Ottawa Expected to Outline Next Steps for Private Investment in Airports
The Carney government was expected to announce next steps for bringing more private investment into Canada's airports on Tuesday, Sept. 15, during its two-day investor summit in Toronto.
The expectation was reported by four Liberal MPs who spoke to The Globe and Mail after a briefing from Transport Minister Steven MacKinnon late Monday. Two government officials confirmed the call took place and said MacKinnon discussed airport modernization, with more detail to follow Tuesday. The Globe and Mail
Two MPs on the call said MacKinnon referred to opening the four large international airports in Vancouver, Calgary, Toronto and Montreal to foreign investment. A private-sector source told the newspaper the government would outline Tuesday morning the start of a process to open stakes in major airports to private investors.
The broader context here is process versus a deal. The language used so far describes the start of a process. No sale has been announced. No structure has been published.
The legislative and fiscal groundwork
Ottawa has been assembling legal powers on this file for months. The 2025 Liberal budget said the government would consider options for airport privatization, or the sale or long-term lease of public assets to private owners. The budget also has a section titled "Catalysing Investment in Airports and Ports" that says the government is taking action to encourage investment in airports and ports. Budget 2025
The bill to put parts of the spring economic update into law includes new powers for Ottawa to obtain financial information from airports. Officials have linked this wider review of public assets to budget strategy. Ottawa is looking at ways to monetize federal assets, or turn them into cash, including airports, to grow its new sovereign wealth fund, a government-owned investment fund, as reported in April. The Globe and Mail
MacKinnon said in April that work on possibly monetizing airports was still in the early stages. The Globe and Mail
The ownership system shapes what can happen next. Transport Canada owns 23 airports and leases them to Canadian airport authorities, with 21 authorities operating them. Transport Canada Since the Airports Capital Assistance Program started in 1995, Ottawa has invested more than $1.25 billion in 1,239 projects. Transport Canada
In March 2025, Ottawa published a policy statement on investment at National Airports System airports operated by airport authorities. A companion release was titled "Government of Canada releases policy statement on airport investment."
The summit is intended to attract very large investors. Hundreds of investors overseeing nearly $120 trillion in assets were expected in Toronto for the Canada Investment Summit. Canada's large airports were not mentioned in a 66-page prospectus booklet given to summit participants. Separately, Canada's tax agency will give priority to advance income tax rulings tied to investments of C$1 billion or more. Reuters
A long-circulating file
For context, readers who follow transport will find this ground familiar. The Liberal government asked Credit Suisse to study the benefits of privatizing airports ahead of the 2017 budget. Former transport minister Marc Garneau later confirmed the government was not moving ahead with airport privatization at that time.
For context, that history helps explain the steps involved. Airport authorities operate under long-term ground leases with Ottawa, similar to long-term rentals of federal land. Any plan to allow equity stakes, or private ownership shares, especially foreign stakes, would require Ottawa to define what is being sold or leased, how ground rent is treated, how passenger fees are regulated, and how safety and national security oversight are preserved. None of those details were in the verified accounts of Monday's call.
Before Tuesday, groups on both sides were stating their cases. A survey of 3,000 Canadians commissioned by Australian asset manager IFM Investors found 79 per cent said additional investment in airports is important or needed. The Canadian Labour Congress released a report on Friday setting out economic arguments against airport privatization and urged Ottawa not to include airports on the summit agenda.
International practice was part of the debate. Gowling WLG reported that as of last year, more than 850 airports in more than 90 countries involve some form of private-sector participation.
The broader context here is who controls what. Ottawa owns the land at the largest airports and sets the lease terms. The authorities borrow money, build and set fees within those rules. Private capital could enter at several points, from buying a share of the lease to holding concessions, or contracts to run terminals and services. Each choice affects rent paid to the Crown, room to borrow and accountability to Parliament in a different way.
Looking ahead to the next 48 hours, watch the exact wording Tuesday. Specialists will listen for whether Ottawa speaks of foreign investment or domestic pension investment, whether it names the four airports cited by MPs or the wider National Airports System, and whether it announces consultation, legislation or a transaction adviser. A process launch and a policy decision are different things in Ottawa. That distinction will shape how provinces, municipalities, airlines and labour respond, and how quickly any money can reach concrete and runways.
