The Globe and Mail reports in its Friday, Aug. 1, edition that Canaccord Genuity analyst Mark Rothschild, taking a "more cautious approach to rental apartment REITs as fundamentals soften," downgraded Canadian Apartment Properties REIT and Killam Apartment REIT to "hold" from "buy" with unit targets of $48 and $20, climbing from $46 and $19.25. The Globe's David Leeder writes in the Eye On Equities column that the Canaccord stockpicker also increased his Minto Apartment REIT unit target by a loonie to $16.50. Analysts on average target the units at $50.13, $21.66 and $15.85. Mr. Rothschild says in a note: "Over the long-term, we expect new supply to be absorbed and population growth in Canada to resume. And ultimately, Canadian rental apartment vacancy rates will decline, allowing for rental rate growth to resume. In the near term, however, there is a large volume of new supply being delivered at a time when there is limited population growth, specifically from temporary workers, which are largely renters. This dynamic will likely lead to slower organic growth from Canadian rental apartment REITs, and we expect slower FFO growth."