Carney's airport plan could unlock $1 trillion in private investment across Canada

The announcement comes on the heels of the certification of a major class-action lawsuit against Air Canada over allegations regarding its handling of passengers requiring mobility aids. Air Canada maintains a massive operational footprint at Toronto Pearson, where it anchors the entire Terminal 1 facility. The convergence of legal pressure on Canada’s primary carrier and the federal strategy to bring private management into Pearson and other hubs marks a transformative moment for the country’s travel ecosystem.

In a statement provided to Money.ca, the Greater Toronto Airports Authority (GTAA) said it “recognizes the federal government’s plan for future investment in airports” and looks forward to working on next steps that ensure stewardship of Pearson while achieving national infrastructure goals. The authority emphasized that its ongoing focus remains on safe operations, expanding its employment base and protecting Canada’s economic interests.

Overall, the policy represents a fundamental restructuring of how Canada’s primary travel gateways are managed, seeking to leverage external capital to modernize major transit hubs without adding directly to public debt.

Structure of the concession model

Under the proposed framework, Ottawa will retain full ownership of the underlying airport land and physical assets while transferring operational rights through long-term concession agreements.

The strategy aims to maintain public ownership while introducing private capital and operational expertise. Proceeds generated from these concession leases will be funneled back into national transit projects, including upgrades and funding support for smaller regional airports across Canada.

Domestic pension funds and economic goals

A central objective of opening up airport concessions is retaining and attracting large-scale institutional capital within Canada. Domestic pension fund managers — such as CPP Investments and the Ontario Teachers’ Pension Plan — have historically deployed billions of dollars into foreign airport infrastructure, but have faced limited opportunities to hold equivalent operational stakes at home.

The policy shift aligns with broader economic targets presented at the summit, where the federal government outlined plans to attract up to $1 trillion in private infrastructure investment over the next five years.

Labour concerns and regulatory oversight

The proposal has drawn sharp resistance from labour groups and union representatives. Concerns have been raised regarding potential fee increases for travelers and potential impacts on airport workers.

Despite the shift in operational management, federal officials confirmed that regulatory oversight regarding safety, security, and air traffic control will remain strictly under federal authority, with agencies like Transport Canada and the Canada Border Services Agency maintaining their existing roles.