- lion. 11 In 2004 Bell Canada-the largest incumbent telephone company in Canada-acquired it from 360Networks. 12 Thus the market value of the three major competitive Canadian carriers, before MTS's acquisition of All- stream, had declined to less than US$1.5 billion. This compares with approximately $44 billion in market value for Canada's incumbent carriers. 13 Competition in Broadband Services As just mentioned, Canada's regulators have historically been much less open to unlimited unbundling than their counterparts in the United States. Unbundling was not extended to broadband providers through line sharing until October 2000, and there has been little apparent interest in it on the part of the entrants who use the incumbents' loops. However, as in the United States, significant broadband competition has come from cable. Canada has a well-developed cable television industry, with approx- imately 68 percent of households subscribing to cable television service, among the highest cable subscriber penetration in the world. Overall, Canadian broadband penetration is about 40 percent higher than in the United States (see figure 8-3), and approximately 57 percent of Canada's broadband subscribers use cable modem service. The incumbent telephone companies account for virtually all of the DSL service, and they serve a substantially larger share of the population with DSL than the in- cumbent local exchange carriers (ILECs) do in the United States. TELUS and Bell Canada charge only US$27 for a DSL service of 1.0 to 1.5 mega- bits per second, far less than the $35 to $40 generally found in the United States. Cable modem service is available from the largest Canadian cable company for US$34 a month. 15 The much less intrusive Canadian regula- tion appears to be working. Thus more than ten years after the CRTC began to admit facilities- based entrants into Canadian telecommunications, the new local entrants constitute only a small share of Canada's narrowband market. Although they have not been able to develop profitable