text: Killam completed 27 home sales and 1 home sale placement during 2013, compared to 18 home sales and 8 home sale placements in 2012. 
  
  Although the number of home sales were higher in 2013, the margins were lower due to two contributing factors; a softening of the market in 
  the Birchlee development required lowering margins to close sales of existing stock homes and the decision to sell two long‑standing, inventoried 
  stock homes at below cost in two Ontario MHCs. This allowed for recovery of over $100,000 in inventory costs, and the elimination of utility 
  costs for these stock homes during the winter months. The Company currently has four stock homes and does not anticipate selling any other 
  homes below cost. However local market conditions and age of inventoried stock homes will always play a factor in the pricing, and thus margin, 
  of Killam’s home sales. 
  
  The Company projects 15‑20 home sales for 2014 which will include a mix of new development sites and sales on current vacant lots throughout 
  the remaining MHC portfolio. 
  
  **Equity Income**
  For the years ended December 31, 
  
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              [html]<thead><tr><td>2013</td><td>2012</td><td>% Change</td></tr></thead><tbody><tr><td>Equity Income</td><td>$ 1.296</td><td>$ 758</td></tr></tbody>
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  Equity income represents Killam’s 25% interest in the net income of the joint ventures that own 180 Mill Street, Kanata Lakes and Silver Spear 
  apartments, all of which are located in ontario. 