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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="IMM1033 — accueil"><img class="brand-logo" src="/assets/brand/uqo-logo.png" alt="UQO" width="568" height="238"><span class="brand-sep"></span><span class="brand-text"><span class="brand-code">IMM1033</span><span class="brand-title">Méthodes du coût en évaluation immobilière</span></span></a>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 la méthode du coût</div><a href="/seance/01/" data-ch="01"><span class="pastille" style="background:#2976bb">1</span><span>Introduction à la méthode du coût</span></a><a href="/seance/02/" data-ch="02"><span class="pastille" style="background:#2976bb">2</span><span>Cadre conceptuel et terminologie</span></a><div class="dd-part"><i style="background:#0f8b8d"></i>Partie II — Évaluation du terrain</div><a href="/seance/03/" data-ch="03"><span class="pastille" style="background:#0f8b8d">3</span><span>Méthodes d'évaluation du terrain</span></a><a href="/seance/04/" data-ch="04"><span class="pastille" style="background:#0f8b8d">4</span><span>Analyse du terrain et ajustements</span></a><div class="dd-part"><i style="background:#cca424"></i>Partie III — Coût de construction</div><a href="/seance/05/" data-ch="05"><span class="pastille" style="background:#cca424">5</span><span>Coût de reproduction et coût de remplacement</span></a><a href="/seance/06/" data-ch="06"><span class="pastille" style="background:#cca424">6</span><span>Méthodes d'estimation des coûts</span></a><a href="/seance/07/" data-ch="07"><span class="pastille" style="background:#cca424">7</span><span>Coûts directs de construction</span></a><a href="/seance/08/" data-ch="08"><span class="pastille" style="background:#cca424">8</span><span>Coûts indirects et profit entrepreneurial</span></a><div class="dd-part"><i style="background:#6b4fbb"></i>Partie IV — La dépréciation</div><a href="/seance/09/" data-ch="09"><span class="pastille" style="background:#6b4fbb">9</span><span>Concepts de dépréciation</span></a><a href="/seance/10/" data-ch="10"><span class="pastille" style="background:#6b4fbb">10</span><span>Dépréciation physique</span></a><a href="/seance/11/" data-ch="11"><span class="pastille" style="background:#6b4fbb">11</span><span>Dépréciation fonctionnelle</span></a><a href="/seance/12/" data-ch="12"><span class="pastille" style="background:#6b4fbb">12</span><span>Dépréciation économique (externe)</span></a><div class="dd-part"><i style="background:#107c4e"></i>Partie V — Applications et intégration</div><a href="/seance/13/" data-ch="13"><span class="pastille" style="background:#107c4e">13</span><span>Applications spécialisées</span></a><a href="/seance/14/" data-ch="14"><span class="pastille" style="background:#107c4e">14</span><span>Synthèse et révision</span></a><div class="dd-part">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="" aria-hidden="true"><use href="#i-bib"/></svg></span><span>Bibliographie<span class="dd-desc">Références 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profit entrepreneurial" data-words="7861">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">08</div>101 <div class="ch-hero-inner">102 <div class="eyebrow"><span class="part-chip">Partie III</span> Coût de construction · Séance 8 · IMM1033</div>103 <h1>Coûts indirects et profit entrepreneurial</h1>104 <div class="ch-sub">Méthodes du coût en évaluation immobilière · Hiver 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> 3 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> 6 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>113 114 </div>115 <div class="ch-tools">116 117 <a class="btn btn-ghost" href="/files/slides/seance08.pdf" target="_blank" rel="noopener"><svg class="" aria-hidden="true"><use href="#i-slides"/></svg> Diapositives (PDF)</a>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-8-1"><span class="n">1</span>La notion de coût indirect</a><a href="#s-8-2"><span class="n">2</span>Les honoraires professionnels</a><a href="#s-8-3"><span class="n">3</span>Les frais de financement</a><a href="#s-8-4"><span class="n">4</span>Taxes, permis et contributions</a><a href="#s-8-5"><span class="n">5</span>Assurances, frais légaux, garantie GCR, marketing et administration</a><a href="#s-8-6"><span class="n">6</span>Le profit entrepreneurial</a><a href="#s-8-7"><span class="n">7</span>L'assemblage du coût total</a><a href="#s-8-8"><span class="n">8</span>Préparation à l'atelier 2 — le TP2 (15 %)</a><a href="#s-8-9"><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-8-1"><span class="toc-num">8.1</span><span>La notion de coût indirect</span></a></li><li class="lvl3"><a href="#s-8-1-1"><span class="toc-num">8.1.1</span><span>Définition et poids</span></a></li><li class="lvl3"><a href="#s-8-1-2"><span class="toc-num">8.1.2</span><span>Directs et indirects : le tableau de partage</span></a></li><li class="lvl3"><a href="#s-8-1-3"><span class="toc-num">8.1.3</span><span>Pourquoi ce poste est-il si important?</span></a></li><li class="lvl2"><a href="#s-8-2"><span class="toc-num">8.2</span><span>Les honoraires professionnels</span></a></li><li class="lvl3"><a href="#s-8-2-1"><span class="toc-num">8.2.1</span><span>Qui fait quoi, et à quel prix</span></a></li><li class="lvl3"><a href="#s-8-2-2"><span class="toc-num">8.2.2</span><span>L'architecte (6–12 %)</span></a></li><li class="lvl3"><a href="#s-8-2-3"><span class="toc-num">8.2.3</span><span>Les ingénieurs (total : 5–9 %) et les autres intervenants</span></a></li><li class="lvl2"><a href="#s-8-3"><span class="toc-num">8.3</span><span>Les frais de financement</span></a></li><li class="lvl3"><a href="#s-8-3-1"><span class="toc-num">8.3.1</span><span>Le prêt de construction</span></a></li><li class="lvl3"><a href="#s-8-3-2"><span class="toc-num">8.3.2</span><span>Les autres frais de financement et le contexte de taux</span></a></li><li class="lvl2"><a href="#s-8-4"><span class="toc-num">8.4</span><span>Taxes, permis et contributions</span></a></li><li class="lvl3"><a href="#s-8-4-1"><span class="toc-num">8.4.1</span><span>Le permis de construction municipal</span></a></li><li class="lvl3"><a href="#s-8-4-2"><span class="toc-num">8.4.2</span><span>TPS et TVQ : tout dépend du statut fiscal</span></a></li><li class="lvl3"><a href="#s-8-4-3"><span class="toc-num">8.4.3</span><span>Raccordements, CNESST, CCQ, RBQ : gare au double comptage</span></a></li><li class="lvl2"><a href="#s-8-5"><span class="toc-num">8.5</span><span>Assurances, frais légaux, garantie GCR, marketing et administration</span></a></li><li class="lvl3"><a href="#s-8-5-1"><span class="toc-num">8.5.1</span><span>Assurances de chantier et cautionnements</span></a></li><li class="lvl3"><a href="#s-8-5-2"><span class="toc-num">8.5.2</span><span>Frais légaux et garantie résidentielle GCR</span></a></li><li class="lvl3"><a href="#s-8-5-3"><span class="toc-num">8.5.3</span><span>Marketing et administration (2–5 %)</span></a></li><li class="lvl2"><a href="#s-8-6"><span class="toc-num">8.6</span><span>Le profit entrepreneurial</span></a></li><li class="lvl3"><a href="#s-8-6-1"><span class="toc-num">8.6.1</span><span>Définition et justification économique</span></a></li><li class="lvl3"><a href="#s-8-6-2"><span class="toc-num">8.6.2</span><span>Choisir le taux : 8 à 15 % sur (directs + indirects)</span></a></li><li class="lvl3"><a href="#s-8-6-3"><span class="toc-num">8.6.3</span><span>Extraire le profit du marché</span></a></li><li class="lvl2"><a href="#s-8-7"><span class="toc-num">8.7</span><span>L'assemblage du coût total</span></a></li><li class="lvl3"><a href="#s-8-7-1"><span class="toc-num">8.7.1</span><span>La formule complète</span></a></li><li class="lvl3"><a href="#s-8-7-2"><span class="toc-num">8.7.2</span><span>Exemple intégré résidentiel</span></a></li><li class="lvl3"><a href="#s-8-7-3"><span class="toc-num">8.7.3</span><span>Exemple intégré commercial</span></a></li><li class="lvl3"><a href="#s-8-7-4"><span class="toc-num">8.7.4</span><span>Grille de synthèse des pourcentages</span></a></li><li class="lvl2"><a href="#s-8-8"><span class="toc-num">8.8</span><span>Préparation à l'atelier 2 — le TP2 (15 %)</span></a></li><li class="lvl3"><a href="#s-8-8-1"><span class="toc-num">8.8.1</span><span>Le mandat</span></a></li><li class="lvl3"><a href="#s-8-8-2"><span class="toc-num">8.8.2</span><span>Méthode de travail recommandée</span></a></li><li class="lvl2"><a href="#s-8-9"><span class="toc-num">8.9</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=08"><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="p8-1">Le chapitre précédent a chiffré ce qui se voit : le béton, le bois, les systèmes, les finitions. Ce chapitre chiffre ce qui ne se voit pas — et qui représente pourtant, avec le profit, <strong class="c-rouge">30 à 40 % de plus</strong> que les coûts directs seuls. Honoraires professionnels, intérêts intercalaires, permis, taxes de vente, assurances, garantie résidentielle, marketing, administration : autant de postes que l'évaluateur débutant a tendance à oublier ou à sous-estimer, produisant une sous-évaluation systématique du coût de remplacement. Nous complétons ensuite le portrait avec le <span class="motcle" data-term="profit entrepreneurial">profit entrepreneurial</span>, dont l'inclusion — même quand le propriétaire a construit pour lui-même — est l'une des questions théoriques les plus classiques du cours. Le chapitre se clôt sur la préparation de l'atelier 2 (TP2, 15 %), le bordereau complet d'un quadruplex de Gatineau.</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-8-1" data-obj="obj-8-1"><span class="obj-text">Définir les coûts indirects et les distinguer rigoureusement des coûts directs;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-8-2" data-obj="obj-8-2"><span class="obj-text">Calculer les honoraires professionnels (architecte, ingénieurs, arpenteur-géomètre, gestionnaire de projet);</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-8-3" data-obj="obj-8-3"><span class="obj-text">Estimer les frais de financement durant la construction, notamment les intérêts intercalaires avec le facteur <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mstyle scriptlevel="0" displaystyle="false"><mfrac><mn>1</mn><mn>2</mn></mfrac></mstyle></mrow><annotation encoding="application/x-tex">\tfrac{1}{2}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1.1901em;vertical-align:-0.345em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.8451em;"><span style="top:-2.655em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">2</span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.394em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">1</span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.345em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span></span></span></span>;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-8-4" data-obj="obj-8-4"><span class="obj-text">Maîtriser le traitement des taxes (TPS/TVQ), permis et contributions dans le contexte québécois, en évitant le double comptage;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-8-5" data-obj="obj-8-5"><span class="obj-text">Justifier économiquement le profit entrepreneurial, choisir son taux et l'asseoir sur la bonne base;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-8-6" data-obj="obj-8-6"><span class="obj-text">Assembler le coût total de construction et le valider;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-8-7" data-obj="obj-8-7"><span class="obj-text">Préparer le TP2 : bordereau complet d'un immeuble locatif.</span></label></li></ul></div></section>149<h2 id="s-8-1" class="h-section"><span class="h-num">8.1</span><span class="h-text">La notion de coût indirect</span><a class="h-anchor" href="#s-8-1" aria-label="Lien vers cette section">#</a></h2>150<h3 id="s-8-1-1" class="h-subsection"><span class="h-num">8.1.1</span><span class="h-text">Définition et poids</span><a class="h-anchor" href="#s-8-1-1" aria-label="Lien vers cette section">#</a></h3>151<div class="box box-def" id="def-8-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 8.1</span><span class="box-title">— coûts indirects</span><a class="box-anchor" href="#def-8-1" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-9">Les <span class="motcle" data-term="coûts indirects">coûts indirects</span> (ou <em>soft costs</em>) sont toutes les dépenses nécessaires à la réalisation d'un projet de construction <strong>autres que</strong> les coûts directs de main-d'œuvre, de matériaux et d'équipement de chantier. Ils représentent typiquement <strong>15 à 25 % des coûts directs</strong>, et peuvent dépasser <strong>30 %</strong> pour des projets complexes ou spécialisés.</p></div></div>152<p id="p8-10">Six catégories structurent l'analyse<label for="sn-8-1" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-8-1" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">Six familles d'indirects : honoraires, financement, taxes/permis, assurances/légal, marketing/admin, imprévus.</span> :</p>153<div class="center"><div class="tikz"><img src="/assets/fig/71f1ef298a46dce0.svg" alt="Figure" width="508" height="178" style="width:min(100%,737px)" loading="lazy" decoding="async"></div></div>154<h3 id="s-8-1-2" class="h-subsection"><span class="h-num">8.1.2</span><span class="h-text">Directs et indirects : le tableau de partage</span><a class="h-anchor" href="#s-8-1-2" aria-label="Lien vers cette section">#</a></h3>155<figure class="float-table" id="tab-ch08-tab-distinction"><figcaption><span class="fig-label">Tableau 8.1</span> Coûts directs et coûts indirects — critères de distinction</figcaption><div class="table-wrap"><table class="tbl"><thead><tr><th>Critère</th><th>Coûts directs</th><th>Coûts indirects</th></tr></thead><tbody><tr><td>Nature</td><td>Main-d'œuvre, matériaux, équipements</td><td>Services, frais, honoraires</td></tr><tr><td>Proportion typique</td><td>70–80 % du coût total</td><td>15–25 % des coûts directs</td></tr><tr><td>Visibilité</td><td>Concrets, mesurables</td><td>Moins visibles, souvent forfaitaires</td></tr><tr><td>Estimation</td><td>Quantité <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>×</mo></mrow><annotation encoding="application/x-tex">\times</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">×</span></span></span></span> prix unitaire</td><td>Pourcentage ou montant fixe</td></tr><tr><td>Exemple</td><td>Béton, bois, plombier</td><td>Architecte, permis, intérêts</td></tr></tbody></table></div></figure>156<div class="box box-att" id="attention-8-11"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-warning"/></svg></span><span class="box-label">deux conventions de pourcentage cohabitent</span><a class="box-anchor" href="#attention-8-11" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-12">Les proportions du tableau utilisent deux bases différentes : les directs pèsent 70–80 % <em>du coût total</em>, mais les indirects s'expriment conventionnellement <em>en pourcentage des coûts directs</em>. Aux examens et dans les guides, vérifiez toujours la base : « indirects de 20 % » signifie presque toujours 20 % <strong>des directs</strong>, et le profit s'applique sur <strong>(directs + indirects)</strong>. Énoncez la convention dans vos réponses.