My guess is that it isn't magnetic. I'd think that they'd advertise that.
I got my classroom sized whiteboard/magnetic board from "Supreme". It's a school supply business (catalogue) that we used at the school in which I taught. We have a location nearby but I think they're across Canada. You might want to ask around for your local school supply stores (phone a school) so you can avoid shipping costs. I got mine last spring when they had a one day warehouse "garage" sale. I got TONNES of things here (tallied up retail was well over $500 - I paid $150). It was actually ridiculous. The things were only very slightly (if even) damaged. (toddler trampoline $15, large classroom size ABC carpet $10, dressing doll $2, puzzles galore, little table $5, height adjustable stool $2, etc.)
Anyway, if you find a school retailer call them directly and ask if they have any returned items such as this white/magnetic board you'd like. I just recently bought a "damaged" (extremely minimally) 4X8 bulletin board for my "school room" for only $80 (retail is around $300).
So, all that to say "I don't think the Melissa & Doug easel is magnetic"