Privatizing Canada's four largest airports will need proof of passenger benefits: report
An economics professor's new report urges the federal government to strengthen safeguards before handing Toronto Pearson, Vancouver, Calgary, and Montreal airports to private investors.
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A new report this month by Aidan Hollis, a University of Calgary economics professor, urges the Government of Canada to strengthen safeguards before privatizing its four largest airports: Toronto Pearson International, Vancouver International, Calgary International, and Montreal-Trudeau.
The report argues that replacing the current non-profit airport authorities should require proof of lasting benefits for passengers. Hollis notes that Canada's existing non-profit model can completely self-finance major expansion projects and delivers competitive operating and maintenance costs. Vancouver International Airport collected considerably less aviation-related revenue per passenger than several major for-profit airports overseas, the report found.
The federal government indicated in its Spring 2026 economic update that it would explore opening the largest airports to private investment. Prime Minister Mark Carney provided details at the Canada Investment Summit in September 2026, suggesting the privatization scheme could generate tens of billions of dollars in new revenue. According to the plan, First Nations would potentially hold a minority stake of up to 20 percent in Vancouver Airport, with institutional investors acquiring the remainder for majority control. The federal government would retain ownership of the underlying land and assets while granting investors the right to operate the airports. Proceeds would fund other infrastructure.
The Globe & Mail reported last week that Vancouver International Airport is first in line for privatization.
As background, Ontario Premier Doug Ford backed the Carney plan in September, and the federal government formally sought private investors to operate Toronto Pearson and the three other major airports the same month. Carney signaled consultation on Billy Bishop Airport, Toronto's city airport, in June.
Vancouver International achieved an all-time historic annual record of 26.9 million passengers in 2025 and was named North America's best airport for the 15th consecutive year. The airport has set an ambitious goal to double cargo volumes to over 700,000 tonnes annually by 2030.
The source material does not specify what specific safeguards Hollis's report recommends, a timeline for the privatization decision or implementation, or any response from Prime Minister Carney or the federal government to the report's findings.
What specific safeguards does the Hollis report recommend?
When does the federal government plan to make a final decision on privatization?
We'll update this story as answers emerge.
By the numbers
Which four Canadian airports would be privatized under the federal government's plan?
Toronto Pearson International, Vancouver International, Calgary International, and Montreal-Trudeau would be privatized under the plan outlined by Prime Minister Mark Carney.
How many passengers did Vancouver International Airport handle in 2025?
Vancouver International Airport achieved 26.9 million passengers in 2025, an all-time historic annual record for the airport.
What stake could First Nations potentially hold in Vancouver Airport under the privatization plan?
First Nations could potentially hold a minority stake of up to 20 percent in Vancouver Airport, with institutional investors acquiring the remainder for majority control.