</p></div></div>157<h3 id="s-8-1-3" class="h-subsection"><span class="h-num">8.1.3</span><span class="h-text">Pourquoi ce poste est-il si important?</span><a class="h-anchor" href="#s-8-1-3" aria-label="Lien vers cette section">#</a></h3>158<p id="p8-13">Omettre les coûts indirects, c'est <strong class="c-rouge">sous-évaluer systématiquement</strong> le coût de remplacement — et les normes professionnelles de l'OEAQ <span class="citation">(<a class="cite" href="/bibliographie/#oeaqNormes" data-cite="oeaqNormes">Ordre des évaluateurs agréés du Québec, 2024</a>)</span> exigent leur prise en compte. Un exemple suffit à mesurer l'enjeu :</p>159<div class="box box-ex" id="ex-8-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 8.1</span><span class="box-title">— l'effet cumulatif des indirects et du profit</span><a class="box-anchor" href="#ex-8-1" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-14">Prenons un bâtiment dont les coûts directs s'élèvent à <span class="num">500 000 $</span>. Des coûts indirects de 20 % des directs ajoutent <span class="num">100 000 $</span>, portant le sous-total à <span class="num">600 000 $</span>; un profit entrepreneurial de 10 % de ce sous-total ajoute encore <span class="num">60 000 $</span> :</p>160<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mrow><mn>500</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mover><mo stretchy="true" minsize="3.0em">→</mo><mpadded width="+0.6em" lspace="0.3em"><mrow><mtext> </mtext><mo>+</mo><mn>20</mn><mtext> </mtext><mi mathvariant="normal">%</mi><mtext> </mtext></mrow></mpadded></mover><mtext> </mtext><mn>600</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mover><mo stretchy="true" minsize="3.0em">→</mo><mpadded width="+0.6em" lspace="0.3em"><mrow><mtext> </mtext><mo>+</mo><mn>10</mn><mtext> </mtext><mi mathvariant="normal">%</mi><mtext> </mtext></mrow></mpadded></mover><mtext> </mtext><mn>660</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi><mi mathvariant="normal">.</mi></mrow><annotation encoding="application/x-tex">500\,000 \;\xrightarrow{\;+20\,\%\;}\; 600\,000161\;\xrightarrow{\;+10\,\%\;}\; 660\,000\,\$.</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1.158em;vertical-align:-0.011em;"></span><span class="mord">500</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel x-arrow"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.147em;"><span style="top:-3.322em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight x-arrow-pad"><span class="mord mtight"><span class="mspace mtight" style="margin-right:0.3253em;"></span><span class="mord mtight">+</span><span class="mord mtight">20</span><span class="mspace mtight" style="margin-right:0.1952em;"></span><span class="mord mtight">%</span><span class="mspace mtight" style="margin-right:0.3253em;"></span></span></span></span><span class="svg-align" style="top:-2.689em;"><span class="pstrut" style="height:2.7em;"></span><span class="hide-tail" style="height:0.522em;min-width:1.469em;"><svg xmlns="http://www.w3.org/2000/svg" width="400em" height="0.522em" viewBox="0 0 400000 522" preserveAspectRatio="xMaxYMin slice"><path d="M0 241v40h399891c-47.3 35.3-84 78-110 128162-16.7 32-27.7 63.7-33 95 0 1.3-.2 2.7-.5 4-.3 1.3-.5 2.3-.5 3 0 7.3 6.7 11 20163 11 8 0 13.2-.8 15.5-2.5 2.3-1.7 4.2-5.5 5.5-11.5 2-13.3 5.7-27 11-41 14.7-44.7164 39-84.5 73-119.5s73.7-60.2 119-75.5c6-2 9-5.7 9-11s-3-9-9-11c-45.3-15.3-85165-40.5-119-75.5s-58.3-74.8-73-119.5c-4.7-14-8.3-27.3-11-40-1.3-6.7-3.2-10.8-5.5166-12.5-2.3-1.7-7.5-2.5-15.5-2.5-14 0-21 3.7-21 11 0 2 2 10.3 6 25 20.7 83.3 67167 151.7 139 205zm0 0v40h399900v-40z"/></svg></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.011em;"><span></span></span></span></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1.158em;vertical-align:-0.011em;"></span><span class="mord">600</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="mspace" style="margin-right:0.2778em;"></span><span class="mrel x-arrow"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.147em;"><span style="top:-3.322em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight x-arrow-pad"><span class="mord mtight"><span class="mspace mtight" style="margin-right:0.3253em;"></span><span class="mord mtight">+</span><span class="mord mtight">10</span><span class="mspace mtight" style="margin-right:0.1952em;"></span><span class="mord mtight">%</span><span class="mspace mtight" style="margin-right:0.3253em;"></span></span></span></span><span class="svg-align" style="top:-2.689em;"><span class="pstrut" style="height:2.7em;"></span><span class="hide-tail" style="height:0.522em;min-width:1.469em;"><svg xmlns="http://www.w3.org/2000/svg" width="400em" height="0.522em" viewBox="0 0 400000 522" preserveAspectRatio="xMaxYMin slice"><path d="M0 241v40h399891c-47.3 35.3-84 78-110 128168-16.7 32-27.7 63.7-33 95 0 1.3-.2 2.7-.5 4-.3 1.3-.5 2.3-.5 3 0 7.3 6.7 11 20169 11 8 0 13.2-.8 15.5-2.5 2.3-1.7 4.2-5.5 5.5-11.5 2-13.3 5.7-27 11-41 14.7-44.7170 39-84.5 73-119.5s73.7-60.2 119-75.5c6-2 9-5.7 9-11s-3-9-9-11c-45.3-15.3-85171-40.5-119-75.5s-58.3-74.8-73-119.5c-4.7-14-8.3-27.3-11-40-1.3-6.7-3.2-10.8-5.5172-12.5-2.3-1.7-7.5-2.5-15.5-2.5-14 0-21 3.7-21 11 0 2 2 10.3 6 25 20.7 83.3 67173 151.7 139 205zm0 0v40h399900v-40z"/></svg></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.011em;"><span></span></span></span></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">660</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></div>174<p id="p8-15">Le coût total dépasse les directs seuls de <strong class="c-rouge">32 %</strong>. Un rapport qui s'arrête aux coûts directs ampute donc la valeur de près du tiers du coût de création de l'immeuble.</p></div></div>175<p id="p8-16">Pourquoi ces coûts sont-ils si souvent oubliés? Parce qu'ils sont <em>invisibles sur le chantier</em>. Le visiteur d'un projet en construction voit des fondations, une charpente, des ouvriers — il ne voit ni la facture de l'architecte réglée huit mois plus tôt, ni les intérêts qui courent silencieusement sur la marge de crédit du promoteur, ni le chèque du permis encaissé par la municipalité avant la première pelletée. Ces dépenses s'égrènent en outre sur toute la vie du projet : les honoraires de conception précèdent le chantier, le financement l'accompagne, le marketing le suit. Le grand livre comptable d'un promoteur raconte ainsi une histoire beaucoup plus longue que le chantier lui-même — elle commence à l'option d'achat sur le terrain et ne se termine qu'à la vente ou à la location complète. L'évaluateur qui reconstruit un coût de remplacement doit reconstituer <em>toute</em> cette histoire, pas seulement son épisode le plus photogénique.</p>176<h2 id="s-8-2" class="h-section"><span class="h-num">8.2</span><span class="h-text">Les honoraires professionnels</span><a class="h-anchor" href="#s-8-2" aria-label="Lien vers cette section">#</a></h2>177<h3 id="s-8-2-1" class="h-subsection"><span class="h-num">8.2.1</span><span class="h-text">Qui fait quoi, et à quel prix</span><a class="h-anchor" href="#s-8-2-1" aria-label="Lien vers cette section">#</a></h3>178<div class="box box-def" id="def-8-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 8.2</span><span class="box-title">— honoraires professionnels</span><a class="box-anchor" href="#def-8-2" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-17">Rémunération des professionnels impliqués dans la <strong>conception</strong>, la <strong>surveillance</strong> et la <strong>gestion</strong> du projet de construction : architecte, ingénieurs, arpenteur-géomètre, gestionnaire de projet, évaluateur agréé. C'est la composante la plus importante des coûts indirects.</p></div></div>179<figure class="float-table" id="tab-ch08-tab-honoraires"><figcaption><span class="fig-label">Tableau 8.2</span> Honoraires professionnels typiques</figcaption><div class="table-wrap"><table class="tbl"><thead><tr><th>Professionnel</th><th class="al-c">Fourchette</th><th>Base de calcul</th></tr></thead><tbody><tr><td>Architecte</td><td class="al-c">6–12 %</td><td>Coûts de construction</td></tr><tr><td>Ingénieur en structure</td><td class="al-c">1,5–3 %</td><td>Coûts de construction</td></tr><tr><td>Ingénieur mécanique / électrique</td><td class="al-c">2–4 %</td><td>Coûts de construction</td></tr><tr><td>Ingénieur civil</td><td class="al-c">1–2 %</td><td>Coûts de construction</td></tr><tr><td>Ingénieur géotechnique</td><td class="al-c">forfait</td><td>Étude de sol</td></tr><tr><td>Arpenteur-géomètre</td><td class="al-c">forfait</td><td>2 000–8 000 $</td></tr><tr><td>Gestionnaire de projet</td><td class="al-c">3–5 %</td><td>Coûts de construction</td></tr><tr><td>Évaluateur agréé</td><td class="al-c">forfait</td><td>Selon le mandat</td></tr></tbody></table></div></figure>180<p id="p8-18">Avant de détailler chaque intervenant, une observation d'ensemble : les honoraires professionnels ne sont pas une taxe sur le projet, mais un <em>achat de réduction de risque</em>. Des plans complets et coordonnés réduisent les extras de chantier; une étude géotechnique à 8 000 $ évite la mauvaise surprise à 80 000 $ d'un sol inadéquat découvert à l'excavation; la surveillance de chantier protège contre les malfaçons qui deviendraient des réclamations. C'est pourquoi les projets complexes, où le coût d'une erreur est élevé, supportent des pourcentages d'honoraires plus lourds : la prime d'assurance croît avec le risque assuré. L'évaluateur qui calibre ce poste doit donc se demander non pas « combien coûte un architecte? », mais « quel niveau d'encadrement professionnel ce type de projet exige-t-il normalement? ».</p>181<h3 id="s-8-2-2" class="h-subsection"><span class="h-num">8.2.2</span><span class="h-text">L'architecte (6–12 %)</span><a class="h-anchor" href="#s-8-2-2" aria-label="Lien vers cette section">#</a></h3>182<p id="p8-19">Le mandat complet de l'architecte couvre six phases : programmation et étude de faisabilité, esquisse, plans et devis préliminaires, plans et devis définitifs, appel d'offres et négociation, puis surveillance de chantier. Chaque phase produit un livrable de plus en plus engageant — de l'étude qui teste la faisabilité réglementaire et budgétaire jusqu'aux plans « pour construction » qui feront foi en cas de litige — et la surveillance, phase souvent sacrifiée pour économiser, est celle qui garantit que le bâtiment livré correspond aux plans facturés. Le pourcentage varie selon quatre facteurs : la <strong>complexité</strong> (résidentiel simple 6–8 %, institutionnel 10–12 %), la <strong>taille</strong> (les grands projets négocient un pourcentage plus bas, les coûts fixes de conception s'y diluant), la <strong>région</strong> et la <strong>portée du mandat</strong> (avec ou sans surveillance).</p>183<div class="box box-qc" id="quebec-8-20"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-map"/></svg></span><span class="box-label">quand l'architecte est-il obligatoire?</span><a class="box-anchor" href="#quebec-8-20" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-21">Selon la <strong>Loi sur les architectes</strong>, les plans d'un architecte sont requis au-delà de certains seuils — par exemple les bâtiments de plus de deux étages ou de plus de 300 m<sup>2</sup>, selon l'usage. L'Ordre des architectes du Québec (OAQ) encadre la profession. Pour une unifamiliale standard, un technologue en architecture suffit souvent, ce qui explique des honoraires de conception plus modestes en résidentiel courant.</p></div></div>184<h3 id="s-8-2-3" class="h-subsection"><span class="h-num">8.2.3</span><span class="h-text">Les ingénieurs (total : 5–9 %) et les autres intervenants</span><a class="h-anchor" href="#s-8-2-3" aria-label="Lien vers cette section">#</a></h3>185<p id="p8-22">Les plans d'ingénierie sont exigés par le Code de construction du Québec <span class="citation">(<a class="cite" href="/bibliographie/#codeConstruction" data-cite="codeConstruction">Québec, 2022</a>)</span>; les ingénieurs sont membres de l'OIQ. La structure (1,5–3 %) couvre calculs structuraux, fondations et charpente; la mécanique (1,5–2,5 %) le CVAC, la plomberie et la protection incendie; l'électricité (1–2 %) les systèmes électriques et télécoms; le civil (1–2 %) la voirie, le drainage et l'aménagement du site; la géotechnique (forfait) l'étude de sol.</p>186<p id="p8-23">L'<span class="motcle" data-term="arpenteur-géomètre">arpenteur-géomètre</span> facture au forfait : certificat de localisation 1 500–3 000 $, bornage 2 000–5 000 $, implantation du bâtiment 1 000–2 500 $. Le <strong>gestionnaire de projet</strong> (3–5 %) coordonne les intervenants, l'échéancier, le budget et la qualité — pour les petits projets résidentiels, l'entrepreneur général assume souvent ce rôle, et le poste disparaît du bordereau.</p>187<div class="box box-ex" id="ex-8-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 8.2</span><span class="box-title">— honoraires d'un immeuble de 8 logements</span><a class="box-anchor" href="#ex-8-2" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-24">Coûts directs : <span class="num">1 200 000 $</span>.</p>188<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Professionnel</th><th class="al-c">Taux</th><th class="al-r">Montant</th></tr></thead><tbody><tr><td>Architecte</td><td class="al-c">8 %</td><td class="al-r"><span class="num">96 000 $</span></td></tr><tr><td>Ingénieur en structure</td><td class="al-c">2 %</td><td class="al-r"><span class="num">24 000 $</span></td></tr><tr><td>Ingénieur méca./élec.</td><td class="al-c">3 %</td><td class="al-r"><span class="num">36 000 $</span></td></tr><tr><td>Ingénieur civil</td><td class="al-c">1,5 %</td><td class="al-r"><span class="num">18 000 $</span></td></tr><tr><td>Arpenteur-géomètre</td><td class="al-c">forfait</td><td class="al-r"><span class="num">3500 $</span></td></tr><tr><td>Gestionnaire de projet</td><td class="al-c">4 %</td><td class="al-r"><span class="num">48 000 $</span></td></tr><tr class="rule-above"><td><strong>Total honoraires</strong></td><td class="al-c"></td><td class="al-r"><strong><span class="num">225 500 $</span></strong></td></tr></tbody></table></div></div>189<p id="p8-25">Les honoraires représentent ici <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>225</mn><mtext> </mtext><mn>500</mn><mi mathvariant="normal">/</mi><mn>1</mn><mtext> </mtext><mn>200</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>18,8</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">225\,500 / 1\,200\,000 = 18{,}8\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">225</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">500/1</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">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">18</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></span></span> des coûts directs — à eux seuls, presque toute la fourchette basse des indirects. C'est le poste dominant, et celui qu'il faut chiffrer en premier.