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|                        |  |             
|----------------------- |  | ------------
|(BROOKFIELD HOMES LOGO) |  | NEWS RELEASE

BROOKFIELD HOMES ANNOUNCES 3RD QUARTER NET NEW ORDERS,
FINAL RESULTS OF DUTCH AUCTION TENDER OFFER AND
Notice of 3rd Quarter Conference Call and Webcast

Del Mar, California, October 6, 2003 (BHS: NYSE)

Net New Orders

Net new orders increased by 23 units for the three months ended September 30,
2003 compared to the same period in 2002. Strong market conditions contributed
to sales increases, however sales in the San Diego / Riverside area were down
during the quarter as a result of fewer homes available for sale. Sales backlog
at September 30, 2003 includes 309 units for closings in 2004 or 18% of our
planned 1,750 home closings for 2004.

A summary by region of the net new orders for the three months and nine months
ended September 30 is as follows:

|                        |  |                             |     |                            |  |      |     |      |  |  |       |  |  |  |       | 
|----------------------- |  | --------------------------- | --- | -------------------------- |  | ---- | --- | ---- |  |  | ----- |  |  |  | ----- | 
|                        |  | Three Months Ended Sept. 30 |     | Nine Months Ended Sept. 30
|                        |  |                             |     |                           
|                        |  | 2003                        |     | 2002                       |  | 2003 |     | 2002
|                        |  |                             |     |                            |  |      |     |     
|San Francisco Bay Area  |  |                             | 81  |                            |  |      | 67  |      |  |  | 269   |  |  |  | 252   | 
|Southland / Los Angeles |  |                             | 108 |                            |  |      | 101 |      |  |  | 267   |  |  |  | 408   | 
|San Diego / Riverside   |  |                             | 69  |                            |  |      | 93  |      |  |  | 400   |  |  |  | 284   | 
|Northern Virginia       |  |                             | 133 |                            |  |      | 107 |      |  |  | 456   |  |  |  | 422   | 
|                        |  |                             |     |                            |  |      |     |      |  |  |       |  |  |  |       | 
|                        |  |                             | 391 |                            |  |      | 368 |      |  |  | 1,392 |  |  |  | 1,366 | 
|                        |  |                             |     |                            |  |      |     |      |  |  |       |  |  |  |       | 

During the three months ended September 30, 2003, active selling communities
totaled 27, compared with 28 for the three months ended September 30, 2002. A
summary by region of the active selling communities for the three months ended
September 30 is as follows:

|                        |  |      |    |      |  |  |    | 
|----------------------- |  | ---- | -- | ---- |  |  | -- | 
|                        |  | 2003 |    | 2002
|                        |  |      |    |     
|San Francisco Bay Area  |  |      | 6  |      |  |  | 5  | 
|Southland / Los Angeles |  |      | 4  |      |  |  | 8  | 
|San Diego / Riverside   |  |      | 3  |      |  |  | 3  | 
|Northern Virginia       |  |      | 14 |      |  |  | 12 | 

Dutch Auction Tender Offer

Brookfield Homes Corporation also announced today the final results of its
Dutch auction tender offer, which was extended to and expired on September 30,
2003. Based on a final count by Mellon Investor Services LLC, the depositary
for the tender offer, 1,092,733 shares of common stock were properly





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tendered and not properly withdrawn, including shares tendered by Brascan
Corporation, the major stockholder of Brookfield Homes. All of these shares
have been accepted for purchase at a price of $18.50 per share.

Webcast and Conference Call for Investors and Analysts

You are invited to participate in Brookfield Homes Q3/2003 Conference Call on
Friday, October 31, 2003 at 11:00 a.m. (ET)to discuss with members of senior
management our third quarter 2003 results.

Brookfield Homes will release its 2003 third quarter financial results on
October 30th at approximately 5:00 p.m. (EST), and they will be available on
our website at www.brookfieldhomes.com under Investor Relations  Press
Releases. Our second quarter supplemental information package will also be
available on October 30th under Investor Relations  Financial Reports and
Investor Presentations. The Conference Call will also be Webcast live on our
website, where it will be archived for future reference.

To participate in the Conference Call, please dial 416-695-5261or
1-877-461-2816,toll free in North America, at approximately 10 minutes prior
to the start time. The reservation numberfor this call is T451869S. For those
unable to participate in the Conference Call, a taped rebroadcast will also be
available until midnight Friday, November 13, 2003. To access this
rebroadcast, please call 416-695-6244or 1-888-442-3925, toll free in North
America, and enter the reservation number 1869.

Brookfield Homes Corporation

Brookfield Homes Corporation is a residential homebuilder and land developer,
building homes and developing land in master-planned communities and infill
locations. We design, construct and market single-family and multi-family homes
primarily to move-up and luxury homebuyers. We also develop land for our own
communities and sell lots to other homebuilders. Our portfolio includes over
20,000 lots owned and controlled in the San Francisco Bay Area; Southland / Los
Angeles; San Diego / Riverside; and Northern Virginia markets. For more
information, visit the Brookfield Homes website at www.brookfieldhomes.com.

Contact Information:

Linda Northwood
Director, Investor Relations
Tel: 858-481-2567
Email: lnorthwood@brookfieldhomes.com

* * * * * * * * * * * * *

Note: Certain statements in this press release that are not historical facts,
including information concerning planned home closings constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Undue reliance should not be placed on
forward-looking statements because they involve known and unknown risks,
uncertainties and other factors, which may cause the actual results to differ
materially from the anticipated future results expressed or implied by such
forward-looking statements. Factors that could cause actual results to differ
materially from those set forward in the forward-looking statements include,
but are not limited to: changes in general economic, real estate and other
conditions; mortgage rate changes; availability of suitable undeveloped land at
acceptable prices; adverse legislation or regulation; ability to obtain
necessary permits and approvals for the development of our land; availability
of labor or materials or increases in their costs; ability to develop and
market our master-planned communities successfully; confidence levels of
consumers; ability to raise capital on favorable terms; adverse weather
conditions and natural disasters; relations with the residents of our
communities; risks associated with increased insurance costs or unavailability
of adequate coverage and ability to obtain surety bonds; competitive conditions
in the homebuilding industry, including product and pricing pressures; and
additional risks and uncertainties referred to in our Form 10-K and other SEC
filings, many of which are beyond our control. We undertake no obligation to
publicly update any forward-looking statements, whether as a result of new
information, future events or otherwise.

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