Las Vegas Faces European Tourism Decline After Canadian Immigration—Can Its Real Estate Market Survive?

Las Vegas may face a decline in international tourism from Europe due to growing tensions between the United States and European countries, experts say – after weeks of Sin City’s housing market showing strong signs of recovery.

The tropical state of Nevada has already seen a significant drop in tourism from Canada since the President Donald TrumpInternational tax policies that have seen many travelers boycott the US in protest against the measures, as well as his recent comments suggesting that the country should become the 51st US state.

Some now suggest that there may be a similar drop in visits from European nations, especially those threatened with a new 10% tariff by Trump for not supporting the United States’ purchase of Greenland.

After raising the prospect of taking Greenland for reasons of national security, Trump said on January 17 that he would impose new tariffs on February 1 for the eight NATO allies who sent troops to the island after his comments.

Those countries are Denmark, Norway, Sweden, France, Germany, United Kingdom, Netherlands, and Finland.

He warned that the rate would rise to 25% on June 1 if there was no agreement on the purchase of Greenland by the United States, although he later abandoned this proposal after what he described on his Truth Social account as a “very productive meeting” with the Secretary-General of NATO. Mark Rutte.

However, some now warn that the ongoing tension between the US and its European partners could have an impact on the country’s tourism, especially when it comes to tropical regions where the local economy revolves around a large, and strong, influx of international tourists.

“Any obstacle to international tourism, whether it’s geopolitical tensions, policy uncertainty, or additional barriers to entry, could have an impact on Las Vegas,” Las Vegas Convention and Visitors Authority President and CEO Steve Hill he told the Las Vegas Review-Journal.

Professor of political science Keith Smithwho teaches at the University of the Pacific, told News 3 that with “a lot of hostility” between nations, “it’s less likely that Europeans will want to come and spend time in the United States.”

Las Vegas is already experiencing a decline in tourism, with data provided by the Las Vegas Convention and Visitors Authority for November 2025 showing that the number of visitors to Sin City is down 5.2% year over year.

Hotel occupancy during that period also fell by two percentage points, down to 79.4% from 81.4%.

However, Stephen Millerprofessor of economics and research director of the Center for Business and Economic Research at the University of Nevada Las Vegas, tells Realtor.com® that there is no concrete evidence that Trump’s words about taxes will have any real world impact on Europeans visiting Las Vegas.

In fact, Air France plans to start operating three non-stop flights a week between Paris and Las Vegas from mid-April.

How tourism affects the Las Vegas real estate market

Local real estate agents are taking a closer look at how the potential downturn will affect homes in the area.

Robert LittleLas Vegas area resident and real estate agent at Re/Max Advantage, says that, so far, there is little evidence that the Sin City market will suffer from the decline in tourism.

“While there has been recent talk about less international tourism in Las Vegas, I have not seen that translate into less demand in our real estate market,” he told Realtor.com.

Similarly, while fewer tourists may visit Vegas, a Realtor.com economist Jiayi Xu says the city has “remained among the top 25 US markets attracting overseas buyers over the past few years.

“In 2025, Las Vegas ranked 23rd nationally and 6th among West American markets, highlighting its continued appeal to international buyers.”

By 2025, 0.97% of international traffic on Realtor.com was directed to Las Vegas listings—actually unchanged from 0.96% in 2024, but down from the 1.26% share recorded in 2019.

Canadian connection

Meanwhile, interest from Canadian home buyers in Las Vegas has not decreased, but rather increased.

“Canadians continue to be the largest source of international traffic to Las Vegas listings on Realtor.com,” Xu said.

By 2025, 41.3% of Realtor.com’s international search traffic to Las Vegas came from Canada, up from 38.2% in 2024 and 37.4% in 2019 (before the pandemic).

Home sales in Las Vegas have not been significantly affected by the boycott of the Canadian tour, at least according to Little.

“From my perspective on the ground, consumer interest hasn’t changed, and I haven’t seen any significant declines associated with changes in international travel,” said Little.

Indeed, despite a surge in Canadian tourists visiting Vegas in the latter half of 2025, real estate prices in the city hit a record high in November in what many interpreted as a clear sign of a revitalized market.

The November listing price of existing single-family homes “sold” in Southern Nevada was $488,995, according to Las Vegas Realtors®. That’s a 1.9% increase from October 2025, when the median list price of “sold” single-family homes was $474,370.

Vegas also recorded a 29.2% increase in year-over-year inventory, according to Realtor.com’s December 2025 Monthly Housing Market Trends Report, which is the third largest in the nation. The median list price also held firm, down 0.6% from December 2024.

Canadian visits to Las Vegas dropped 24% last year, according to the Las Vegas Convention and Visitors Authority.

To lure Canadian tourists back, three downtown Las Vegas casinos—Circa, The D Las Vegas, and Golden Gate—last week unveiled an “At Par” program that treats every Canadian dollar as one American dollar for hotel rooms, games, and drinks.

As of Jan. 27 at 10 am, the Canadian dollar was worth $0.73 in US currency.

Whether that’s enough to lure Canadian tourists back to Sin City remains to be seen, but in the real estate market, Little says, “Tourism trends and housing demand don’t always align, and right now the fundamentals that drive people to move to Southern Nevada are still very active.”