</p></div></div>190<h2 id="s-8-3" class="h-section"><span class="h-num">8.3</span><span class="h-text">Les frais de financement</span><a class="h-anchor" href="#s-8-3" aria-label="Lien vers cette section">#</a></h2>191<h3 id="s-8-3-1" class="h-subsection"><span class="h-num">8.3.1</span><span class="h-text">Le prêt de construction</span><a class="h-anchor" href="#s-8-3-1" aria-label="Lien vers cette section">#</a></h3>192<p id="p8-26">La construction s'étale sur des mois pendant lesquels le bâtiment ne produit aucun revenu : il faut donc un <span class="motcle" data-term="prêt de construction">prêt de construction</span><label for="sn-8-2" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-8-2" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-terme"><strong class="sn-term">Intérêts intercalaires</strong> Intérêts courus sur le prêt de construction entre le début des travaux et la mise en service.</span> qui génère des frais d'intérêt <em>avant</em> la mise en service. Ce prêt fonctionne très différemment d'une hypothèque ordinaire. Le prêteur autorise un montant maximal, mais ne le débourse pas d'un coup : il le libère en <strong>tranches progressives</strong> (<em>progress draws</em>), généralement quatre à six, chacune conditionnelle à une inspection confirmant l'avancement déclaré — fondations coulées, bâtiment fermé, finition avancée, travaux achevés. À chaque tranche, le solde emprunté augmente, et les intérêts courent sur ce solde croissant. On n'emprunte donc jamais tout le montant au jour 1 : au début du chantier, le solde est faible; il n'atteint son maximum qu'à la toute fin. C'est ce profil de décaissement qui fonde le facteur <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mstyle scriptlevel="0" displaystyle="false"><mfrac><mn>1</mn><mn>2</mn></mfrac></mstyle></mrow><annotation encoding="application/x-tex">\tfrac{1}{2}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1.1901em;vertical-align:-0.345em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.8451em;"><span style="top:-2.655em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">2</span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.394em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">1</span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.345em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span></span></span></span> de la formule : en supposant des décaissements à peu près linéaires, le solde <em>moyen</em> sur la durée du chantier vaut environ la moitié du montant final.</p>193<div class="box box-form" id="form-8-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg></span><span class="box-label">Formule 8.1</span><span class="box-title">— intérêts intercalaires avec facteur <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mstyle scriptlevel="0" displaystyle="false"><mfrac><mn>1</mn><mn>2</mn></mfrac></mstyle></mrow><annotation encoding="application/x-tex">\tfrac{1}{2}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1.1901em;vertical-align:-0.345em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.8451em;"><span style="top:-2.655em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">2</span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.394em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">1</span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.345em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span></span></span></span></span><a class="box-anchor" href="#form-8-1" aria-label="Lien">#</a></div><div class="box-body"><div class="eq" id="eq-8-1"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable width="100%"><mtr><mtd width="50%"></mtd><mtd><mrow><mi>I</mi><mtext> </mtext><mo>=</mo><mtext> </mtext><msub><mi>C</mi><mtext>directs</mtext></msub><mo>×</mo><mi>i</mi><mo>×</mo><mi>T</mi><mo>×</mo><mfrac><mn>1</mn><mn>2</mn></mfrac></mrow></mtd><mtd width="50%"></mtd><mtd><mtext>(8.1)</mtext></mtd></mtr></mtable><annotation encoding="application/x-tex">I \;=\; C_{\text{directs}} \times i \times T \times \frac{1}{2}\tag{8.1}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6833em;"></span><span class="mord mathnormal" style="margin-right:0.0785em;">I</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">directs</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:0.7429em;vertical-align:-0.0833em;"></span><span class="mord mathnormal">i</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:0.7667em;vertical-align:-0.0833em;"></span><span class="mord mathnormal" style="margin-right:0.1389em;">T</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:2.0074em;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:1.3214em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord">2</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">1</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.686em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span></span><span class="katex-tag"><span class="katex-strut" style="height:2.0074em;vertical-align:-0.686em;"></span><span class="mord text"><span class="mord">(</span><span class="mord"><span class="mord">8.1</span></span><span class="mord">)</span></span></span></span></span></span></div>194<p id="p8-27">où <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>I</mi></mrow><annotation encoding="application/x-tex">I</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:0.0785em;">I</span></span></span></span> désigne les intérêts intercalaires, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>C</mi><mtext>directs</mtext></msub></mrow><annotation encoding="application/x-tex">C_{\text{directs}}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">directs</span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span></span> les coûts directs de construction, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>i</mi></mrow><annotation encoding="application/x-tex">i</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6595em;"></span><span class="mord mathnormal">i</span></span></span></span> le taux d'intérêt annuel du prêt de construction et <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>T</mi></mrow><annotation encoding="application/x-tex">T</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6833em;"></span><span class="mord mathnormal" style="margin-right:0.1389em;">T</span></span></span></span> la durée de construction en années. Le facteur <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mstyle scriptlevel="0" displaystyle="false"><mfrac><mn>1</mn><mn>2</mn></mfrac></mstyle></mrow><annotation encoding="application/x-tex">\tfrac{1}{2}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1.1901em;vertical-align:-0.345em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.8451em;"><span style="top:-2.655em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">2</span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.394em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">1</span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.345em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span></span></span></span> traduit l'hypothèse que les décaissements étant progressifs, c'est <strong>en moyenne la moitié</strong> du montant qui est empruntée pendant la durée des travaux.</p></div></div>195<div class="box box-ex" id="ex-8-3"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 8.3</span><span class="box-title">— intérêts intercalaires d'un projet de 800 000 $</span><a class="box-anchor" href="#ex-8-3" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-28">Coûts directs de <span class="num">800 000 $</span>, taux du prêt de construction de 7,0 % par an, durée de 10 mois (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>T</mi><mo>=</mo><mn>10</mn><mi mathvariant="normal">/</mi><mn>12</mn></mrow><annotation encoding="application/x-tex">T = 10/12</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6833em;"></span><span class="mord mathnormal" style="margin-right:0.1389em;">T</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">10/12</span></span></span></span>) :</p>196<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mrow><mi>I</mi><mo>=</mo><mn>800</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,07</mn><mo>×</mo><mfrac><mn>10</mn><mn>12</mn></mfrac><mo>×</mo><mfrac><mn>1</mn><mn>2</mn></mfrac><mo>=</mo><mn>800</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,07</mn><mo>×</mo><mn>0,8333</mn><mo>×</mo><mn>0,5</mn><mo>=</mo><mn>23</mn><mtext> </mtext><mn>333</mn><mtext> </mtext><mi mathvariant="normal">$</mi><mi mathvariant="normal">.</mi></mrow><annotation encoding="application/x-tex">I = 800\,000 \times 0{,}07 \times \frac{10}{12} \times \frac{1}{2}197 = 800\,000 \times 0{,}07 \times 0{,}8333 \times 0{,}5198 = 23\,333\,\$.</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:0.0785em;">I</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">800</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><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">07</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:2.0074em;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:1.3214em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord">12</span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.677em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord">10</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.686em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:2.0074em;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:1.3214em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord">2</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">1</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.686em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">800</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><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">07</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">8333</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">5</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">23</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">333</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$.</span></span></span></span></span></div>199<p id="p8-29">Les intérêts intercalaires représentent ici 2,9 % des coûts directs.</p></div></div>200<div class="box box-att" id="attention-8-30"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-warning"/></svg></span><span class="box-label">les trois pièges du calcul</span><a class="box-anchor" href="#attention-8-30" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-31">(1) Oublier de convertir la durée en <strong>années</strong> (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>10</mn></mrow><annotation encoding="application/x-tex">10</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">10</span></span></span></span> mois <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>10</mn><mi mathvariant="normal">/</mi><mn>12</mn></mrow><annotation encoding="application/x-tex">= 10/12</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:1em;vertical-align:-0.25em;"></span><span class="mord">10/12</span></span></span></span>, pas <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>10</mn></mrow><annotation encoding="application/x-tex">10</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">10</span></span></span></span>); (2) oublier le facteur <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mstyle scriptlevel="0" displaystyle="false"><mfrac><mn>1</mn><mn>2</mn></mfrac></mstyle></mrow><annotation encoding="application/x-tex">\tfrac{1}{2}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1.1901em;vertical-align:-0.345em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.8451em;"><span style="top:-2.655em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">2</span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.394em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">1</span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.345em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span></span></span></span> — l'erreur double le poste; (3) appliquer le taux à la mauvaise base (le calcul standard du cours utilise les coûts directs; certains dossiers utilisent directs + une part d'indirects — suivez l'énoncé et déclarez votre convention).</p></div></div>201<h3 id="s-8-3-2" class="h-subsection"><span class="h-num">8.3.2</span><span class="h-text">Les autres frais de financement et le contexte de taux</span><a class="h-anchor" href="#s-8-3-2" aria-label="Lien vers cette section">#</a></h3>202<p id="p8-32">Au-delà des intérêts : frais de dossier bancaire (0,5–1 % du prêt), frais d'évaluation exigés par le prêteur (1 500–5 000 $), inspections bancaires (500–1 500 $ par visite, 3 à 6 visites), assurance prêt (SCHL si le ratio prêt/valeur dépasse 80 %) et frais juridiques de l'acte d'hypothèque (1 500–3 000 $).</p>203<div class="box box-qc" id="quebec-8-33"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-map"/></svg></span><span class="box-label">repères de taux 2026</span><a class="box-anchor" href="#quebec-8-33" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-34">Taux directeur de la Banque du Canada : <strong>2,25 %</strong> (maintenu le 15 juillet 2026); taux préférentiel des banques : environ <strong>4,45 %</strong>; prêts de construction : typiquement <strong>préférentiel + 1 à 3 %</strong> selon l'institution et le risque, soit environ <strong class="c-or">5,5 à 7,5 %</strong> en 2026 <span class="citation">(<a class="cite" href="/bibliographie/#bdcTaux2026" data-cite="bdcTaux2026">Banque du Canada, 2026</a>)</span>. Le taux retenu doit refléter les conditions de financement <strong>à la date d'évaluation</strong> — jamais un taux historique ni un souhait.</p></div></div>204<p id="p8-35">L'histoire récente illustre à quel point ce poste est conjoncturel. Entre 2021 et 2024, le taux directeur canadien est passé de 0,25 % à 5,00 % avant de redescendre : sur un même chantier de dix mois à 800 000 $ de directs, les intérêts intercalaires ont pu varier du simple au triple selon la date du projet. C'est pourquoi le rapport d'évaluation doit dater son hypothèse de taux et la sourcer — et pourquoi un bordereau recopié d'un dossier vieux de trois ans est indéfendable, même si tous ses autres postes demeurent valables. Les frais de financement sont, de tous les coûts indirects, ceux qui vieillissent le plus vite.</p>205<h2 id="s-8-4" class="h-section"><span class="h-num">8.4</span><span class="h-text">Taxes, permis et contributions</span><a class="h-anchor" href="#s-8-4" aria-label="Lien vers cette section">#</a></h2>206<h3 id="s-8-4-1" class="h-subsection"><span class="h-num">8.4.1</span><span class="h-text">Le permis de construction municipal</span><a class="h-anchor" href="#s-8-4-1" aria-label="Lien vers cette section">#</a></h3>207<p id="p8-36">Le permis de construction est le péage réglementaire du projet : il matérialise la vérification, par la municipalité, de la conformité des travaux projetés au zonage et aux règlements d'urbanisme. Son coût est modeste à l'échelle du bordereau, mais son obtention conditionne tout le calendrier — un permis retardé de trois mois, ce sont trois mois d'intérêts intercalaires supplémentaires, un début de chantier repoussé vers l'hiver et parfois une saison de mise en marché manquée. L'évaluateur retient donc deux choses : le coût du permis lui-même, et le fait que les délais d'autorisation font partie des risques que le profit entrepreneurial rémunère.