There is so much not to like about this show it's hard to know where to start. Unlikeable characters, horrible plot lines, terrible writing, AND terrible acting. Don't even get me started on the obnoxious theme music.
On top of all that the show is out of touch with U.S. audiences due to the heavy Canadian references all throughout it. "Oh say Derek, will you be going to Queens College in the Fall! How have you bean? We should go oot."
Granted, other shows are filmed in Canada for financial reasons like Stargate: Atlantis, but while those shows may have suffered from some annoyances (like Rodney calling a Z-P-M a "Zed-P-M") the show didn't focus on life in Canada.
MTV is running Degrassi (another show based on the experiences of the Canadian teenager) during daytime hours when no one is watching to fill time (most teens are at school when it airs). I'd wager it's for the same reason. Shows that focus on teenage life in Canada don't translate well to a U.S. audience.
This show should be canceled and the remaining masters burned in a furnace.