RE:Morguard vs. MelcorMorguard does have a history of buying back stock, if I recall.
They might be playing it cautious, because they own a lot of office buildings and shopping centers, and refinancing on those type of buildings probably isn't as easy as it was pre covid, to say the least.
Say the value of these buildings declines a bit, plus lenders are no longer willing to lend as much as a percentage of overall value... it's not hard to see how this would squeeze the balance sheet.
My guess is that once things appear stabilized and they feel confident, they will start to buy back shares if the share price remains depressed at that time.
On a side note, the SP of Melcor has not moved much of late, despite the buyback.