</p>208<p id="p8-37">Le tarif du permis est fixé par le <strong>règlement de tarification de chaque municipalité</strong> et se calcule généralement sur la <strong>valeur déclarée des travaux</strong> — ordre de grandeur de quelques dollars par 1 000 $ de travaux, avec des minimums applicables. À Gatineau, le règlement d'administration des règlements d'urbanisme prévoit par exemple un taux de 4,70 $ par 1 000 $ de travaux avec un minimum par logement (données du TP2). Il faut <strong>vérifier le tarif en vigueur</strong> auprès de la municipalité à la date d'évaluation. D'autres autorisations peuvent s'ajouter : permis de démolition, d'abattage d'arbres, d'occupation temporaire, certificat de conformité, autorisation de la CPTAQ en zone agricole.</p>209<h3 id="s-8-4-2" class="h-subsection"><span class="h-num">8.4.2</span><span class="h-text">TPS et TVQ : tout dépend du statut fiscal</span><a class="h-anchor" href="#s-8-4-2" aria-label="Lien vers cette section">#</a></h3>210<div class="box box-def" id="def-8-3"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 8.3</span><span class="box-title">— taxes de vente sur la construction neuve</span><a class="box-anchor" href="#def-8-3" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-38">La construction neuve est assujettie à la <strong>TPS</strong> fédérale (5 %) et à la <strong>TVQ</strong> québécoise (9,975 %), soit <strong>14,975 %</strong> au total. Leur traitement dans le coût de remplacement dépend toutefois du <strong>statut fiscal</strong> de l'immeuble : occupant, locatif ou commercial.</p></div></div>211<p id="p8-39">Trois régimes cohabitent<label for="sn-8-3" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-8-3" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">TPS/TVQ : le traitement dépend du statut — occupant, locatif ou commercial.</span>, et la logique qui les distingue est celle de la fiscalité de la consommation : les taxes de vente frappent le consommateur final, pas les intermédiaires de production.</p>212<p id="p8-40">Le premier régime vise l'<strong>habitation neuve destinée à l'occupant</strong> — le « consommateur final » de l'immeuble. Les taxes sont alors un coût réel, partiellement atténué par des remboursements : 36 % de la TPS lorsque le prix n'excède pas 350 000 $ (allègement dégressif jusqu'à 450 000 $, nul au-delà) et, depuis 2025, jusqu'à 100 % de la TPS pour les <em>premiers acheteurs</em> d'une habitation neuve d'au plus 1 M$ (dégressif jusqu'à 1,5 M$). Côté provincial, la TVQ est remboursée à 50 % (maximum d'environ 9 975 $) jusqu'à 200 000 $, avec dégressivité entre 200 000 et 300 000 $.</p>213<p id="p8-41">Le deuxième régime vise les <strong>logements locatifs neufs</strong>. Pour stimuler la construction locative, le fédéral rembourse <strong>100 % de la TPS</strong> sur les immeubles locatifs admissibles mis en chantier depuis septembre 2023, et Québec a emboîté le pas pour la TVQ. Pour ces immeubles — dont le quadruplex du TP2 —, les taxes de vente cessent pratiquement d'être un coût, ce qui modifie sensiblement le bordereau.</p>214<p id="p8-42">Le troisième régime vise l'<strong>immeuble commercial</strong> dont les baux sont taxables : le propriétaire, inscrit aux fichiers de taxes, perçoit la TPS et la TVQ sur ses loyers et récupère intégralement celles payées sur la construction par crédits et remboursements de taxe sur les intrants (CTI/RTI). L'immeuble n'étant qu'un intrant de production, les taxes transitent sans jamais devenir une dépense — elles <strong>ne figurent donc pas</strong> au coût de remplacement.</p>215<div class="box box-ex" id="ex-8-4"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 8.4</span><span class="box-title">— taxes nettes d'une unifamiliale neuve pour occupant</span><a class="box-anchor" href="#ex-8-4" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-43">Coût de construction : <span class="num">350 000 $</span>, remboursements maximaux.</p>216<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Élément</th><th class="al-r">Montant</th></tr></thead><tbody><tr><td>TPS (5 %)</td><td class="al-r"><span class="num">17 500 $</span></td></tr><tr><td>TVQ (9,975 %)</td><td class="al-r"><span class="num">34 913 $</span></td></tr><tr><td><strong>Taxes brutes</strong></td><td class="al-r"><strong><span class="num">52 413 $</span></strong></td></tr><tr><td>Remboursement TPS (36 % de 17 500 $)</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">6300 $</span></td></tr><tr><td>Remboursement TVQ (50 %, max <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≈</mo></mrow><annotation encoding="application/x-tex">\approx</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.4831em;"></span><span class="mrel">≈</span></span></span></span> 9 975 $)</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">9975 $</span></td></tr><tr class="rule-above"><td><strong>Taxes nettes</strong></td><td class="al-r"><strong><span class="num">36 138 $</span></strong></td></tr></tbody></table></div></div>217<p id="p8-44">Soit 10,3 % du coût de construction — un poste loin d'être négligeable. L'admissibilité aux remboursements s'apprécie selon la <strong>valeur marchande</strong>, et l'hypothèse retenue doit être documentée dans le rapport.</p></div></div>218<h3 id="s-8-4-3" class="h-subsection"><span class="h-num">8.4.3</span><span class="h-text">Raccordements, CNESST, CCQ, RBQ : gare au double comptage</span><a class="h-anchor" href="#s-8-4-3" aria-label="Lien vers cette section">#</a></h3>219<p id="p8-45">Les droits de raccordement aux services municipaux s'ajoutent : aqueduc 1 000–5 000 $, égout sanitaire 1 500–5 000 $, égout pluvial 1 000–3 000 $, Hydro-Québec variable, plus les redevances de développement selon la municipalité. Ces redevances méritent un mot : plusieurs villes en croissance, dont Gatineau, imposent aux nouveaux projets une contribution au financement des infrastructures que leur arrivée rend nécessaires — surdimensionnement des conduites, parcs, voirie. C'est un coût de création de l'immeuble au même titre que le permis, et il varie assez d'une municipalité à l'autre pour influencer la localisation des projets; l'évaluateur le vérifie donc auprès de la municipalité concernée plutôt que d'appliquer un forfait générique.</p>220<div class="box box-att" id="attention-8-46"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-warning"/></svg></span><span class="box-label">le double comptage, erreur classique</span><a class="box-anchor" href="#attention-8-46" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-47">Les cotisations <strong>CNESST</strong> (santé-sécurité) et <strong>CCQ</strong> (avantages sociaux, fonds de formation) sont <strong>déjà incluses</strong> dans les taux horaires conventionnés de la main-d'œuvre <span class="citation">(<a class="cite" href="/bibliographie/#ccqSalaires" data-cite="ccqSalaires">Commission de la construction du Québec, 2026</a>; <a class="cite" href="/bibliographie/#r20" data-cite="r20">Québec, 1968</a>)</span>, donc dans les coûts directs. Les ajouter une seconde fois dans les indirects gonfle artificiellement le bordereau. Seuls les frais de licence et de cautionnement RBQ de l'entrepreneur <span class="citation">(<a class="cite" href="/bibliographie/#rbqLicences" data-cite="rbqLicences">Régie du bâtiment du Québec, 2026</a>)</span> constituent un poste distinct.</p></div></div>221<h2 id="s-8-5" class="h-section"><span class="h-num">8.5</span><span class="h-text">Assurances, frais légaux, garantie GCR, marketing et administration</span><a class="h-anchor" href="#s-8-5" aria-label="Lien vers cette section">#</a></h2>222<h3 id="s-8-5-1" class="h-subsection"><span class="h-num">8.5.1</span><span class="h-text">Assurances de chantier et cautionnements</span><a class="h-anchor" href="#s-8-5-1" aria-label="Lien vers cette section">#</a></h3>223<p id="p8-48">Un chantier est un concentré de risques assurables : des matériaux entreposés à ciel ouvert, des ouvriers de plusieurs employeurs qui se croisent, un bâtiment ni verrouillé ni protégé par ses systèmes définitifs, des tiers qui passent sur le trottoir voisin. Le vol de matériaux — cuivre, électroménagers, outils — est endémique sur les chantiers résidentiels, et un incendie dans un bâtiment en charpente ouverte, sans gicleurs ni cloisons coupe-feu, pardonne rarement. Les assurances de chantier existent précisément pour que ces sinistres restent des incidents de parcours plutôt que des faillites; leur prime est donc un coût de création de l'immeuble à part entière.</p>224<p id="p8-49">L'<span class="motcle" data-term="assurance chantier">assurance chantier</span> (<em>course of construction</em>) coûte 0,5 à 1,5 % du coût du projet; elle couvre incendie, vol, vandalisme et dégâts d'eau pendant les travaux, est calculée sur la <strong>valeur du projet à l'achèvement</strong> et inclut les matériaux sur le chantier et en transit (exemple : projet de 800 000 $ à 1 % = 8 000 $). S'ajoutent la responsabilité civile (1 500–5 000 $ par an), l'assurance erreurs et omissions des professionnels et, sur les projets d'envergure, les cautionnements de soumission, d'exécution et de paiement.</p>225<h3 id="s-8-5-2" class="h-subsection"><span class="h-num">8.5.2</span><span class="h-text">Frais légaux et garantie résidentielle GCR</span><a class="h-anchor" href="#s-8-5-2" aria-label="Lien vers cette section">#</a></h3>226<p id="p8-50">Frais notariaux types : acte d'hypothèque 1 500–3 000 $, publication au Registre foncier 500–1 000 $, acte de vente 1 500–2 500 $.</p>227<div class="box box-qc" id="quebec-8-51"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-map"/></svg></span><span class="box-label">la garantie GCR</span><a class="box-anchor" href="#quebec-8-51" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-52">Le <strong>Plan de garantie des bâtiments résidentiels neufs</strong>, administré par l'organisme GCR <span class="citation">(<a class="cite" href="/bibliographie/#gcr" data-cite="gcr">Garantie de construction résidentielle, 2026</a>)</span>, est <strong>obligatoire</strong> pour les bâtiments résidentiels neufs visés au Québec. Né dans la foulée des scandales de malfaçons des années 1990 et réformé en 2015, il protège l'acheteur là où sa position est la plus vulnérable : pendant la construction (protection des acomptes) et pendant les premières années d'occupation, quand les défauts se révèlent. La couverture s'étage dans le temps — un an pour le parachèvement et les malfaçons apparentes, trois ans pour les vices cachés, cinq ans pour les vices majeurs de conception ou de construction. Le coût, fixé par une grille tarifaire qui module la prime selon le dossier de l'entrepreneur, se situe typiquement entre <strong class="c-or">1 500 et 4 000 $ par unité</strong> d'habitation (grille du 1<sup>er</sup> avril 2026 : 2 656,68 $ par unité pour la catégorie visée au TP2). Ensemble, frais légaux et garantie représentent 0,5–1,5 % du coût d'un projet résidentiel — un poste modeste, mais obligatoire, donc jamais omissible du bordereau.</p></div></div>228<div class="box box-ex" id="ex-8-5"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 8.5</span><span class="box-title">— assurances et frais légaux d'un immeuble de 6 logements</span><a class="box-anchor" href="#ex-8-5" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-53">Coûts directs : <span class="num">900 000 $</span>. Assurance chantier (1 %) : <span class="num">9000 $</span>; responsabilité civile : <span class="num">3000 $</span>; cautionnement : <span class="num">4500 $</span>; frais notariaux : <span class="num">4000 $</span>; GCR (6 unités <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>×</mo></mrow><annotation encoding="application/x-tex">\times</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">×</span></span></span></span> 2 500 $) : <span class="num">15 000 $</span>. <strong>Total : <span class="num">35 500 $</span></strong>, soit 3,9 % des coûts directs.</p></div></div>229<h3 id="s-8-5-3" class="h-subsection"><span class="h-num">8.5.3</span><span class="h-text">Marketing et administration (2–5 %)</span><a class="h-anchor" href="#s-8-5-3" aria-label="Lien vers cette section">#</a></h3>230<p id="p8-54">Le marketing couvre publicité, commissions de courtage, matériel promotionnel, unité modèle et frais de pré-vente; l'administration couvre comptabilité de projet, bureau de chantier, télécommunications, déplacements et frais bancaires courants. La logique de ce poste est simple : plus le projet doit <em>trouver</em> sa demande, plus il coûte cher à mettre en marché. Une résidence sur mesure a son client avant la première esquisse — le marketing y est nul; un projet de condominiums spéculatif doit convaincre des dizaines d'acheteurs qui ne le connaissent pas encore, d'où l'unité modèle meublée, les rendus 3D, les commissions et la campagne publicitaire. L'immeuble locatif se situe entre les deux : il faut louer les logements, mais un marché locatif tendu comme celui de Gatineau fait l'essentiel du travail. L'intensité typique par type de projet :</p>231<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Type de projet</th><th class="al-c">Marketing</th><th class="al-c">Administration</th></tr></thead><tbody><tr><td>Unifamiliale sur mesure</td><td class="al-c">0–1 %</td><td class="al-c">1–2 %</td></tr><tr><td>Projet résidentiel spéculatif</td><td class="al-c">3–5 %</td><td class="al-c">1–2 %</td></tr><tr><td>Immeuble locatif</td><td class="al-c">1–2 %</td><td class="al-c">1–2 %</td></tr><tr><td>Commercial / bureaux</td><td class="al-c">2–4 %</td><td class="al-c">1–3 %</td></tr><tr><td>Industriel</td><td class="al-c">0–1 %</td><td class="al-c">1–2 %</td></tr><tr><td>Institutionnel</td><td class="al-c">0 %</td><td class="al-c">2–3 %</td></tr></tbody></table></div></div>232<div class="box box-rem" id="remarque-8-55"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pen"/></svg></span><span class="box-label">spéculatif ou sur mesure</span><a class="box-anchor" href="#remarque-8-55" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-56">Les frais de marketing sont nettement plus élevés pour un projet <strong>spéculatif</strong> (le promoteur doit trouver ses acheteurs) que pour un projet <strong>sur mesure</strong> (le client existe déjà). Pour un immeuble locatif de 6 logements à 900 000 $ de directs : marketing 1,5 % + administration 1,5 % = <span class="num">27 000 $</span> (3 % au total).</p></div></div>233<h2 id="s-8-6" class="h-section"><span class="h-num">8.6</span><span class="h-text">Le profit entrepreneurial</span><a class="h-anchor" href="#s-8-6" aria-label="Lien vers cette section">#</a></h2>234<h3 id="s-8-6-1" class="h-subsection"><span class="h-num">8.6.1</span><span class="h-text">Définition et justification économique</span><a class="h-anchor" href="#s-8-6-1" aria-label="Lien vers cette section">#</a></h3>235<div class="box box-def" id="def-8-4"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 8.4</span><span class="box-title">— profit entrepreneurial</span><a class="box-anchor" href="#def-8-4" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-57">Le <span class="motcle" data-term="profit entrepreneurial">profit entrepreneurial</span> (ou profit du promoteur) rémunère le promoteur-développeur pour : le <strong>risque</strong> assumé dans le projet, le <strong>temps</strong> consacré à la coordination, le <strong>coût d'opportunité</strong> du capital immobilisé et l'<strong>expertise</strong> apportée. Il se distingue du profit de l'entrepreneur général, déjà inclus dans les coûts directs.