Morguard Corporation announces renewal of normal course issuer bid

    Stock Symbol: (MRC TSX)

    TORONTO, Sept. 18 /CNW/ - Morguard Corporation ("Morguard") today
announced that the Toronto Stock Exchange (the "TSX") has accepted a notice
filed by Morguard of its intention to make a normal course issuer bid through
the facilities of the TSX.
    The notice provides that Morguard may, during the twelve-month period
commencing September 22nd, 2008 and ending September 21st, 2009 purchase up to
745,934 common shares ("Common Shares") in total, being approximately 10% of
the public float of the issued and outstanding Common Shares. Common Shares
purchased under the normal course issuer bid will be cancelled. The price that
Morguard will pay for any such Common Shares will be the market price at the
time of acquisition. Management of Morguard will determine the actual number
of Common Shares that may be purchased and the timing of any such purchases,
subject to compliance with TSX guidelines.
    Under the current normal course issuer bid due to expire September 21,
2008, Morguard has purchased 49,800 Common Shares for cancellation at an
average cost per share of $38.00. As of September 12, 2008 there were
13,989,704 Common Shares outstanding. Morguard's average daily trading volume
for the prior six months is 6,020.
    Morguard believes that its Common Shares have been trading in price
ranges which do not adequately reflect their value in relation to the business
of Morguard and its future business prospects. As a result, depending upon
future price movements and other factors, Morguard believes that its
outstanding Common Shares may represent an attractive investment. Furthermore,
the purchases are expected to benefit all persons who continue to hold Common
Shares by increasing their proportionate interest in Morguard. All Common
Shares purchased by Morguard under the normal course issuer bid will be
cancelled.

    Morguard Corporation is a major Canadian real estate and property
management company. It has extensive retail, office, industrial and
residential holdings through its investments in Morguard REIT, Morguard
Residential Inc., and Revenue Properties Company Limited. Morguard provides
management services to institutional and other investors for commercial and
residential real estate through Morguard Investments Limited and Morguard
Residential Inc.