YVR privatization plan aims to attract First Nations investors with up to 20% stake

Vancouver International Airport could become the first major Canadian airport to bring in private investors under a federal privatization plan unveiled by Prime Minister Mark Carney in September 2026.

The Globe & Mail reported October 7 that the federal government identified YVR—Canada's second-busiest airport—as the first to pursue privatization efforts. The proposal involves selling a long-term operating lease to private investors while the federal government retains ownership of land, buildings, and infrastructure. First Nations investors could hold a minority stake of up to 20 per cent, with institutional investors such as pension funds acquiring majority control. PSP Investments, which already operates airports in Europe and Puerto Rico, is among potential candidates.

The federal government anticipates securing First Nations investment as a key reason for prioritizing YVR. Musqueam First Nation will receive a share of federal revenues from YVR, including a reported $5 million annually.

Under the current model since 1992, non-profit airport authorities operate Canada's largest airports, pay annual rent to the federal government, and collect revenue from passengers, airlines, and commercial tenants. YVR paid $78 million in ground lease payments in fiscal 2025 and $74 million in 2024.

YVR reported a $50.4 million deficit in fiscal 2025 despite $718 million in operating revenue and $674 million in operating expenses, which yielded a $45 million operating surplus. The airport's financial pressures—combined with the federal government's estimate that privatization could generate tens of billions in new revenue across four airports—drove the selection.

The four airports identified for privatization are YVR, Calgary International, Toronto-Pearson, and Montreal-Pierre Elliott Trudeau. The federal privatization process remains at an early stage.