I got a reply to my inquiry to the U of Guelph:
"
Mr. Evers,
>
> I am not familiar with a specific magnolia disease that will cause magnolia flower buds not to burst, but magnolias, as with other plants, will abort further development if under stress, such as something attacking the roots (which often is not readily visible). Also, abiotic stresses such as frost damage or deep chill after the buds have formed might cause them to stop further development too.
>
> Sorry I couldn't help you further, but you'll just have to see whether flowers come back next year.
>
> -----
>
> Dr. Tom Hsiang, Professor, Environmental Sciences, Bovey 3227
> University of Guelph, Guelph, Ontario, Canada, N1G 2W1
> tel: +1-519-824-4120 ext. 52753 fax: +1-519-837-0442
>
THSIANG HOME PAGE"
Something, possibly a groundhog, burrowed near the base of the tree this summer, so that may be the cause. Whoda thought.