Canada could support two new NHL clubs in Hamilton and Quebec City, bringing the country's total to nine teams, the Conference Board of Canada said Thursday in a new report.

"Canada could sustain a maximum of nine NHL franchises -- a conclusion based on our analysis of the market conditions required to support an NHL-level professional hockey team today," said the briefing, which is part of a running series on professional sports teams in Canada by the Ottawa-based think tank.

"And while Winnipeg, Hamilton, and Quebec City do appear to be viable locations for NHL franchises, they are all at the lower limit. These markets have only the minimum market size and income, and a relatively small number of corporate head offices."

The Conference Board says the Canadian dollar would need to remain strong in order for those smaller markets to remain competitive.

The think tank originally thought that an NHL franchise needed a population base of at least one million in order to survive, but the recent success of the Winnipeg Jets has them thinking otherwise. Hamilton and Quebec City have roughly the same population as Winnipeg.

Toronto, home to the Maple Leafs and hockey's biggest market, has often been cited as capable of handling a second team. New York has three NHL teams within a short drive of each other.

However, the Conference Board is less bullish on putting a second team into the Greater Toronto Area, given the acquisition costs and the territorial rights fees that would have to be paid to the Maple Leafs.

Forbes magazine listed three Canadian franchises in the top 10 most valuable teams in the NHL. The Leafs topped the list at $521 million, the Canadians were third at $445 million and Vancouver was seventh at $300 million (all figures U.S.).

At $164 million and 24th overall, the Winnipeg Jets were the least valuable Canadian team.

Last April economists at the University of Toronto speculated that Canada could handle 12 profitable teams.

However, there is the problem of actually getting an NHL teams into Canada. The NHL has not expanded since 2000-2001 and seems unlikely to want to add more clubs.

In all likelihood, the Phoenix Coyotes could be leaving the desert as soon as next season, but Seattle may be in line for an NHL team before Canada.