span> dans un secteur dont la médiane est <span class="num">572 750 $</span> n'est pas nécessairement fausse — le sujet peut être supérieur au bien médian — mais l'écart de 13 % doit être <em>expliqué</em>, sans quoi le lecteur du rapport le fera à votre place.</p></div></div>264<p id="p9-80">Le contexte du mandat mérite enfin une lecture attentive, car il est subtilement piégé : la propriété est <em>déjà</em> sous promesse d'achat au prix demandé. La tentation — pour l'étudiant comme pour l'évaluateur pressé — est de considérer ce prix accepté comme la réponse : « le marché a parlé ». Or c'est précisément la situation que la définition de la valeur marchande oblige à examiner : <em>un</em> acheteur a accepté <em>ce</em> prix, mais rien ne garantit encore qu'il soit le prix <em>le plus probable</em> — l'acheteur peut être mal informé, pressé, ou en surenchère émotive. Le prêteur vous mandate exactement pour cela : dire si la promesse d'achat reflète le marché ou un cas particulier. Une grille qui conclut sous le prix accepté n'est donc pas une grille « ratée » : c'est peut-être la seule information utile que le dossier produira.</p>265<hr class="sep">266<h2 id="s-9-9" class="h-section"><span class="h-num">9.9</span><span class="h-text">Exercices</span><a class="h-anchor" href="#s-9-9" aria-label="Lien vers cette section">#</a></h2>267<div class="box box-exo" id="exo-9-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 9.1</span><span class="box-title">— quiz éclair — seuils</span><a class="box-anchor" href="#exo-9-1" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-81">Un comparable vendu <span class="num">350 000 $</span> reçoit trois ajustements : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>20</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,20\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">20</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mtext> </mtext><mn>15</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">-\,15\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> et <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>8000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,8000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">8000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. Calculez ses ajustements net et brut, en dollars et en pourcentage, et vérifiez les seuils.</p></div></div>268<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p9-82">Net <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>20</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>15</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>8</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mo>+</mo><mtext> </mtext><mn>13</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= 20\,000 - 15\,000 + 8\,000 = +\,13\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">20</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">8</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">13</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>, soit <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>13</mn><mtext> </mtext><mn>000</mn><mi mathvariant="normal">/</mi><mn>350</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>3,7</mn><mtext> </mtext><mi mathvariant="normal">%</mi><mo>≤</mo><mn>15</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">13\,000/350\,000 = 3{,}7\,\% \leq 15\,\%</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">13</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000/350</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">3</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">7</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">≤</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</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>20</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>15</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>8</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>43</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= 20\,000 +26915\,000 + 8\,000 = 43\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">20</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">8</span><span class="mspace" style="margin-right:0.1667em;"></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">43</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>, soit <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>12,3</mn><mtext> </mtext><mi mathvariant="normal">%</mi><mo>≤</mo><mn>25</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">12{,}3\,\% \leq27025\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">12</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 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">25</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> ✓. Les deux seuils sont respectés : le comparable conserve une bonne fiabilité. Noter le contraste entre le net (les signes se compensent) et le brut (rien ne se compense) : c'est le brut qui révèle le volume réel de corrections.</p></div></details>271<div class="box box-exo" id="exo-9-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 9.2</span><span class="box-title">— analyse par paires imparfaites</span><a class="box-anchor" href="#exo-9-2" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-83">Vous disposez de deux ventes pour estimer la contribution d'un sous-sol fini. Vente A (sous-sol fini) : <span class="num">432 000 $</span>. Vente B (sous-sol non fini, mais terrain plus grand de <span class="num">600</span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> à 8 $/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>) : <span class="num">412 000 $</span>. Estimez la contribution du sous-sol fini.</p></div></div>272<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p9-84">La paire est imparfaite : il faut d'abord neutraliser la différence de terrain. Avantage terrain de B : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>600</mn><mo>×</mo><mn>8</mn><mo>=</mo><mn>4800</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">600 \times 8 = 4800\,\$</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">600</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">8</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">4800</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. Prix de B « à terrain égal » : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>412</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>4</mn><mtext> </mtext><mn>800</mn><mo>=</mo><mn>407</mn><mtext> </mtext><mn>200</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">412\,000 - 4\,800 = 407\,200\,\$</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">412</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">4</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">800</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">407</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">200</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. Contribution