</p></div></div>236<p id="p8-58">La justification économique mérite d'être déployée, car c'est elle qui rend l'inclusion du profit non négociable. Le promoteur immobilise du capital pendant douze à vingt-quatre mois dans un actif illiquide, sans certitude sur son prix de sortie : c'est le <strong>risque de marché</strong> — entre la décision de construire et la livraison, les taux peuvent monter, la demande se retourner, un concurrent livrer avant lui. Il porte aussi le <strong>risque de construction</strong> : dépassements de coûts, retards, défaut d'un sous-traitant, découverte d'un sol inadéquat. Son capital, pendant ce temps, aurait pu être placé ailleurs — c'est le <strong>coût d'opportunité</strong>, qui existe même si le projet se déroule sans incident. Enfin, son <strong>expertise</strong> — savoir repérer un site, monter un financement, piloter des professionnels — est un facteur de production rare qui commande sa rémunération. Sans profit espéré couvrant ces quatre éléments, aucun promoteur rationnel ne construirait : le marché exige un rendement supérieur au taux sans risque pour compenser l'incertitude, comme dans n'importe quelle industrie. La différence avec l'épicier ou le manufacturier est simplement que le profit du promoteur se réalise en une fois, à la vente du projet, plutôt qu'en un flux continu — ce qui le rend plus visible et, paradoxalement, plus souvent contesté.</p>237<div class="box box-ret" id="aretenir-8-59"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-star"/></svg></span><span class="box-label">le profit s'inclut même sans promoteur — question d'examen classique</span><a class="box-anchor" href="#aretenir-8-59" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-60">Même si le propriétaire construit <strong>pour lui-même</strong>, le profit entrepreneurial doit être inclus dans le coût de remplacement. Pourquoi? En vertu du <strong>principe de substitution</strong> : le coût de remplacement doit représenter ce qu'un acheteur devrait débourser pour obtenir une propriété équivalente — et sur le marché, cette propriété équivalente est produite par un promoteur qui exige son profit. Le profit fait donc partie du <em>coût de création</em> de la propriété, indépendamment de l'identité du constructeur.</p></div></div>238<h3 id="s-8-6-2" class="h-subsection"><span class="h-num">8.6.2</span><span class="h-text">Choisir le taux : 8 à 15 % sur (directs + indirects)</span><a class="h-anchor" href="#s-8-6-2" aria-label="Lien vers cette section">#</a></h3>239<div class="box box-form" id="form-8-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg></span><span class="box-label">Formule 8.2</span><span class="box-title">— profit entrepreneurial</span><a class="box-anchor" href="#form-8-2" aria-label="Lien">#</a></div><div class="box-body"><div class="eq" id="eq-8-2"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable width="100%"><mtr><mtd width="50%"></mtd><mtd><mrow><msub><mi>P</mi><mtext>entrepreneur</mtext></msub><mtext> </mtext><mo>=</mo><mtext> </mtext><mo fence="true" stretchy="true" minsize="1.2em" maxsize="1.2em">(</mo><msub><mi>C</mi><mtext>directs</mtext></msub><mo>+</mo><msub><mi>C</mi><mtext>indirects</mtext></msub><mo fence="true" stretchy="true" minsize="1.2em" maxsize="1.2em">)</mo><mo>×</mo><msub><mi>τ</mi><mi>P</mi></msub><mo separator="true">,</mo><mspace width="2em"/><msub><mi>τ</mi><mi>P</mi></msub><mo>∈</mo><mo stretchy="false">[</mo><mn>8</mn><mtext> </mtext><mi mathvariant="normal">%</mi><mo separator="true">,</mo><mtext> </mtext><mn>15</mn><mtext> </mtext><mi mathvariant="normal">%</mi><mo stretchy="false">]</mo></mrow></mtd><mtd width="50%"></mtd><mtd><mtext>(8.2)</mtext></mtd></mtr></mtable><annotation encoding="application/x-tex">P_{\text{entrepreneur}} \;=\;240\bigl(C_{\text{directs}} + C_{\text{indirects}}\bigr) \times \tau_P,241\qquad \tau_P \in [8\,\%,\,15\,\%]\tag{8.2}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.9694em;vertical-align:-0.2861em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.1389em;">P</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.2806em;"><span style="top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">entrepreneur</span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.2861em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1.2em;vertical-align:-0.35em;"></span><span class="mopen"><span class="delimsizing size1">(</span></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">directs</span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1.2em;vertical-align:-0.35em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">indirects</span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mclose"><span class="delimsizing size1">)</span></span><span 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:0.7335em;vertical-align:-0.1944em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.1132em;">τ</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3283em;"><span style="top:-2.55em;margin-left:-0.1132em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mathnormal mtight" style="margin-right:0.1389em;">P</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:2em;"></span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.1132em;">τ</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3283em;"><span style="top:-2.55em;margin-left:-0.1132em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mathnormal mtight" style="margin-right:0.1389em;">P</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="mopen">[</span><span class="mord">8</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span><span class="mpunct">,</span><span class="mspace" style="margin-right:0.1667em;"></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">%</span><span class="mclose">]</span></span><span class="katex-tag"><span class="katex-strut" style="height:1.2em;vertical-align:-0.35em;"></span><span class="mord text"><span class="mord">(</span><span class="mord"><span class="mord">8.2</span></span><span class="mord">)</span></span></span></span></span></span></div>242<p id="p8-61">La base est le <strong>sous-total directs + indirects</strong>, jamais les directs seuls ni le prix de vente.</p></div></div>243<figure class="float-table" id="tab-ch08-tab-profit"><figcaption><span class="fig-label">Tableau 8.3</span> Taux de profit entrepreneurial typiques par type de projet</figcaption><div class="table-wrap"><table class="tbl"><thead><tr><th>Type de projet</th><th class="al-c">Profit typique</th><th>Justification</th></tr></thead><tbody><tr><td>Résidentiel (faible risque)</td><td class="al-c">8–10 %</td><td>Marché stable, demande forte</td></tr><tr><td>Résidentiel (risque modéré)</td><td class="al-c">10–12 %</td><td>Marché normal</td></tr><tr><td>Commercial</td><td class="al-c">10–15 %</td><td>Risque de vacance</td></tr><tr><td>Industriel</td><td class="al-c">10–12 %</td><td>Marché spécialisé</td></tr><tr><td>Institutionnel</td><td class="al-c">8–10 %</td><td>Contrats publics</td></tr><tr><td>Complexe / spéculatif</td><td class="al-c">12–15 % et plus</td><td>Risque élevé</td></tr></tbody></table></div></figure>244<p id="p8-62">Le taux monte quand le marché est incertain ou en déclin, le projet complexe ou innovateur, le délai long, la localisation risquée, la pré-vente faible ou le financement difficile; il descend dans les situations inverses. Sur le marché résidentiel de la région Gatineau–Ottawa en 2026, où la demande est soutenue, un immeuble locatif justifie typiquement <strong class="c-or">10 à 12 %</strong>.</p>245<h3 id="s-8-6-3" class="h-subsection"><span class="h-num">8.6.3</span><span class="h-text">Extraire le profit du marché</span><a class="h-anchor" href="#s-8-6-3" aria-label="Lien vers cette section">#</a></h3>246<p id="p8-63">Le taux de profit peut être <strong>extrait</strong> des transactions de projets récents, en résiduel :</p>247<div class="box box-ex" id="ex-8-6"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 8.6</span><span class="box-title">— extraction du profit d'un projet vendu</span><a class="box-anchor" href="#ex-8-6" aria-label="Lien">#</a></div><div class="box-body"><div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Élément</th><th class="al-r">Montant</th></tr></thead><tbody><tr><td>Prix de vente du projet terminé</td><td class="al-r"><span class="num">1 450 000 $</span></td></tr><tr><td>Moins : valeur du 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">200 000 $</span></td></tr><tr><td>Moins : coûts directs</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">900 000 $</span></td></tr><tr><td>Moins : coûts indirects</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">180 000 $</span></td></tr><tr class="rule-above"><td><strong>Profit résiduel</strong></td><td class="al-r"><strong><span class="num">170 000 $</span></strong></td></tr></tbody></table></div></div>248<p id="p8-64">Taux extrait : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>170</mn><mtext> </mtext><mn>000</mn><mi mathvariant="normal">/</mi><mo stretchy="false">(</mo><mn>900</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>180</mn><mtext> </mtext><mn>000</mn><mo stretchy="false">)</mo><mo>=</mo><mn>15,7</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">170\,000 / (900\,000 + 180\,000) = 15{,}7\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">170</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000/</span><span class="mopen">(</span><span class="mord">900</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">180</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mclose">)</span><span class="mspace" style="margin-right:0.2778em;"></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">15</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">7</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> de (directs + indirects). <strong>Limite</strong> : la fiabilité de l'extraction dépend entièrement de l'exactitude des prix et des coûts réels des comparables — une erreur sur le terrain ou sur les indirects se loge intégralement dans le profit résiduel.</p></div></div>249<p id="p8-65">L'extraction appelle deux mises en garde supplémentaires. D'abord, le profit <em>réalisé</em> par un promoteur donné n'est pas le profit <em>exigé</em> par le marché : un promoteur chanceux qui a vendu dans un marché montant a encaissé davantage que sa exigence initiale, un promoteur malchanceux a encaissé moins — parfois rien. C'est la moyenne sur plusieurs projets récents, pas un cas isolé, qui approxime l'exigence du marché. Ensuite, attention au raisonnement circulaire : si l'on extrait le profit en soustrayant des coûts eux-mêmes estimés avec les guides que l'on cherche à valider, on ne prouve rien. L'extraction n'a de valeur probante que lorsque les coûts du comparable sont <em>documentés</em> (états financiers du projet, contrats), et non reconstitués. En pratique, l'évaluateur triangule : les fourchettes doctrinales de 8–15 %, les extractions disponibles et l'appréciation qualitative du risque du projet convergent vers un taux défendable.</p>250<h2 id="s-8-7" class="h-section"><span class="h-num">8.7</span><span class="h-text">L'assemblage du coût total</span><a class="h-anchor" href="#s-8-7" aria-label="Lien vers cette section">#</a></h2>251<h3 id="s-8-7-1" class="h-subsection"><span class="h-num">8.7.1</span><span class="h-text">La formule complète</span><a class="h-anchor" href="#s-8-7-1" aria-label="Lien vers cette section">#</a></h3>252<div class="box box-form" id="form-8-3"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg></span><span class="box-label">Formule 8.3</span><span class="box-title">— coût total de construction</span><a class="box-anchor" href="#form-8-3" aria-label="Lien">#</a></div><div class="box-body"><div class="eq" id="eq-8-3"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable width="100%"><mtr><mtd width="50%"></mtd><mtd><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>C</mi><mtext>total</mtext></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><msub><mi>C</mi><mtext>directs</mtext></msub><mo>+</mo><msub><mi>C</mi><mtext>indirects</mtext></msub><mo>+</mo><msub><mi>P</mi><mtext>entrepreneur</mtext></msub></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>C</mi><mtext>indirects</mtext></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mtext>honoraires</mtext><mo>+</mo><mtext>financement</mtext><mo>+</mo><mtext>taxes/permis</mtext></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mspace width="1em"/><mo>+</mo><mrow><mtext>assurances/l</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>gal</mtext></mrow><mo>+</mo><mtext>marketing/admin</mtext></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>P</mi><mtext>entrepreneur</mtext></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mo stretchy="false">(</mo><msub><mi>C</mi><mtext>directs</mtext></msub><mo>+</mo><msub><mi>C</mi><mtext>indirects</mtext></msub><mo stretchy="false">)</mo><mo>×</mo><msub><mi>τ</mi><mi>P</mi></msub></mrow></mstyle></mtd></mtr></mtable></mtd><mtd width="50%"></mtd><mtd><mtext>(8.3)</mtext></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}C_{\text{total}} &= C_{\text{directs}} + C_{\text{indirects}} +253P_{\text{entrepreneur}}\\254C_{\text{indirects}} &= \text{honoraires} + \text{financement} +255\text{taxes/permis}\\256&\quad + \text{assurances/légal} + \text{marketing/admin}\\257P_{\text{entrepreneur}} &= (C_{\text{directs}} + C_{\text{indirects}})258\times \tau_P\end{aligned}\tag{8.3}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:5.7em;vertical-align:-2.6em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:3.1em;"><span style="top:-5.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">total</span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span><span style="top:-3.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">indirects</span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span><span style="top:-2.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"></span></span><span style="top:-0.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.1389em;">P</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.2806em;"><span style="top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">entrepreneur</span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.2861em;"><span></span></span></span></span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:2.6em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:3.1em;"><span style="top:-5.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">directs</span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">indirects</span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.1389em;">P</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.2806em;"><span style="top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">entrepreneur</span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.2861em;"><span></span></span></span></span></span></span></span></span><span style="top:-3.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord text"><span class="mord">honoraires</span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord text"><span class="mord">financement</span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord text"><span class="mord">taxes/permis</span></span></span></span><span style="top:-2.