Morguard Corporation announces renewal of normal course issuer bid

    Stock Symbol: (MRC - TSX)

    TORONTO, Sept. 19 /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, 2007 and ending September 21st, 2008 purchase up to
749,882 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,
2007, Morguard has purchased 2,300 Common Shares for cancellation at an
average cost per share of $48.00. As of September 17, 2007 there were
13,975,150 Common Shares outstanding. Morguard's average daily trading volume
for the prior six months is 3,546.
    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 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.

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