Boardwalk Equities Inc.: TSE Accepts Normal Course Issuer Bid.

Business Editors

CALGARY, Alberta--(BUSINESS WIRE)--March 21, 2001

Boardwalk Equities Inc. (NYSE:BEI)(TSE:BEI.) ("Boardwalk") is pleased to announce that the Toronto Stock Exchange has accepted its notice of intention to make a normal course issuer bid (the "Bid").

This Bid is an extension of a normal course issuer bid commenced by Boardwalk on March 3, 2000 which terminated on March 2, 2001 and pursuant to which Boardwalk has to date, purchased for cancellation 27,300 common shares for an average price of $10.59.

Boardwalk currently has 49,920,506 issued and outstanding common shares. The public float of common shares of Boardwalk is 31,516,326. The Bid allows Boardwalk to purchase up to 3,151,633 common shares, representing 10% of its public float, through the facilities of The Toronto Stock Exchange. The Bid will commence on March 23, 2001 and will terminate on March 22, 2002 or such earlier time as the Bid is complete.

Boardwalk believes that the current and recent market prices of its common shares do not reflect their underlying value.

Boardwalk's management is initiating this program as it feels that, at current market prices, an investment in Boardwalk's own high quality portfolio will deliver strong returns for shareholders and represents an effective use of its capital and steadily increasing cash flows. At the same time, Boardwalk plans to continue its property acquisition and capital improvement programs. Boardwalk will purchase the common shares for cancellation with the intention of increasing the proportionate interest of all remaining shareholders.

Commencing on or after April 17, 2001 and concurrent with the Bid, Messrs. Sam and Van Kolias, the controlling shareholders of Boardwalk, personally and through Boardwalk Properties Company Limited and other entities owned or controlled by them, intend to sell 410,000 Common Shares of Boardwalk from their combined holdings to fund repayment of indebtedness for tax planning purposes and to fund their charitable causes. In connection with such sale of Common Shares, Messrs. Sam and Van Kolias have taken appropriate steps to ensure that none of the Common Shares sold by them, Boardwalk Properties Company Limited or other entities owned or controlled by them are offered for sale or purchased as part of the Bid and have instructed HSBC Securities (Canada) Inc., the brokerage firm appointed to execute the sale of their 410,000 Common Shares through the facilities of The Toronto Stock Exchange, not to offer for sale any of those Common Shares through the Bid.

Boardwalk Equities Inc. is a customer oriented, technologically advanced real estate company specializing in the acquisition and management of multi-family residential projects throughout Western Canada. Boardwalk owns or has contracted to acquire over 25,000 units representing over 21 million net rentable square feet.

The common shares of Boardwalk are traded on The Toronto Stock Exchange and the New York Stock Exchange under the symbol BEI.

Fax back information service is also available at [phone]. Information can also be found on the Internet at http://www.bwalk.com.

"to efficiently provide the best value in carefree living at competitive prices and utmost customer satisfaction"