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(BROOKFILED HOMES LOGO)
    
    NEWS RELEASE
 BROOKFIELD HOMES ANNOUNCES SECOND QUARTER NET NEW ORDERS,
AND NOTICE OF SECOND QUARTER CONFERENCE CALL AND WEBCAST Del Mar, California, July 6, 2005  (BHS: NYSE) Net New Orders Net new orders for the three months ended June 30, 2005 totaled 502 units, a decrease of 140 units
compared to the same period in 2004. The decrease in net new orders resulted from fewer homes
available for sale in our California operations, partially offset by an increase in sales in the
Washington D.C. Area. Over the next 12 months, we have identified potential bulk land sales of up to 2,000 lots on which
we expect to realize net income of $75 million or $2.40 per share. As a result of these potential
bulk land sales, we expect our 2005 home closings to be reduced to 1,750 of which we have over 90%
closed or in backlog. Due to the potential bulk land sales, we expect our 2005 earnings guidance
will be increased when we announce our second quarter financial results on Thursday, July 28, 2005. A summary by region of the net new orders and active selling communities follows: Active SellingNet New Orders
    
    
    CommunitiesThree months ended
    
    
    Six months ended
    
    
    Three months endedJune 30
    
    
    June 30
    
    
    June 302005
    
    
    2004
    
    
    2005
    
    
    2004
    
    
    2005
    
    
    2004San Francisco Bay Area
    
    
    54
    
    
    
    140
    
    
    
    117
    
    
    
    271
    
    
    
    2
    
    
    
    5Southland / Los Angeles
    
    
    61
    
    
    
    136
    
    
    
    155
    
    
    
    276
    
    
    
    3
    
    
    
    5San Diego / Riverside
    
    
    183
    
    
    
    243
    
    
    
    342
    
    
    
    404
    
    
    
    6
    
    
    
    6Washington D.C. Area
    
    
    204
    
    
    
    123
    
    
    
    405
    
    
    
    258
    
    
    
    15
    
    
    
    14502
    
    
    
    642
    
    
    
    1,019
    
    
    
    1,209
    
    
    
    26
    
    
    
    30
 Conference Call and Webcast for Investors and Analysts You are invited to participate in Brookfield Homes Second Quarter Conference Call on Friday, July
29, 2005 at 11:00 a.m. (EST)to discuss with members of senior management our results and current
business initiatives.




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2 Brookfield Homes will release its 2005 second quarter financial results on Thursday, July
28th at approximately 5:00 p.m. (EST), and it will be available on our website at
www.brookfieldhomes.com under Investor Relations  Press Releases. Our supplemental
information package will also be available 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 1-800-251-4491,toll free in North America, at
approximately 10 minutes prior to the start time. For those unable to participate in the Conference
Call, a taped rebroadcast will also be available until midnight Friday, August 12, 2005. To access
this rebroadcast, please call 1-800-807-5315, toll free in North America. 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 entitle
and develop land for our own communities and sell lots to other homebuilders. Our portfolio
includes 30,000 lots owned and controlled in the San Francisco Bay Area; Southland / Los Angeles;
San Diego / Riverside; Sacramento; and Washington D.C. Area 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 targeted 2005 home closings, our quarter-end backlog, potential bulk land
sales and the expected net income realized therefrom, our 2005 earnings guidance, and those
statements preceded by, followed by, or that include the words planned, projected, goals,
potential, 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.