My understanding of magic realism is that it has a setting that's mostly realistic, that occasionally something happens that would be plainly impossible in real life, and that the juxtaposition is supposed to draw the reader's attention to how they live in two simultaneous planes of reality, where the dominant forces might be trying to erase some other authentic experience. It's originally a description of a certain style of Latin American writing, so sometimes I hear people say that the term properly only describes Latin American writing or at least writing that has something to do with the experience of colonization.

An argument could be made that Love/Aggression is magic realism, though I'd argue that surrealism is a better descriptor for this novel, because surrealism (compared to magic realism) gives more relative weight to a narrative's "impossible" features. Magic realism tends to use its magic elements to point us toward understanding material reality, whereas surrealism I think is more absorbed in the life of the mind and is more dismissive of material reality. I think Love/Aggression is more about the subconscious and how it plays out in narrative, hence I'd describe it (off the top of my head) more as a surrealist work.