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:1em;"></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord text"><span class="mord">assurances/l</span><span class="mord katex-accent"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="mord">e</span></span><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord">ˊ</span></span></span></span></span></span></span><span class="mord">gal</span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord text"><span class="mord">marketing/admin</span></span></span></span><span style="top:-0.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mopen">(</span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">directs</span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">indirects</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 class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.1132em;">τ</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3283em;"><span style="top:-2.55em;margin-left:-0.1132em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mathnormal mtight" style="margin-right:0.1389em;">P</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:2.6em;"><span></span></span></span></span></span></span></span></span><span class="katex-tag"><span class="katex-strut" style="height:5.7em;vertical-align:-2.6em;"></span><span class="mord text"><span class="mord">(</span><span class="mord"><span class="mord">8.3</span></span><span class="mord">)</span></span></span></span></span></span></div>259<p id="p8-66">et, pour boucler la méthode du coût : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>V</mi><mo>=</mo><msub><mi>V</mi><mtext>terrain</mtext></msub><mo>+</mo><mo stretchy="false">(</mo><msub><mi>C</mi><mtext>total</mtext></msub><mo>−</mo><msub><mi>D</mi><mtext>totale</mtext></msub><mo stretchy="false">)</mo></mrow><annotation encoding="application/x-tex">V = V_{\text{terrain}} + (C_{\text{total}} - D_{\text{totale}})</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6833em;"></span><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3175em;"><span style="top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">terrain</span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mopen">(</span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">total</span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">totale</span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mclose">)</span></span></span></span> — le coût total est le <strong>coût neuf</strong> avant dépréciation.</p></div></div>260<div class="center"><div class="tikz"><img src="/assets/fig/6c8bc491a0df3043.svg" alt="Figure" width="491" height="238" style="width:min(100%,713px)" loading="lazy" decoding="async"></div></div>261<div class="widget" data-widget="cascade-cout"></div>262<h3 id="s-8-7-2" class="h-subsection"><span class="h-num">8.7.2</span><span class="h-text">Exemple intégré résidentiel</span><a class="h-anchor" href="#s-8-7-2" aria-label="Lien vers cette section">#</a></h3>263<div class="box box-ex" id="ex-8-7"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 8.7</span><span class="box-title">— résidence de 1 500 pi<sup>2</sup> à Aylmer, Gatineau</span><a class="box-anchor" href="#ex-8-7" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-67">Unifamiliale de deux étages, sous-sol fini, qualité moyenne-supérieure. Coûts directs : 185 $/pi<sup>2</sup> <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>×</mo></mrow><annotation encoding="application/x-tex">\times</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">×</span></span></span></span> 1 500 = <span class="num">277 500 $</span>; durée de construction : 8 mois; taux du prêt : 7,0 %.</p>264<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Catégorie</th><th class="al-c">Taux / base</th><th class="al-r">Montant</th></tr></thead><tbody><tr><td>Architecte / concepteur</td><td class="al-c">7 %</td><td class="al-r"><span class="num">19 425 $</span></td></tr><tr><td>Ingénieur structure</td><td class="al-c">2 %</td><td class="al-r"><span class="num">5550 $</span></td></tr><tr><td>Ingénieur méca./élec.</td><td class="al-c">2,5 %</td><td class="al-r"><span class="num">6938 $</span></td></tr><tr><td>Arpenteur-géomètre</td><td class="al-c">forfait</td><td class="al-r"><span class="num">2500 $</span></td></tr><tr><td>Intérêts intercalaires</td><td class="al-c"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>7</mn><mtext> </mtext><mi mathvariant="normal">%</mi><mo>×</mo><mn>8</mn><mi mathvariant="normal">/</mi><mn>12</mn><mo>×</mo><mn>0,5</mn></mrow><annotation encoding="application/x-tex">7\,\% \times 8/12 \times 0{,}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">7</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">8/12</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:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">5</span></span></span></span></td><td class="al-r"><span class="num">6475 $</span></td></tr><tr><td>Frais de dossier bancaire</td><td class="al-c">0,75 %</td><td class="al-r"><span class="num">2081 $</span></td></tr><tr><td>Permis municipal</td><td class="al-c">10 $/1 000 $ (hyp.)</td><td class="al-r"><span class="num">2775 $</span></td></tr><tr><td>Assurance chantier</td><td class="al-c">0,8 %</td><td class="al-r"><span class="num">2220 $</span></td></tr><tr><td>GCR (1 unité)</td><td class="al-c">forfait</td><td class="al-r"><span class="num">2500 $</span></td></tr><tr><td>Frais notariaux</td><td class="al-c">forfait</td><td class="al-r"><span class="num">2000 $</span></td></tr><tr><td>Administration</td><td class="al-c">1,5 %</td><td class="al-r"><span class="num">4163 $</span></td></tr><tr class="rule-above"><td><strong>Total coûts indirects</strong></td><td class="al-c"></td><td class="al-r"><strong><span class="num">56 627 $</span></strong></td></tr></tbody></table></div></div>265<p id="p8-68">Ratio indirects/directs : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>56</mn><mtext> </mtext><mn>627</mn><mi mathvariant="normal">/</mi><mn>277</mn><mtext> </mtext><mn>500</mn><mo>=</mo><mn>20,4</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">56\,627 / 277\,500 = 20{,}4\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">56</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">627/277</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:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">20</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">4</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> — au cœur de la fourchette de 15–25 %. Assemblage final :</p>266<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Composante</th><th class="al-r">Montant</th></tr></thead><tbody><tr><td>Coûts directs</td><td class="al-r"><span class="num">277 500 $</span></td></tr><tr><td>Coûts indirects</td><td class="al-r"><span class="num">56 627 $</span></td></tr><tr><td><strong>Sous-total</strong></td><td class="al-r"><strong><span class="num">334 127 $</span></strong></td></tr><tr><td>Profit entrepreneurial (10 %)</td><td class="al-r"><span class="num">33 413 $</span></td></tr><tr class="rule-above"><td><strong>Coût total (neuf)</strong></td><td class="al-r"><strong><span class="num">367 540 $</span></strong></td></tr></tbody></table></div></div>267<p id="p8-69">Soit <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>367</mn><mtext> </mtext><mn>540</mn><mi mathvariant="normal">/</mi><mn>1</mn><mtext> </mtext><mn>500</mn><mo>=</mo><mn>245</mn></mrow><annotation encoding="application/x-tex">367\,540 / 1\,500 = 245</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">367</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">540/1</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">245</span></span></span></span> $/pi<sup>2</sup>, un coût total <strong class="c-rouge">32,5 %</strong> au-dessus des directs seuls. Ce montant sera ensuite réduit de la dépréciation (bloc 4).</p></div></div>268<p id="p8-70">Observez la mécanique en cascade de cet assemblage : chaque poste indirect se calcule sur les directs, puis le profit se calcule sur l'ensemble. Cette architecture n'est pas une convention arbitraire — elle reflète l'ordre réel des engagements du promoteur, qui dimensionne ses contrats de services sur l'ampleur des travaux, puis exige un rendement sur la totalité de sa mise. Elle a aussi une conséquence pratique déjà rencontrée au chapitre précédent : toute erreur sur les coûts directs se propage mécaniquement à l'étage des indirects proportionnels, puis à celui du profit. Le bordereau est un édifice dont les directs sont la fondation.</p>269<h3 id="s-8-7-3" class="h-subsection"><span class="h-num">8.7.3</span><span class="h-text">Exemple intégré commercial</span><a class="h-anchor" href="#s-8-7-3" aria-label="Lien vers cette section">#</a></h3>270<div class="box box-ex" id="ex-8-8"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 8.8</span><span class="box-title">— bâtiment commercial de 5 000 pi<sup>2</sup> à Gatineau</span><a class="box-anchor" href="#ex-8-8" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-71">Coûts directs : 155 $/pi<sup>2</sup> <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>×</mo></mrow><annotation encoding="application/x-tex">\times</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">×</span></span></span></span> 5 000 = <span class="num">775 000 $</span>. Indirects : honoraires 16 % (<span class="num">124 000 $</span>), financement 4 % (<span class="num">31 000 $</span>), taxes et permis 1,5 % (<span class="num">11 625 $</span>), assurances et légal 2 % (<span class="num">15 500 $</span>), marketing et administration 3 % (<span class="num">23 250 $</span>) — total 26,5 % (<span class="num">205 375 $</span>). Sous-total : <span class="num">980 375 $</span>. Profit entrepreneurial de 12 % : <span class="num">117 645 $</span>. <strong>Coût total : <span class="num">1 098 020 $</span></strong>, soit 220 $/pi<sup>2</sup> (+42 % sur les directs). Un ratio d'indirects de 26,5 % serait suspect en résidentiel simple, mais il est justifié en commercial : honoraires professionnels plus lourds, marketing locatif, exigences techniques.</p></div></div>271<p id="p8-72">L'exemple commercial appelle une comparaison instructive avec l'exemple résidentiel qui le précède : mêmes familles de postes, mais des intensités différentes — honoraires plus lourds (les exigences techniques et réglementaires du commercial mobilisent davantage de professionnels), marketing locatif structurel, profit plus élevé parce que le risque de vacance existe. Le passage de +32 % à +42 % au-dessus des directs n'est donc pas une incohérence : c'est la signature de deux profils de risque et de complexité distincts. À l'examen comme en pratique, un ratio d'indirects doit toujours être jugé <em>relativement au type de projet</em>, jamais contre une norme unique.</p>272<h3 id="s-8-7-4" class="h-subsection"><span class="h-num">8.7.4</span><span class="h-text">Grille de synthèse des pourcentages</span><a class="h-anchor" href="#s-8-7-4" aria-label="Lien vers cette section">#</a></h3>273<figure class="float-table" id="tab-ch08-tab-synthese"><figcaption><span class="fig-label">Tableau 8.4</span> Pourcentages typiques des coûts indirects (en % des coûts directs) et du profit</figcaption><div class="table-wrap"><table class="tbl"><thead><tr><th>Catégorie</th><th class="al-c">Résidentiel</th><th class="al-c">Commercial</th></tr></thead><tbody><tr><td>Honoraires professionnels</td><td class="al-c">10–15 %</td><td class="al-c">12–18 %</td></tr><tr><td>Frais de financement</td><td class="al-c">3–5 %</td><td class="al-c">3–5 %</td></tr><tr><td>Taxes et permis</td><td class="al-c">1–2 %</td><td class="al-c">1–2 %</td></tr><tr><td>Assurances et frais légaux</td><td class="al-c">2–4 %</td><td class="al-c">2–3 %</td></tr><tr><td>Marketing et administration</td><td class="al-c">1–3 %</td><td class="al-c">3–5 %</td></tr><tr class="rule-above"><td><strong>Total indirects</strong></td><td class="al-c"><strong>17–25 %</strong></td><td class="al-c"><strong>21–30 %</strong></td></tr><tr class="rule-above"><td>Profit entrepreneurial (sur directs + indirects)</td><td class="al-c">8–12 %</td><td class="al-c">10–15 %</td></tr></tbody></table></div></figure>274<h2 id="s-8-8" class="h-section"><span class="h-num">8.8</span><span class="h-text">Préparation à l'atelier 2 — le TP2 (15 %)</span><a class="h-anchor" href="#s-8-8" aria-label="Lien vers cette section">#</a></h2>275<h3 id="s-8-8-1" class="h-subsection"><span class="h-num">8.8.1</span><span class="h-text">Le mandat</span><a class="h-anchor" href="#s-8-8-1" aria-label="Lien vers cette section">#</a></h3>276<p id="p8-73">Le TP2, remis à la séance 9, est le prolongement naturel de ce chapitre : un promoteur projette un <strong>quadruplex locatif de 4 800 pi<sup>2</sup></strong> à Gatineau, et vous montez le bordereau complet — coûts directs par composantes (séances 6–7), coûts indirects documentés avec données réelles, profit entrepreneurial justifié, puis validation du $/pi<sup>2</sup> contre les fourchettes du guide Altus <span class="citation">(<a class="cite" href="/bibliographie/#altus2026" data-cite="altus2026">Altus Group, 2026</a>)</span>. L'exercice reproduit fidèlement la commande qu'un évaluateur reçoit en pratique : le client ne fournit jamais un bordereau tout fait, seulement un projet et des paramètres épars — à vous de bâtir la structure, d'aller chercher les taux dans les bonnes sources et de défendre chaque hypothèse. La note récompense exactement cela.</p>277<div class="box box-terrain" id="terrain-8-74"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-hardhat"/></svg></span><span class="box-label">données réelles du dossier TP2</span><a class="box-anchor" href="#terrain-8-74" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-75">Le TP2 travaille avec les paramètres réels de 2026 : règlement 501-2005 de Gatineau pour le permis (4,70 $ par 1 000 $ de travaux, minimum de 335 $ par logement — d'où une formule avec <code>MAX</code> dans le gabarit Excel), grille GCR du 1<sup>er</sup> avril 2026 (2 656,68 $ par unité), taux préférentiel réel de 4,45 %, taux CCQ 2025–2029, fourchettes Altus 2025–2026. La charpente est <strong>personnalisée</strong> par étudiant : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>118</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>400</mn><mo>×</mo><mi>B</mi></mrow><annotation encoding="application/x-tex">118\,000 + 400 \times B</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">118</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">400</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6833em;"></span><span class="mord mathnormal" style="margin-right:0.0502em;">B</span></span></span></span>, où <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>B</mi></mrow><annotation encoding="application/x-tex">B</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:0.0502em;">B</span></span></span></span> est un chiffre de votre code permanent.</p></div></div>278<h3 id="s-8-8-2" class="h-subsection"><span class="h-num">8.8.2</span><span class="h-text">Méthode de travail recommandée</span><a class="h-anchor" href="#s-8-8-2" aria-label="Lien vers cette section">#</a></h3>279<ol class="enum"><li><strong>Coûts directs d'abord</strong> : ventilez par composantes (structure, enveloppe, mécanique, finitions), ajoutez la contingence prévue à l'énoncé, et calculez le $/pi<sup>2</sup> intermédiaire.