OTTAWA -- Prime Minister Mark Carney says the federal government is seeking private investment to run Canada’s four major airports: Toronto-Pearson, Montreal-Trudeau, Calgary and Vancouver.
“Following best practice in other countries, the government of Canada will retain ownership of the underlying land and assets, but we will unlock their true value by bringing in new capital and expertise to their operations and their growth,” Carney said during his keynote speech at the Canada Investment Summit on Tuesday in Toronto.
The announcement comes after CTV News reported that the federal Liberal caucus held a call with its MPs on Monday to discuss the future of Canadian airports.
The federal government has been actively exploring the privatization and alternative ownership models of its major airports, which currently run under a not-for-profit model where local airport authorities manage federally owned land via long-term leases.
In both the 2025 federal budget and this spring’s economic statement, the federal government signalled its intent to pursue alternative ownership models.
Speaking to the summit, Carney insists private investment will mean a “better passenger experience” and reinvestment of that capital will go into infrastructure that “Canada needs for the next generation.”
“Canadian pension funds already successfully invest and manage airports around the world. It’s time to bring that same expertise back home to directly benefit Canadians,” Carney later added.
Carney’s inaugural Canada Investment Summit got underway in Toronto on Monday, with the goal of courting $1 trillion in investment over the next five years for major projects.
Airports were not among the more than 160 projects in the summit’s deal book.
Prior to the summit, the Canadian Labour Congress released a report saying privatizing Canadian airports could lead to higher costs for travellers, increased pressure on airport workers and the loss of long-term public value.
The Unifor Aviation Council of Canada, meanwhile, protested outside the investment summit on Monday to push back against airport privatization.
“Outsourcing and contract flipping already drive down wages, benefits and working conditions, further public sell-offs can only make this crisis worse for airport workers,” Unifor National president Lana Payne said in a press release.
“We have seen over and over again how the sell-off of public infrastructure leaves us more vulnerable economically. If there was ever a time to hold the line and build more public infrastructure, it is now.”
