Prime Minister Mark Carney is anticipated to propose the idea of permitting private investments in Canadian airports during a presentation to investors in Toronto this morning, as disclosed by a reliable source to Radio-Canada. The extent to which the government would welcome private funding into the airports remains uncertain, the source indicated. Reports by CTV and the Globe and Mail initially brought attention to this development, although the source’s identity is withheld due to lack of authorization to comment publicly on the subject.
According to a separate federal source who spoke to Radio-Canada, members of the Liberal caucus convened on Monday evening to deliberate on airport “modernization.” While the source did not explicitly mention privatization, the government has been hinting at its inclination towards privatizing Canadian airports since last November’s budget announcement. The spring economic update in May also pledged to introduce legislation to investigate the feasibility of this move.
Currently, the federal government possesses approximately two dozen major airports nationwide, including prominent hubs such as Toronto’s Pearson International Airport, Vancouver International Airport, Trudeau International Airport in Montreal, and Calgary International Airport. These airports are leased by the government to non-profit airport authorities charged with managing their operations. The annual lease fees amount to $525 million, as reported by the Canadian Airports Council.
Prime Minister Carney is spearheading the Canada Investment Summit happening in Toronto on Monday and Tuesday. The summit has attracted over 100 of the world’s leading investors, with the goal of securing $1 trillion in investments for about 167 projects across the country over the next five years. Among the attendees are several Canadian and international pension funds, which traditionally view airports as a secure investment. Notably, Canadian pension funds like the Canada Pension Plan and Ontario Teachers’ Pension Plan have previously invested in private airports abroad.