CTV has decided not to produce Canadian Idol next year as it ‘rests’ the popular homegrown reality TV and competition series for one year.

CTV in a statement cited ‘the current economic climate’ as grounds to cancel the reality TV show produced over six seasons by Insight Productions, in partnership with format holder FremantleMedia Enterprises.

The kibosh for Canadian Idol comes on the heels of a major downsizing for domestic broadcasters, CTV included, to fend off falling ad revenue during an economic recession.

But the apparent hiatus for CTV’s top-rated summer series also comes after the broadcaster found another homegrown reality series hit in So You Think You Can Dance Canada — also a format series, executive produced by veteran variety producer Sandra Faire (Comedy Inc. ) and Trisa Dayot (Comedy Now!).

Canadian Idol, like Fox’s American Idol, which will return to CTV’s schedule on Jan. 13, has seen its audience slip during recent seasons from former glory.

CTV still retains the rights to Canadian Idol, via FremantleMedia.

Insight Productions is likely to still be doing business with CTV, given the dramas and other programming fare it’s dangling in front of Canadian broadcasters as part of a new Insight/FremantleMedia joint venture.