</li><li><strong>Indirects documentés</strong> : permis avec la formule <code>MAX</code> du règlement de Gatineau, GCR <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>×</mo></mrow><annotation encoding="application/x-tex">\times</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">×</span></span></span></span> 4 unités, intérêts intercalaires avec le facteur <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mstyle scriptlevel="0" displaystyle="false"><mfrac><mn>1</mn><mn>2</mn></mfrac></mstyle></mrow><annotation encoding="application/x-tex">\tfrac{1}{2}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1.1901em;vertical-align:-0.345em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.8451em;"><span style="top:-2.655em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">2</span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.394em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">1</span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.345em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span></span></span></span> sur la bonne base et la durée en années, honoraires en pourcentage justifié.</li><li><strong>Profit</strong> : choisissez un taux dans la fourchette 10–12 % (locatif, Gatineau 2026), appliquez-le sur (directs + indirects) et <strong>énoncez la convention</strong>.</li><li><strong>Validation</strong> : $/pi<sup>2</sup> final contre Altus; si l'écart dépasse <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">\pm</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>10–15 %, cherchez l'erreur avant de remettre.</li><li><strong>Analyse</strong> : le barème (/100) récompense l'exactitude des calculs, mais aussi la justification des taux et la qualité de l'analyse. Une réponse chiffrée sans justification perd la moitié de ses points.</li></ol>280<div class="box box-att" id="attention-8-81"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-warning"/></svg></span><span class="box-label">les erreurs qui coûtent le plus de points au TP2</span><a class="box-anchor" href="#attention-8-81" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-82">(1) Intérêts intercalaires sans le facteur <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mstyle scriptlevel="0" displaystyle="false"><mfrac><mn>1</mn><mn>2</mn></mfrac></mstyle></mrow><annotation encoding="application/x-tex">\tfrac{1}{2}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1.1901em;vertical-align:-0.345em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.8451em;"><span style="top:-2.655em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">2</span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.394em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">1</span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.345em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span></span></span></span> ou avec la durée en mois; (2) profit assis sur les directs seuls; (3) cotisations CCQ/CNESST comptées deux fois; (4) permis calculé sans le minimum par logement; (5) aucune validation contre un guide de coûts. Chacune de ces erreurs est détectable par un simple test de cohérence — faites-le avant la remise.</p></div></div>281<h2 id="s-8-9" class="h-section"><span class="h-num">8.9</span><span class="h-text">Exercices</span><a class="h-anchor" href="#s-8-9" aria-label="Lien vers cette section">#</a></h2>282<div class="box box-exo" id="exo-8-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 8.1</span><span class="box-title">— intérêts intercalaires</span><a class="box-anchor" href="#exo-8-1" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-83">Un projet présente des coûts directs de <span class="num">950 000 $</span>, un prêt de construction au taux annuel de 6,8 % et une durée de chantier de 14 mois. (a) Calculez les intérêts intercalaires. (b) Recalculez-les si le taux passe à 8,3 % et commentez la sensibilité. (c) Pourquoi applique-t-on le facteur <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mstyle scriptlevel="0" displaystyle="false"><mfrac><mn>1</mn><mn>2</mn></mfrac></mstyle></mrow><annotation encoding="application/x-tex">\tfrac{1}{2}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1.1901em;vertical-align:-0.345em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.8451em;"><span style="top:-2.655em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">2</span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.394em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">1</span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.345em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span></span></span></span>?</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="p8-84">(a) <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>I</mi><mo>=</mo><mn>950</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,068</mn><mo>×</mo><mfrac><mn>14</mn><mn>12</mn></mfrac><mo>×</mo><mfrac><mn>1</mn><mn>2</mn></mfrac><mo>=</mo><mn>950</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,068</mn><mo>×</mo><mn>1,1667</mn><mo>×</mo><mn>0,5</mn><mo>≈</mo><mn>37</mn><mtext> </mtext><mn>683</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">I = 950\,000 \times 0{,}068 \times \frac{14}{12} \times \frac{1}{2}284= 950\,000 \times 0{,}068 \times 1{,}1667 \times 0{,}5 \approx28537\,683\,\$</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:0.0785em;">I</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">950</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">068</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1.1901em;vertical-align:-0.345em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.8451em;"><span style="top:-2.655em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">12</span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.394em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">14</span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.345em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1.1901em;vertical-align:-0.345em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.8451em;"><span style="top:-2.655em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">2</span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.394em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">1</span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.345em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">950</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">068</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">1667</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">5</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">37</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">683</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. (b) <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>I</mi><mo>=</mo><mn>950</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,083</mn><mo>×</mo><mn>1,1667</mn><mo>×</mo><mn>0,5</mn><mo>≈</mo><mn>45</mn><mtext> </mtext><mn>996</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">I = 950\,000 \times 0{,}083 \times 1{,}1667 \times 0{,}5 \approx28645\,996\,\$</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:0.0785em;">I</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">950</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">083</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">1667</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">5</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">45</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">996</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>, soit environ <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>8</mn><mtext> </mtext><mn>300</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">+8\,300~\$</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">8</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">300</span><span class="mspace nobreak"> </span><span class="mord">$</span></span></span></span> (+22 %). Les intérêts varient proportionnellement au taux : une hausse de 150 points de base sur un chantier de 14 mois déplace le poste de plus de 8 000 $. (c) Le prêt de construction est déboursé <strong>progressivement</strong> selon l'avancement des travaux; en moyenne, la moitié seulement du montant est empruntée pendant la durée du chantier. Le facteur <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mstyle scriptlevel="0" displaystyle="false"><mfrac><mn>1</mn><mn>2</mn></mfrac></mstyle></mrow><annotation encoding="application/x-tex">\tfrac{1}{2}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1.1901em;vertical-align:-0.345em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.8451em;"><span style="top:-2.655em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">2</span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.394em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">1</span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.345em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span></span></span></span> modélise ce profil de décaissement.</p></div></details>287<div class="box box-exo" id="exo-8-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 8.2</span><span class="box-title">— bordereau d'indirects — immeuble de 6 logements</span><a class="box-anchor" href="#exo-8-2" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-85">Complétez le bordereau des coûts indirects du sixplex du secteur Hull (coûts directs fournis : <span class="num">692 200 $</span>; durée 10 mois; taux 7,5 %) avec les hypothèses suivantes : architecte 6 %; ingénieurs (structure + méca./élec.) 4 %; arpenteur-géomètre 3 000 $; frais de dossier bancaire 0,75 %; permis municipal 10 $/1 000 $; assurance chantier 1 %; GCR 2 500 $/unité <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>×</mo></mrow><annotation encoding="application/x-tex">\times</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">×</span></span></span></span> 6; frais notariaux 3 500 $; marketing et administration 3 %. Calculez le total des indirects et le ratio indirects/directs, puis commentez sa vraisemblance.</p></div></div>288<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Catégorie</th><th class="al-c">Taux / base</th><th class="al-r">Montant</th></tr></thead><tbody><tr><td>Architecte</td><td class="al-c">6 %</td><td class="al-r"><span class="num">41 532 $</span></td></tr><tr><td>Ingénieurs</td><td class="al-c">4 %</td><td class="al-r"><span class="num">27 688 $</span></td></tr><tr><td>Arpenteur-géomètre</td><td class="al-c">forfait</td><td class="al-r"><span class="num">3000 $</span></td></tr><tr><td>Intérêts intercalaires</td><td class="al-c"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>7,5</mn><mtext> </mtext><mi mathvariant="normal">%</mi><mo>×</mo><mn>10</mn><mi mathvariant="normal">/</mi><mn>12</mn><mo>×</mo><mn>0,5</mn></mrow><annotation encoding="application/x-tex">7{,}5\,\% \times 10/12 \times 0{,}5</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">7</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">5</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">10/12</span><span class="mspace" style="margin-right:0.2222em;"></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">5</span></span></span></span></td><td class="al-r"><span class="num">21 631 $</span></td></tr><tr><td>Frais de dossier</td><td class="al-c">0,75 %</td><td class="al-r"><span class="num">5192 $</span></td></tr><tr><td>Permis municipal</td><td class="al-c">10 $/1 000 $</td><td class="al-r"><span class="num">6922 $</span></td></tr><tr><td>Assurance chantier</td><td class="al-c">1 %</td><td class="al-r"><span class="num">6922 $</span></td></tr><tr><td>GCR</td><td class="al-c"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>6</mn><mo>×</mo><mn>2</mn><mtext> </mtext><mn>500</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">6 \times 2\,500~\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">6</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">2</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">500</span><span class="mspace nobreak"> </span><span class="mord">$</span></span></span></span></td><td class="al-r"><span class="num">15 000 $</span></td></tr><tr><td>Frais notariaux</td><td class="al-c">forfait</td><td class="al-r"><span class="num">3500 $</span></td></tr><tr><td>Marketing et administration</td><td class="al-c">3 %</td><td class="al-r"><span class="num">20 766 $</span></td></tr><tr class="rule-above"><td><strong>Total indirects</strong></td><td class="al-c"></td><td class="al-r"><strong><span class="num">152 153 $</span></strong></td></tr></tbody></table></div></div>289<p id="p8-86">Détail des intérêts : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>692</mn><mtext> </mtext><mn>200</mn><mo>×</mo><mn>0,075</mn><mo>×</mo><mn>0,8333</mn><mo>×</mo><mn>0,5</mn><mo>=</mo><mn>21</mn><mtext> </mtext><mn>631</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">692\,200 \times 0{,}075 \times 0{,}8333 \times 0{,}5290= 21\,631~\$</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">692</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">200</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">075</span><span class="mspace" style="margin-right:0.2222em;"></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">8333</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">5</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">21</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">631</span><span class="mspace nobreak"> </span><span class="mord">$</span></span></span></span>. Ratio : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>152</mn><mtext> </mtext><mn>153</mn><mi mathvariant="normal">/</mi><mn>692</mn><mtext> </mtext><mn>200</mn><mo>=</mo><mn>22,0</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">152\,153 / 692\,200 = 22{,}0\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">152</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">153/692</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:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">22</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">0</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> — dans la fourchette de 15–25 % typique du résidentiel locatif : vraisemblable.</p></div></details>291<div class="box box-exo" id="exo-8-3"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 8.3</span><span class="box-title">— coût total et profit — suite du sixplex</span><a class="box-anchor" href="#exo-8-3" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-87">En reprenant l'exercice précédent : (a) calculez le coût total de remplacement avec un profit entrepreneurial de 11 %; (b) exprimez le résultat en $/pi<sup>2</sup> (superficie de 5 400 pi<sup>2</sup>) et par logement; (c) justifiez en trois arguments le choix de 11 % plutôt que 8 % ou 15 %.