du sous-sol fini <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>432</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>407</mn><mtext> </mtext><mn>200</mn><mo>=</mo><mn>24</mn><mtext> </mtext><mn>800</mn><mtext> </mtext><mi mathvariant="normal">$</mi><mo>≈</mo><mn>25</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= 432\,000 - 407\,200 = 24\,800\,\$ \approx27325\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">432</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">407</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">200</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">24</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">800</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span><span 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">25</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. La démarche générale : purger la paire de ses différences secondaires <em>avant</em> d'isoler l'élément cible; chaque purge ajoutant de l'incertitude, on privilégie les paires exigeant le moins de corrections et l'on confirme par une seconde technique (coût déprécié : un aménagement de sous-sol d'environ <span class="num">35 000 $</span> contribuant à 70 % donnerait <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≈</mo><mn>24</mn><mtext> </mtext><mn>500</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">\approx 24\,500\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.4831em;"></span><span class="mrel">≈</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">24</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">500</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> — convergence rassurante).</p></div></details>274<div class="box box-exo" id="exo-9-3"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 9.3</span><span class="box-title">— grille chaînée en pourcentages</span><a class="box-anchor" href="#exo-9-3" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-85">Un comparable s'est vendu <span class="num">500 000 $</span> il y a 6 mois. Analyse : vente avec légère pression du vendeur (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>2</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">+2\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">2</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> pour ramener aux conditions libres), marché en hausse de 4 % par année, localisation supérieure au sujet (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>6</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">-6\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mord">6</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>), garage inférieur (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>15</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,15\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>). Calculez l'indication de valeur en respectant l'ordre séquentiel.</p></div></div>275<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p9-86">Étape 3 (conditions de vente) : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>500</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>1,02</mn><mo>=</mo><mn>510</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">500\,000 \times 1{,}02 = 510\,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">500</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">1</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">02</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">510</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. Étape 4 (marché, 6 mois à <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>4</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">+4\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">4</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>/an) : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>510</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mo stretchy="false">(</mo><mn>1</mn><mo>+</mo><mn>0,04</mn><mo>×</mo><mn>6</mn><mi mathvariant="normal">/</mi><mn>12</mn><mo stretchy="false">)</mo><mo>=</mo><mn>510</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>1,02</mn><mo>=</mo><mn>520</mn><mtext> </mtext><mn>200</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">510\,000 \times (1 + 0{,}04276\times 6/12) = 510\,000 \times 1{,}02 = 520\,200\,\$</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">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:1em;vertical-align:-0.25em;"></span><span class="mopen">(</span><span class="mord">1</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><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">04</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">6/12</span><span class="mclose">)</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><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:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">1</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">02</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">520</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">200</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. Étape 5 (localisation, sur la base de marché) : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>520</mn><mtext> </mtext><mn>200</mn><mo>×</mo><mo stretchy="false">(</mo><mo>−</mo><mn>0,06</mn><mo stretchy="false">)</mo><mo>=</mo><mo>−</mo><mtext> </mtext><mn>31</mn><mtext> </mtext><mn>212</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">520\,200 \times (-0{,}06) =277-\,31\,212\,\$</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">520</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">200</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height: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">06</span><span class="mclose">)</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">31</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">212</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>; base <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>488</mn><mtext> </mtext><mn>988</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= 488\,988\,\$</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">488</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">988</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. Étape 6 (garage) : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>15</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,15\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. <strong>Indication</strong> <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>488</mn><mtext> </mtext><mn>988</mn><mo>+</mo><mn>15</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>503</mn><mtext> </mtext><mn>988</mn><mtext> </mtext><mi