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

BROOKFIELD HOMES REPORTS THIRD QUARTER EARNINGS GROWTH

Investors, analysts and other interested parties can accessBrookfield Homes
Supplemental Information Package on Brookfield Homes websiteunder the
Investor Relations/Financial Reports section at www.brookfieldhomes.com.
Brookfield Homes third quarter investor conference call can be accessed by
teleconference on October 31, 2003 at 11:00 am (Eastern Time) at 416-695-5261
or 1-877-461-2816. The archived teleconference may be accessed by dialing
416-695-6244 or 1-888-442-3295 with access code 1869 through November 13, 2003.
Alternatively, the conference call can be accessed by webcast on the Brookfield
Homes website at www.brookfieldhomes.com.

Del Mar, California, October 30, 2003 (BHS: NYSE) Brookfield Homes
Corporation today announced strong financial results for the three months ended
September 30, 2003:

Results of Operations

|                                     |  |                             |      |                            |  |      |      |      |  |   |      |  |  |   |      | 
|------------------------------------ |  | --------------------------- | ---- | -------------------------- |  | ---- | ---- | ---- |  | - | ---- |  |  | - | ---- | 
|                                     |  | Three Months Ended Sept. 30 |      | Nine Months Ended Sept. 30
|                                     |  |                             |      |                           
|(Millions, except per share amounts) |  | 2003                        |      | 2002                       |  | 2003 |      | 2002
|                                     |  |                             |      |                            |  |      |      |     
|Total revenue                        |  | $                           | 288  |                            |  | $    | 149  |      |  | $ | 632  |  |  | $ | 521  | 
|Gross margin                         |  |                             | 80   |                            |  |      | 35   |      |  |   | 167  |  |  |   | 112  | 
|Net income from bulk land sales      |  |                             | 11   |                            |  |      |     |      |  |   | 25   |  |  |   |     | 
|Net income                           |  |                             | 28   |                            |  |      | 10   |      |  |   | 55   |  |  |   | 27   | 
|Earnings per share                   |  | $                           | 0.87 |                            |  | $    | 0.30 |      |  | $ | 1.69 |  |  | $ | 0.83 | 

Our strong third quarter financial performance is driven by dispositions of
surplus lot inventory and the low interest rate environment which continues to
fuel the residential housing market. As of October 30, 2003, we closed or have
in backlog 100% of the 1,550 planned home closings in 2003, and we achieved 22%
of our 2004 planned 1,750 home closings. Our development pipeline of over
20,000 lots controlled, as well as our growing backlog, should enable us to
continue to deliver solid financial performance into 2004, commented Ian
Cockwell, Brookfield Homes President and Chief Executive Officer.

Third Quarter Financial Highlights

For the three months ended September 30, 2003, Brookfield Homes:



| |  | Achieved net income of $28 million, an $18 million increase
over 2002. This resulted in earnings per share of $0.87, a
$0.57 increase over $0.30 recorded in 2002. The increase was
primarily a result of higher home closings in the third quarter
and the sale of 395 entitled lots in southern California, which
contributed net income of $11 million.
|- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                                                        |  |  |   | 
|------------------------------------------------------- |  |  | - | 
|Brookfield Homes Corporation
Third Quarter 2003 Results |  |  | 1 | 





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| |  | Generated operating cash flow of $90 million during the
quarter, improving the companys net debt to total
capitalization ratio from 46% at the end of the second quarter
to 44% at September 30, 2003.
|- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| 
| |  | Declared a semi-annual dividend of $0.08 per share payable on
December 31, 2003 to stockholders of record on December 15,
2003.                                                                        

Major Initiatives



| |  | In October, Brookfield Homes sold a further 1,100 entitled lots
in Riverside County for proceeds of $35 million, realizing a
net after tax gain of $11 million, which will be recorded in
the fourth quarter of 2003. This land sale increases estimated
2003 cash flow from operations to $215 million and earnings
guidance to $2.69 per share.
|- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| 
| |  | The company purchased 1,092,733 shares of its common stock
under the Dutch auction tender offer which expired on September
30, 2003, at a purchase price of $18.50 per share.                                                                                                                                                                    

