The Canadian market is tapped out for NHL expansion only if you exclude Quebec City, Hamilton, and York Region. We're saturated at ~10 teams. US markets may have larger populations but that doesn't make them more enticing to the NHL.
Competition for the entertainment dollar, corporate base, cultural interest, and a number of other things factor in.
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World's First Documented Baseball Game: Beachville, Ontario, June 4th, 1838.
World's First Documented Gridiron Game: University College, Toronto, November 9th, 1861.
Hamilton Tiger-Cats since 1869 & Toronto Argonauts since 1873: North America's 2 oldest pro football teams
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