The Canadian real estate market remains under pressure as rental rates in Toronto and Calgary are falling and lagging lease agreements begin to show the effects of the recession.

In the second quarter of 2009, companies covered by Desjardins Securities showed a 4% decline in weighted year-over-year per unit/share growth, in large part due to the excessive losses at RioCan Real Estate Investment Trust (RIOCF.PK), the largest firm covered.