Carney seeks private investment to operate Canada’s four biggest airports

The federal government is opening the door to private investment in the operation of Canada’s four largest airports, Prime Minister Mark Carney announced Tuesday (Sept. 15).

Speaking at the Canada Investment Summit in Toronto, Carney said Ottawa is seeking private capital and expertise for Toronto Pearson (YYZ), Montréal-Trudeau (YUL), Calgary (YYC) and Vancouver (YVR) airports, while maintaining federal ownership of the underlying land and assets.

“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, as reported by CTV News.

The move would represent a significant shift in how Canada’s major airports are operated.

READ MORE: "Canada’s airports are not for sale”: Unifor takes privatization fight to Toronto summit

Currently, the airports operate under a not-for-profit model, with local airport authorities managing federally owned land through long-term leases. Ottawa has been examining privatization and other ownership structures, with alternative models flagged in both the 2025 federal budget and this spring’s economic statement.

The announcement also follows reports that the federal Liberal caucus held a call with MPs Monday to discuss the future of Canadian airports.

Carney argued that attracting private investment would improve the passenger experience while unlocking capital that could be directed toward other infrastructure priorities.

He said the approach would deliver a “better passenger experience” while allowing the government to reinvest capital 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.

The announcement came during Carney’s inaugural Canada Investment Summit, which began Monday in Toronto with a goal of attracting $1 trillion in investment over the next five years for major Canadian projects.

Airports, however, were not included among the more than 160 projects listed in the summit’s deal book.

The prospect of greater private-sector involvement in Canadian airports has already drawn opposition from organized labour.

As previously reported, the Unifor Aviation Council of Canada protested outside the summit Monday, urging Ottawa to abandon plans for further 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.”

Don't miss a single travel story: subscribe to PAX today!  Click here to follow PAX on Facebook.