mathvariant="normal">$</mi><mo>≈</mo><mn>504</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= 488\,988 + 15\,000 =278503\,988\,\$ \approx 504\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">488</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">988</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">503</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">988</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">≈</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">504</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. Contre-exemple du désordre : appliquer la localisation sur le prix brut (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>500</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mo>−</mo><mn>0,06</mn><mo>=</mo><mo>−</mo><mtext> </mtext><mn>30</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">500\,000 \times -0{,}06 =279-\,30\,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">500</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">−</span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">06</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">30</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>) aurait sous-corrigé de <span class="num">1212 $</span> — l'erreur d'ordre est silencieuse mais systématique.</p></div></details>280<div class="box box-exo" id="exo-9-4"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 9.4</span><span class="box-title">— réconciliation complète</span><a class="box-anchor" href="#exo-9-4" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-87">Quatre comparables ajustés : A <span class="num">512 000 $</span> (net 2 %, vente de 2 mois); B <span class="num">498 000 $</span> (net 4 %, 5 mois); C <span class="num">535 000 $</span> (net 18 %, 4 mois); D <span class="num">489 000 $</span> (net 6 %, 13 mois). Attribuez un poids à chaque indication, proposez une fourchette et une valeur ponctuelle, et rédigez la justification en trois phrases.</p></div></div>281<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p9-88"><strong>Poids.</strong> A : fort (net minimal, vente très récente). B : fort (net faible, délai raisonnable). C : faible ou écarté (net <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>18</mn><mtext> </mtext><mi mathvariant="normal">%</mi><mo>></mo><mn>15</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">18\,\% > 15\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">18</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">></span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> — conserver à titre de balise haute seulement). D : moyen-faible (net correct mais vente de 13 mois : l'ajustement temporel domine son indication). <strong>Fourchette utile</strong> (A–B) : <span class="num">498 000 $</span>–<span class="num">512 000 $</span>. <strong>Conclusion : <span class="num">505 000 $</span></strong> (arrondie au <span class="num">5000 $</span>). <strong>Justification type :</strong> « Les indications les plus fiables (A et B), aux ajustements nets de 2 et 4 % et aux ventes les plus récentes, encadrent la conclusion. L'indication C, dont l'ajustement net excède le repère de 15 %, n'a servi que de balise supérieure; l'indication D corrobore le bas de la fourchette malgré son ancienneté. La valeur retenue de <span class="num">505 000 $</span> reflète le poids prépondérant accordé à A, la vente la plus récente et la plus semblable au sujet. »</p></div></details>282<div class="box box-exo" id="exo-9-5"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 9.5</span><span class="box-title">— détecter les erreurs d'une grille</span><a class="box-anchor" href="#exo-9-5" aria-label="Lien">#</a></div><div class="box-body"><p id="p9-89">Un étudiant remet la grille suivante pour un comparable vendu <span class="num">420 000 $</span> il y a 9 mois (marché <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>5</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">+5\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">5</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>/an) : localisation inférieure au sujet : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mtext> </mtext><mn>12</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">-\,12\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">12</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>; temps : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>15</mn><mtext> </mtext><mn>750</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,15\,750\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">750</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> appliqué <em>après</em> les ajustements physiques; superficie du sujet supérieure de <span class="num">100</span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> : ajustement au sujet de <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>10</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,10\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>; conclusion : moyenne des trois comparables. Relevez les quatre erreurs et corrigez la logique.</p></div></div>283<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p9-90">(1) <strong>Signe de localisation inversé</strong> : un comparable <em>inférieur</em> en localisation reçoit un ajustement <em>positif</em> (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span>, pour le remonter au niveau du sujet), non <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mtext> </mtext><mn>12</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">-\,12\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">12</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. (2) <strong>Ordre violé</strong> : l'ajustement temporel est transactionnel et s'applique <em>avant</em> les ajustements physiques, sur le prix corrigé des étapes 1 à 3 (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>420</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,05</mn><mo>×</mo><mn>9</mn><mi mathvariant="normal">/</mi><mn>12</mn><mo>=</mo><mo>+</mo><mtext> </mtext><mn>15</mn><mtext> </mtext><mn>750</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">420\,000284\times 0{,}05 \times 9/12 = +\,15\,750\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">420</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">05</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">9/12</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">750</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>, appliqué en premier). (3) <strong>Ajustement au sujet</strong> : on n'ajuste jamais le sujet; si le sujet a <span class="num">100</span> pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span> de plus, le comparable est inférieur et reçoit <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mtext> </mtext><mn>10</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+\,10\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> (à 100 $/pi<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msup><mrow></mrow><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8141em;"></span><span class="mord"><span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>). (4) <strong>Moyenne en guise de réconciliation</strong> : la conclusion doit pondérer les indications selon leur fiabilité (nombre et ampleur des ajustements, similarité, date, qualité des données), avec justification écrite.