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(BROOKFIELD HOMES LOGO)
    
    NEWS RELEASE
 BROOKFIELD HOMES ANNOUNCES 2004 CLOSINGS
AND NET NEW ORDERS Del Mar, California, January 5, 2005  (BHS: NYSE) Brookfield Homes Corporation closed 1,798 homes in 2004, an increase of 270 units over last year.
As well, we achieved our targeted backlog at December 31, 2004 of approximately 30% of our
estimated 1,875 home closings in 2005. Our current earnings guidance for 2004 remains at $143 million or $4.53 per share, with a targeted
growth in earnings per share of 15% in 2005. Our net new orders for the three months ended December 31, 2004 totaled 255 units, a decrease of
63 units compared to the same period last year. The decline in net new orders during the quarter
resulted from fewer homes available for sale within a number of our communities nearing build-out
in the
San Francisco Bay Area and Southland/Los Angeles, and a delay in opening new projects in Virginia.
This was partially offset by San Diego/Riverside where a number of new projects came on stream. A summary by region of the net new orders and active selling communities follows: Net New Orders
    
    Active Selling CommunitiesThree months ended
    
    Twelve months ended
    
    Three months endedDecember 31
    
    December 31
    
    December 312004
    
    
    2003
    
    
    2004
    
    
    2003
    
    
    2004
    
    
    2003San Francisco Bay Area
    
    
    31
    
    
    
    73
    
    
    
    348
    
    
    
    342
    
    
    
    5
    
    
    
    6Southland / Los Angeles
    
    
    30
    
    
    
    91
    
    
    
    338
    
    
    
    358
    
    
    
    5
    
    
    
    6San Diego / Riverside
    
    
    110
    
    
    
    47
    
    
    
    674
    
    
    
    447
    
    
    
    8
    
    
    
    4Northern Virginia
    
    
    84
    
    
    
    107
    
    
    
    405
    
    
    
    563
    
    
    
    9
    
    
    
    14255
    
    
    
    318
    
    
    
    1,765
    
    
    
    1,710
    
    
    
    27
    
    
    
    30
 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




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2 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
25,000 lots owned and controlled in the San Francisco Bay Area; Southland / Los Angeles; San Diego
/ Riverside; Sacramento 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 projected 2005 home closings and year-end backlog, 2004 earnings guidance
and 2005 earnings per share growth and those statements preceded by, followed by, or that include
the words planned, projected, goals, expected, targeted, scheduled or similar
expressions, 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.