Research and Data published by the Canadian Real Estate Board suggest that Real Estate market and casinos can be described as closely connected because of the tendency of betting activities to draw both residents and tourists to a specific area.
The Gambling laws in Canada
In Canada, federal laws state that betting activities are illegal unless outlined by the Governing bodies of the Province. The laws also state that provinces could regulate betting and gambling activities, both commercial and non-commercial within the province at their own scale.
Even though gambling is not permitted at the federal level, an exception to the criminal code allows provinces to create laws and regulations. Therefore, betting activities are legal in Canada as long as the province approves. If you want to confirm whether you can place bets or enter a casino, Provincial rules require over the age of 19 & the adult to maintain a coherent attitude during betting at Casino’s.
In the province of Ontario, for example, the legal age for buying a ticket is 18 years, while the legal age for entering a casino is 19 years. Provinces like Manitoba, Quebec, and Alberta have a legal betting age of 18 years. This means that a person must be at least 18 years before they can participate in any form of gambling.
It is particularly noteworthy that all forms of gambling must be carried out according to the applicable laws of the state. This means that any casino that wants to operate legally must abide by local laws. It also means that private gambling can be illegal when profits are made.
If you gamble with your friends without the intention of making profits, it is permissible according to the prevalent laws.
Casinos in Canadian Provinces
The province of Alberta has about 58 casinos that are spread across about 25 cities. Calgary boasts about 15 casinos. Some of the biggest casinos in Alberta include River Cree Resort and Casino, Grey Eagle Resort and Casino, and Starlight Casino Edmonton.
British Columbia also has a number of casinos, about 38 in total. These casinos are spread across 28 cities with Vancouver having the highest concentration of casinos, about 6 in total. The big casinos in British Columbia include Grand Villa Casino Burnaby and River Rock Casino Resort.
Biggest Casinos in Canada
Having established the availability of casinos across the different provinces, let’s now see the location of the biggest casinos in the country and how the presence of these casinos influences local real estate markets.
Casino Montreal is the biggest casino in the country. This casino is located in Montreal, Quebec, and offers an impressive range of gambling options, including poker tables, table games, video poker machines, and gaming machines.
Online Casino Canada are also becoming more popular due to the accessibility and extensive range of gambling options available to users via smartphones, computer and tablets. This particularly improves access to an extensive range of gambling options with critical regulations to boost.
According to the most recent reports available, the average price of homes in Montreal is $560,074 reflecting a monthly increase of about 0.55%. The data also shows a quarterly decrease in the average selling price of homes in Canada, about 0.8%. A yearly decrease was also observed, about 0.95%.
The reports also show that about 2,700 transactions were completed in the Montreal real estate market. These findings reflected a monthly, quarterly, and yearly change of -2%, +1%, and -38% respectively. The housing categories include condos, detached and undetached family homes.
Ontario is the most of the largest number of casinos and gaming resorts in Canada. This feature could influence the value of both residential and commercial real estate in the province. The real estate influence will be related to impacts such as population growth, tourism appeal, and the availability of employment opportunities.
Some of the biggest names of casinos and gaming resorts in Ontario include Casino Niagara and Niagara Fallsview Casino Resort.
According to the Niagara Association of Realtors, the market has been on a stable trend with the most recent data in support.
In November 2022, a total of 335 units were sold. This is in comparison with the 669 units sold in November 2021, about a 50% decrease.
A total of 880 residential units were also listed in the market, in comparison to the 751 units listed a year ago. This reflects a difference of about -15%.
The houses listed spent more time on the market as opposed to a year ago. In November 2022, listed houses spent an average of 43 days on the market. In November 2021, they spent an average of 18 days.
In November 2022, the average selling price of homes in the Niagara region was $642,600. This reflects a decrease of about 8.2% compared to prices from a year ago.
Cities in Canada have casinos and are also within good distance of some of the largest casinos. These casinos attract locals as well as tourists.
