Brookfield Homes Corporation Commences Tender Offer for 3,000,000 Shares of its Outstanding Common Stock

Brookfield Homes Corporation (NYSE:BHS) today commenced 
its previously announced tender offer for up to 3,000,000 shares of 
its outstanding common stock, at a price per share of $55.00, for a 
total of $165 million if the maximum number of shares are 
repurchased. Brascan Corporation, the major stockholder of Brookfield 
Homes, has indicated that it intends to tender up to an equivalent 
number of shares as the aggregate number of shares tendered by other 
stockholders.

   The tender offer expires at 5:00 p.m., New York City time, on 
November 15, 2005, unless extended. If the number of shares properly 
tendered is greater than the number sought, purchases will be made on 
a pro rata basis, except for odd lots. The company reserves the 
right, in its sole discretion, to increase the number of shares 
purchased subject to compliance with applicable law.

   The closing price per share on the New York Stock Exchange on 
October 3, 2005, the last trading day prior to Brookfield Homes 
announcing its intention to commence the tender offer, was $55.89. 
The tender offer represents a premium of approximately 5% over the 
average daily closing price per share on the NYSE over the 20 trading 
days preceding the commencement of the offer.

   Brookfield Homes has previously announced the possible sale of 
2,000 lots which are expected to realize net income of $75 million. 
To date, Brookfield Homes has sold 560 lots for proceeds of $59 
million, and net income of $21 million, or $0.67 per share.

   Brookfield Homes' Board of Directors has approved the tender 
offer. However, neither Brookfield Homes nor its Board of Directors 
is making any recommendation whether stockholders should tender or 
refrain from tendering their shares. Stockholders must decide whether 
to tender their shares and, if so, how many shares to tender. 
Stockholders may wish to discuss with their broker or other financial 
or tax advisor whether to tender their shares.

   THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT 
AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SHARES OF 
BROOKFIELD HOMES' COMMON STOCK. THE SOLICITATION OF OFFERS TO BUY 
BROOKFIELD HOMES' COMMON STOCK IS ONLY BEING MADE PURSUANT TO THE 
OFFER TO PURCHASE, LETTER OF TRANSMITTAL AND RELATED TENDER OFFER 
DOCUMENTS, WHICH THE COMPANY IS MAILING OUT TO ITS STOCKHOLDERS. 
STOCKHOLDERS SHOULD READ THOSE MATERIALS CAREFULLY PRIOR TO MAKING 
ANY DECISIONS WITH RESPECT TO THE TENDER OFFER BECAUSE THEY WILL 
CONTAIN IMPORTANT INFORMATION, INCLUDING THE VARIOUS TERMS AND 
CONDITIONS OF THE OFFER. COPIES OF THE OFFER TO PURCHASE, THE LETTER 
OF TRANSMITTAL AND OTHER TENDER OFFER DOCUMENTS CAN BE OBTAINED FOR 
FREE BY CALLING THE INFORMATION AGENT, MELLON INVESTOR SERVICES LLC 
AT 1-800-261-8066. STOCKHOLDERS WILL ALSO BE ABLE TO OBTAIN THE OFFER 
TO PURCHASE AND RELATED MATERIALS FOR FREE AT BROOKFIELD HOMES' 
WEBSITE WWW.BROOKFIELDHOMES.COM, OR THE SEC'S WEBSITE AT WWW.SEC.GOV.

   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.

   Note: Certain statements in this press release that are not 
historical facts, including information concerning the expected 
tender offer, the possible sale of lots, and those statements 
preceded by, followed by, or that include the words "planned", 
"projected", "possible", "potential", "expected", "targeted," 
"scheduled" or similar expressions, constitute "forward-looking 
statements". 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 or 
the completion of the tender offer; 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 (NYSE:BHS)