Operating Highlights



| |  | Strong market conditions contributed to the increase in net new
orders by 23 units for the three months ended September 30,
2003 compared to the same period in 2002.
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
| 
| |  | As of October 30, 2003, the company achieved a sales backlog of
22% of its 1,750 planned home closings for 2004.                                                     
| 
| |  | All regions in the companys operations are on track to achieve
2004 performance targets with progress being made on existing
developments.                          
| 
|  |  | Year to date (October 30, 2003):                                                                                                                                     



| |  |  | San Diego/Riverside Sold approximately 4,100 entitled lots for
net sale proceeds of $139 million and an after tax gain of $32 million.
In addition, we are on track to open seven new communities early in
2004.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | Southland/Los Angeles Optioned 325 finished lots and 1,434
unentitled lots.                                                                                                                                     
|
| |  |  | San Francisco Bay Area Opened our first housing communities in
Windemere with strong market acceptance and sales, and successfully
optioned 600 lots.                                                           
|
| |  |  | Northern Virginia Continued to develop the current phases of our
Braemar master-planned community and successfully optioned 800 lots
adjacent to Braemar.                                                       

|                                                        |  |  |   | 
|------------------------------------------------------- |  |  | - | 
|Brookfield Homes Corporation
Third Quarter 2003 Results |  |  | 2 | 





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Outlook

We are well positioned to deliver on our performance target of 1,750 home
sales in 2004, backed by an improving economy and the continued low interest
rate environment. Our earnings guidance for 2004 is currently $2.25 per share,
which excludes any gains on sales of lots. Building shareholder value remains
our priority through proactive asset management, which includes the sale this
quarter of surplus entitled lots in both the San Diego and Riverside markets,
concluded Cockwell.

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

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 expected home sales, closings and deliveries
(and the timing thereof), expected community openings, targeted 2003 and 2004
earnings and cash flow guidance, possible or assumed future results of
operations of the company and those statements preceded by, followed by, or
that include the words planned, should, 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.

|                                                        |  |  |   | 
|------------------------------------------------------- |  |  | - | 
|Brookfield Homes Corporation
Third Quarter 2003 Results |  |  | 3 | 





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Brookfield Homes Corporation
Condensed Statements of Net Income

|                                                |                                                         |      |                    |         |                   |      |         |         |  |   |         |         |  |   |         |         | 
|----------------------------------------------- | ------------------------------------------------------- | ---- | ------------------ | ------- | ----------------- | ---- | ------- | ------- |  | - | ------- | ------- |  | - | ------- | ------- | 
|                                                |                                                         |      | Three Months Ended |         | Nine Months Ended
|                                                |                                                         |      | September 30       |         | September 30     
|                                                |                                                         |      |                    |         |                  
|(thousands, except per share amounts) Unaudited |                                                         | 2003 |                    | 2002    |                   | 2003 |         | 2002   
|                                                |                                                         |      |                    |         |                   |      |         |        
|Revenue                                         |                                                         |      |                    |         |                   |      |         |         |  |   |         |         |  |   |         |        
|                                                | Housing                                                 |      | $                  | 232,111 |                   |      | $       | 138,368 |  |   | $       | 496,897 |  |   | $       | 494,122 | 
|                                                | Land and other revenues                                 |      |                    | 54,595  |                   |      |         | 8,491   |  |   |         | 120,880 |  |   |         | 24,808  | 
|                                                | Equity in earnings from housing and land joint ventures |      |                    | 1,888   |                   |      |         | 2,488   |  |   |         | 14,464  |  |   |         | 2,488   | 
|                                                |                                                         |      |                    |         |                   |      |         |         |  |   |         |         |  |   |         |        
|Total revenue                                   |                                                         |      | 288,594            |         |                   |      | 149,347 |         |  |   | 632,241 |         |  |   | 521,418 |        
|Direct cost of sales                            |                                                         |      | 208,221            |         |                   |      | 113,934 |         |  |   | 464,885 |         |  |   | 408,670 |        
|                                                |                                                         |      |                    |         |                   |      |         |         |  |   |         |         |  |   |         |        
|                                                |                                                         |      | 80,373             |         |                   |      | 35,413  |         |  |   | 167,356 |         |  |   | 112,748 |        
|Selling, general and administrative expense     |                                                         |      | 18,911             |         |                   |      | 11,429  |         |  |   | 45,465  |         |  |   | 40,409  |        
|Interest expense                                |                                                         |      | 7,116              |         |                   |      | 6,462   |         |  |   | 20,139  |         |  |   | 23,276  |        
|Minority interest                               |                                                         |      | 7,548              |         |                   |      | 1,478   |         |  |   | 10,722  |         |  |   | 4,525   |        
|                                                |                                                         |      |                    |         |                   |      |         |         |  |   |         |         |  |   |         |        
|Net income before taxes                         |                                                         |      | 46,798             |         |                   |      | 16,044  |         |  |   | 91,030  |         |  |   | 44,538  |        
|Income tax expense                              |                                                         |      | 18,720             |         |                   |      | 6,418   |         |  |   | 36,412  |         |  |   | 17,816  |        
|                                                |                                                         |      |                    |         |                   |      |         |         |  |   |         |         |  |   |         |        
|Net income                                      |                                                         | $    | 28,078             |         |                   | $    | 9,626   |         |  | $ | 54,618  |         |  | $ | 26,722  |        
|                                                |                                                         |      |                    |         |                   |      |         |         |  |   |         |         |  |   |         |        
|Weighted average shares outstanding             |                                                         |      |                    |         |                   |      |         |         |  |   |         |         |  |   |         |        
|                                                | Basic                                                   |      |                    | 32,021  |                   |      |         | 32,200  |  |   |         | 32,041  |  |   |         | 32,240  | 
|                                                | Diluted                                                 |      |                    | 32,352  |                   |      |         | 32,200  |  |   |         | 32,358  |  |   |         | 32,240  | 
|Earnings per share                              |                                                         |      |                    |         |                   |      |         |         |  |   |         |         |  |   |         |        
|                                                | Basic                                                   |      | $                  | 0.88    |                   |      | $       | 0.30    |  |   | $       | 1.71    |  |   | $       | 0.83    | 
|                                                | Diluted                                                 |      | $                  | 0.87    |                   |      | $       | 0.30    |  |   | $       | 1.69    |  |   | $       | 0.83    | 

