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(April 18, 2007) TD Banknorth, the U.S. arm of TD Bank Financial Group, has announced its shareholders have approved its proposed privatization. Upon completion of the transaction, the Maine-based bank will become a wholly owned subsidiary of TDBFG

“We’re pleased that TD Banknorth’s minority shareholders voted in favour of this transaction,” said Ed Clark, TD Bank’s CEO. “We will continue the transformation of TD Banknorth that is already in progress and will work closely with TD Banknorth to create a leading retail and commercial banking franchise in the United States.”

TD Banknorth said the transaction is expected to close on or about April 20, 2007. In connection with the transaction, TD Banknorth will be delisted from the New York Stock Exchange on the same date.

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Housing prices to double by 2026: CIBC

(April 18, 2007) A CIBC World Markets report predicts Canadian housing prices to double over the next two decades, not decline as some industry analysts expect.

The report, entitled Much Ado About Nothing: Canadian House Prices Not Based on Demographics Alone, addresses growing concerns that there will be a housing market slump in the face of fewer first-time buyers and an aging population looking to downsize.

“We estimate that in the coming 20 years, the Canadian housing market will face an extra supply of roughly 250,000 houses,” says Benjamin Tal, senior economist at CIBC World Markets. “While at first glance this appears to be a large number, it means an average extra supply of only 12,500 homes a year during that period.”

The report compares population growth between two cycles of housing prices, from 1987 to 2006 and from 2007 to 2026. It predicts that between 2007 and 2026, there will be only a moderate net decline of 167,000 in the number of first-time buyers aged 25 to 44. Tal points out that since this age group is the largest contributor to housing demand, accounting for almost 68% of home sales, its modest shrinkage will result in only a small downturn in demand.

The largest decline is projected for the 45 to 54 age group, as 2.5 million baby boomers move to the next age bracket. The impact of this change is expected to be limited, given that this group accounts for only 12% of total housing demand, Tal says.

These stats would still point toward a dip in housing demand, but this will be offset by the growth in the 55 to 74 age group and its surprisingly high housing market activity — largely reflecting purchases of vacation and investment properties.

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ASC fines Medicine Hat trader $15,000

(April 18, 2007) The Alberta Securities Commission announced on Wednesday that it has come to a settlement with a Medicine Hat trader who sold more than $700,000 in illegal stock to Alberta residents.

Kenneth Biddell admitted to engaging in illegal distribution of securities of a company called LED Innovations.com. Between 2004 and 2005, Biddell helped promote and sell approximately six million shares of the company, which earned him about $700,000.

Biddell has agreed to pay $15,000 to the Commission to settle its allegations against him and $3,000 toward investigation costs for his involvement. In addition, Biddell will be banned for a period of five years from trading in or purchasing securities in Alberta.

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(04/18/07)