</p></div></details>285<hr class="sep">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><strong>Règle cardinale</strong> : on ajuste le comparable vers le sujet — 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, inférieur <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo></mrow><annotation encoding="application/x-tex">\rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span></span></span></span> positif; ajuster le sujet est une faute de méthode.</li><li>Ajustements <strong>quantitatifs</strong> ($ pour les écarts physiques, % pour les effets de marché) et <strong>qualitatifs</strong> (classement supérieur / similaire / inférieur).</li><li><strong>Ordre séquentiel</strong> : droits <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> financement <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> conditions 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">\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> marché (temps) <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> localisation <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> physique; les étapes 1–4 composent multiplicativement la base des étapes 5–6.</li><li>Un ajustement en % se calcule sur le <strong>prix ajusté transactionnel</strong>, jamais sur le prix de vente brut.</li><li>Cinq techniques d'extraction : <strong>paires</strong> (simple, paires parfaites rares), <strong>régression</strong> (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>β</mi><mi>i</mi></msub></mrow><annotation encoding="application/x-tex">\beta_i</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8889em;vertical-align:-0.1944em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0528em;">β</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3117em;"><span style="top:-2.55em;margin-left:-0.0528em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mathnormal mtight">i</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span></span> = ajustement unitaire, exige <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>n</mi><mo>></mo><mn>30</mn></mrow><annotation encoding="application/x-tex">n>30</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="mord mathnormal">n</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">></span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">30</span></span></span></span>), <strong>graphique</strong> (pente = ajustement), <strong>coût déprécié</strong> (coût <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo mathvariant="normal">≠</mo></mrow><annotation encoding="application/x-tex">\neq</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8889em;vertical-align:-0.1944em;"></span><span class="mrel"><span class="mrel"><span class="mord katex-vbox"><span class="katex-thinbox"><span class="rlap"><span class="katex-strut" style="height:0.8889em;vertical-align:-0.1944em;"></span><span class="katex-inner"><span class="mord"><span class="mrel"></span></span></span><span class="katex-fix"></span></span></span></span></span><span class="mspace nobreak"></span><span class="mrel">=</span></span></span></span></span> contribution), <strong>capitalisation de loyer</strong> (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>12</mn><mtext> </mtext><mi mathvariant="normal">Δ</mi><mi>L</mi><mi mathvariant="normal">/</mi><mi>τ</mi></mrow><annotation encoding="application/x-tex">12\,\Delta L/\tau</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">12</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">Δ</span><span class="mord mathnormal">L</span><span class="mord">/</span><span class="mord mathnormal" style="margin-right:0.1132em;">τ</span></span></span></span>); trianguler quand c'est possible.</li><li>Seuils de prudence : <strong>net <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≤</mo><mn>15</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">\leq 15\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span></strong> (somme algébrique), <strong>brut <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≤</mo><mn>25</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">\leq 25\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">25</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span></strong> (somme des valeurs absolues) — balises de fiabilité, pas des couperets; dépassement <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> poids réduit et justification.</li><li><strong>Réconciliation</strong> = pondération par la fiabilité (nombre et ampleur des ajustements, similarité, date, qualité des données, conditions de vente) — jamais une moyenne; conclusion ponctuelle arrondie (au <span class="num">5000 $</span> en résidentiel) ou fourchette <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>±</mo><mn>3</mn></mrow><annotation encoding="application/x-tex">\pm 3</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">±</span><span class="mord">3</span></span></span></span>–<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>5</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">5\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">5</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>.</li><li>Exemple guidé Hull : indications de <span class="num">389 141 $</span> à <span class="num">484 125 $</span>; C2 et C3 en poids fort, C4 écarté (net 16,2 %); conclusion <strong><span class="num">450 000 $</span></strong>.</li><li>Fiabilité maximale : condos d'un même projet, résidentiel en marché actif; minimale : usages spéciaux et marchés inactifs — où le coût et le revenu prennent le relais.</li><li>Au TP : grille complète justifiée, seuils vérifiés, réconciliation motivée, conclusion recoupée avec le rôle et la médiane du secteur.</li></ul></div></section>287 </article>288 </div>289 </div>290 <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>291 292<nav class="ch-pager" 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<div>Éléments d’évaluation immobilière</div>322 <div style="opacity:.7;margin-top:6px;font-size:.85rem">Automne 2026 · 3 crédits · premier cycle · 14 séances</div>323 <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>324 </div>325 <div><h4>Étudier</h4><a href="/seance/01/">Séances</a><a href="/videos/">Séances vidéo</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>326 <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 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