|                                                        |  |  |   | 
|------------------------------------------------------- |  |  | - | 
|Brookfield Homes Corporation
Third Quarter 2003 Results |  |  | 4 | 





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Brookfield Homes Corporation
Condensed Balance Sheets

|                                               |  |                             |         |                   |  |      |         |  |  |   |         | 
|---------------------------------------------- |  | --------------------------- | ------- | ----------------- |  | ---- | ------- |  |  | - | ------- | 
|                                               |  | UnauditedAs at September 30 |         | As at December 31
|                                               |  |                             |         |                  
|(thousands)                                    |  | 2003                        |         | 2002              |  | 2002
|                                               |  |                             |         |                   |  |     
|Assets                                         |  |                             |         |                   |  |      |         |  |  |   |         | 
|Housing and land inventory                     |  | $                           | 624,089 |                   |  | $    | 674,507 |  |  | $ | 616,425 | 
|Investments in housing and land joint ventures |  |                             | 84,309  |                   |  |      | 112,156 |  |  |   | 80,959  | 
|Receivables and other assets                   |  |                             | 70,005  |                   |  |      | 44,994  |  |  |   | 74,534  | 
|Cash and cash equivalents                      |  |                             | 94,677  |                   |  |      | 2,095   |  |  |   | 35,903  | 
|Deferred tax asset                             |  |                             | 4,254   |                   |  |      | 45,206  |  |  |   | 36,115  | 
|                                               |  |                             |         |                   |  |      |         |  |  |   |         | 
|                                               |  | $                           | 877,334 |                   |  | $    | 878,958 |  |  | $ | 843,936 | 
|                                               |  |                             |         |                   |  |      |         |  |  |   |         | 
|Liabilities and Stockholders Equity           |  |                             |         |                   |  |      |         |  |  |   |         | 
|Project specific and other financings          |  | $                           | 387,221 |                   |  | $    | 319,512 |  |  | $ | 325,492 | 
|Accounts payable and other liabilities         |  |                             | 110,461 |                   |  |      | 71,151  |  |  |   | 74,634  | 
|Subordinated debt due to related party         |  |                             |        |                   |  |      | 143,262 |  |  |   | 98,300  | 
|Minority interest                              |  |                             | 28,553  |                   |  |      | 23,033  |  |  |   | 24,772  | 
|Stockholders equity                           |  |                             | 351,099 |                   |  |      | 322,000 |  |  |   | 320,738 | 
|                                               |  |                             |         |                   |  |      |         |  |  |   |         | 
|                                               |  | $                           | 877,334 |                   |  | $    | 878,958 |  |  | $ | 843,936 | 
|                                               |  |                             |         |                   |  |      |         |  |  |   |         | 

- 30 -

|                                                        |  |  |   | 
|------------------------------------------------------- |  |  | - | 
|Brookfield Homes Corporation
Third Quarter 2003 Results |  |  | 5 |