</p></div></div>292<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p8-88">(a) Sous-total : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>692</mn><mtext> </mtext><mn>200</mn><mo>+</mo><mn>152</mn><mtext> </mtext><mn>153</mn><mo>=</mo><mn>844</mn><mtext> </mtext><mn>353</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">692\,200 + 152\,153 = 844\,353\,\$</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">692</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">200</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">152</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">153</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">844</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">353</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>; profit : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>844</mn><mtext> </mtext><mn>353</mn><mo>×</mo><mn>0,11</mn><mo>=</mo><mn>92</mn><mtext> </mtext><mn>879</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">844\,353 \times 0{,}11 = 92\,879\,\$</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">844</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">353</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">11</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">92</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">879</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>; <strong>coût total : <span class="num">937 232 $</span></strong>. (b) <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>937</mn><mtext> </mtext><mn>232</mn><mi mathvariant="normal">/</mi><mn>5</mn><mtext> </mtext><mn>400</mn><mo>≈</mo><mn>174</mn></mrow><annotation encoding="application/x-tex">937\,232 / 5\,400 \approx 174</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">937</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">232/5</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">400</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">174</span></span></span></span> $/pi<sup>2</sup>; <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>937</mn><mtext> </mtext><mn>232</mn><mi mathvariant="normal">/</mi><mn>6</mn><mo>≈</mo><mn>156</mn><mtext> </mtext><mn>205</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">937\,232 / 6 \approx 156\,205\,\$</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">937</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">232/6</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">156</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">205</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> par logement. (c) Un taux médian de 11 % se justifie par : (1) un marché locatif Gatineau–Ottawa à demande soutenue (risque de vacance faible <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> pas besoin de 15 %); (2) un projet de taille modeste et de conception standard (complexité faible); (3) mais un projet <em>spéculatif</em> sans pré-location signée et un chantier de 10 mois exposé aux dépassements (<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> davantage que le plancher de 8 % réservé aux projets quasi sans risque).</p></div></details>293<div class="box box-exo" id="exo-8-4"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 8.4</span><span class="box-title">— question théorique — l'inclusion du profit</span><a class="box-anchor" href="#exo-8-4" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-89">Un propriétaire-occupant a fait construire sa résidence en gérant lui-même le projet, sans promoteur. Son comptable soutient qu'aucun profit entrepreneurial ne doit figurer dans le coût de remplacement puisque « personne n'a encaissé de profit ». Réfutez cet argument en mobilisant le principe de substitution, puis indiquez une situation où l'évaluateur pourrait légitimement moduler le taux de profit à la baisse.</p></div></div>294<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p8-90">L'argument confond <em>décaissement</em> et <em>coût économique</em>. Le coût de remplacement mesure ce qu'un <strong>acheteur type</strong> devrait payer pour obtenir une propriété équivalente (principe de substitution); or l'offre de substitution sur le marché émane de promoteurs qui exigent une rémunération pour leur risque, leur temps, leur capital et leur expertise. Le propriétaire-gestionnaire n'a pas « économisé » le profit : il l'a <em>gagné</em> en assumant lui-même ces fonctions — son temps et son risque ont une valeur économique, qu'il l'ait facturée ou non. L'omettre sous-évaluerait le coût de création de 8 à 15 %. Modulation possible : un marché en fort déséquilibre (suroffre, projets invendus) où le profit <em>observable</em> des promoteurs est comprimé — l'extraction du marché peut alors justifier un taux vers le bas de la fourchette, à documenter.</p></div></details>295<div class="box box-exo" id="exo-8-5"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 8.5</span><span class="box-title">— question de calcul type mi-session</span><a class="box-anchor" href="#exo-8-5" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-91">Un bâtiment résidentiel de 2 000 pi<sup>2</sup> a des coûts directs de 175 $/pi<sup>2</sup>. Calculez le coût total avec : honoraires professionnels 14 %, financement 3,5 %, taxes et permis 1,2 %, assurances et légal 2,5 %, administration 1,5 % (le tout en % des coûts directs), et profit entrepreneurial de 10 % de (directs + indirects).</p></div></div>296<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p8-92">Directs : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>2</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>175</mn><mo>=</mo><mn>350</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">2\,000 \times 175 = 350\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">2</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">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">175</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">350</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>. Indirects : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>14</mn><mo>+</mo><mn>3,5</mn><mo>+</mo><mn>1,2</mn><mo>+</mo><mn>2,5</mn><mo>+</mo><mn>1,5</mn><mo>=</mo><mn>22,7</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">14 + 3{,}5 + 1{,}2 + 2{,}5 + 1{,}5 = 22{,}7\,\%</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">14</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">3</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">5</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">2</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">2</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">5</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">5</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">22</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">7</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> des directs, soit <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>350</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,227</mn><mo>=</mo><mn>79</mn><mtext> </mtext><mn>450</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">350\,000 \times 0{,}227 = 79\,450\,\$</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">350</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><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">227</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">79</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">450</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. Sous-total : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>429</mn><mtext> </mtext><mn>450</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">429\,450\,\$</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">429</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">450</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. Profit : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>429</mn><mtext> </mtext><mn>450</mn><mo>×</mo><mn>0,10</mn><mo>=</mo><mn>42</mn><mtext> </mtext><mn>945</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">429\,450 \times 0{,}10 = 42\,945\,\$</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">429</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">450</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">10</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">42</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">945</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. <strong>Coût total : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>472</mn><mtext> </mtext><mn>395</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">472\,395\,\$</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">472</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">395</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span></strong>, soit environ 236 $/pi<sup>2</sup> (+35 % sur les directs).</p></div></details>297<div class="box box-exo" id="exo-8-6"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 8.6</span><span class="box-title">— chasse au double comptage</span><a class="box-anchor" href="#exo-8-6" aria-label="Lien">#</a></div><div class="box-body"><p id="p8-93">Un bordereau soumis à votre révision contient les postes suivants, en sus des coûts directs : (a) cotisations CCQ des ouvriers, 4,2 % des salaires; (b) marge bénéficiaire de l'entrepreneur général, 8 %; (c) honoraires d'architecte, 7 %; (d) profit du promoteur, 10 %; (e) prime CNESST, 2,1 % des salaires; (f) assurance chantier, 1 %. Identifiez les postes erronés et corrigez le bordereau en expliquant chaque décision.</p></div></div>298<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p8-94">Postes erronés : <strong>(a)</strong>, <strong>(b)</strong> et <strong>(e)</strong>. Les cotisations CCQ (a) et CNESST (e) sont déjà incluses dans les taux horaires conventionnés de la main-d'œuvre, donc dans les coûts directs : les inscrire en indirects les compte deux fois. La marge de l'entrepreneur général (b) est incluse dans les prix soumis (coût direct) — à ne pas confondre avec le profit du promoteur (d), qui est légitime et distinct. Restent en indirects : honoraires d'architecte (c) et assurance chantier (f); le profit (d) demeure, appliqué sur (directs + indirects).</p></div></details>299<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>Les <strong>coûts indirects</strong> (<em>soft costs</em>) : 15–25 % des coûts directs (jusqu'à 30 % et plus en projets complexes); six familles — honoraires, financement, taxes/permis, assurances/légal, marketing/administration, imprévus.</li><li><strong>Honoraires</strong> : poste dominant (10–15 % en résidentiel, 12–18 % en commercial); architecte 6–12 %, ingénieurs 5–9 % au total, arpenteur et géotechnique au forfait.</li><li><strong>Intérêts intercalaires</strong> : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>I</mi><mo>=</mo><msub><mi>C</mi><mtext>directs</mtext></msub><mo>×</mo><mi>i</mi><mo>×</mo><mi>T</mi><mo>×</mo><mstyle scriptlevel="0" displaystyle="false"><mfrac><mn>1</mn><mn>2</mn></mfrac></mstyle></mrow><annotation encoding="application/x-tex">I = C_{\text{directs}} \times i300 \times T \times \tfrac{1}{2}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6833em;"></span><span class="mord mathnormal" style="margin-right:0.0785em;">I</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">directs</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:0.7429em;vertical-align:-0.0833em;"></span><span class="mord mathnormal">i</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:0.7667em;vertical-align:-0.0833em;"></span><span class="mord mathnormal" style="margin-right:0.1389em;">T</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1.1901em;vertical-align:-0.345em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.8451em;"><span style="top:-2.655em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">2</span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.394em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">1</span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.345em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span></span></span></span> — durée en années, facteur <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mstyle scriptlevel="0" displaystyle="false"><mfrac><mn>1</mn><mn>2</mn></mfrac></mstyle></mrow><annotation encoding="application/x-tex">\tfrac{1}{2}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1.1901em;vertical-align:-0.345em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.8451em;"><span style="top:-2.655em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">2</span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.394em;"><span class="pstrut" style="height:3em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mtight">1</span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.345em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span></span></span></span> pour les décaissements progressifs. Taux 2026 : préférentiel (4,45 %) + 1 à 3 %, soit 5,5–7,5 %.</li><li><strong>TPS/TVQ</strong> (5 % + 9,975 %) : traitement selon le statut — occupant (remboursements partiels plafonnés), locatif neuf (TPS remboursée à 100 % depuis septembre 2023), commercial (CTI/RTI : pas un coût). Documenter l'hypothèse.</li><li><strong>Double comptage interdit</strong> : CCQ et CNESST sont déjà dans les taux de main-d'œuvre; la marge de l'entrepreneur général est déjà dans les coûts directs.</li><li><strong>GCR</strong> obligatoire pour le résidentiel neuf visé : 1 500–4 000 $/unité (grille 2026 : 2 656,68 $).</li><li><strong>Profit entrepreneurial</strong> : 8–15 % appliqué sur <strong>(directs + indirects)</strong>; il rémunère risque, temps, capital et expertise du promoteur, et s'inclut <strong>même si le propriétaire a construit pour lui-même</strong> (principe de substitution). Extraction possible du marché en résiduel.</li><li><strong>Coût total</strong> <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><msub><mi>C</mi><mtext>directs</mtext></msub><mo>+</mo><msub><mi>C</mi><mtext>indirects</mtext></msub><mo>+</mo><mi>P</mi></mrow><annotation encoding="application/x-tex">= C_{\text{directs}} + C_{\text{indirects}} +301 P</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:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">directs</span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">indirects</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:0.6833em;"></span><span class="mord mathnormal" style="margin-right:0.1389em;">P</span></span></span></span> : typiquement +30 à +40 % au-dessus des directs seuls (résidentiel <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≈</mo></mrow><annotation encoding="application/x-tex">\approx</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.4831em;"></span><span class="mrel">≈</span></span></span></span> +32 %, commercial jusqu'à +42 %).</li><li>TP2 (15 %, remise séance 9) : bordereau complet d'un quadruplex de Gatineau avec données réelles (permis 501-2005 avec minimum, GCR 2026, préférentiel 4,45 %) et validation Altus.</li></ul></div></section>302 </article>303 </div>304 </div>305 <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>306 307<nav class="ch-pager" aria-label="Navigation entre les séances">308 <a class="prev" href="/seance/07/"><small>← Séance 7</small><b>Coûts directs de construction</b></a>309 <a class="next" href="/seance/09/"><small>Séance 9 →</small><b>Concepts de dépréciation</b></a>310</nav>311 312<div class="read-tools" role="toolbar" aria-label="Outils de lecture">313 <button type="button" 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