By: Ebenezer Adugyamfi & Emmanuel Ayiku for GhanaianNewsCanada
8 October 2026
Vancouver International Airport is emerging as the first candidate for the federal government’s plan to bring private investment into Canada’s largest airports, according to people familiar with the process.
The development comes less than a month after Prime Minister Mark Carney announced that Ottawa intends to open the operations of Canada’s four largest airports to private investment as part of a broader strategy to attract capital and redirect government resources toward other infrastructure projects.
Four people familiar with the process told The Globe and Mail that Vancouver International Airport, commonly known as YVR, is expected to be the first airport considered for a long-term concession to private investors.
The sources said Ottawa’s advisers believe Vancouver is particularly suitable because of the possibility of securing investment from Indigenous groups.
However, the process remains at an early stage and the structure, timing and participants could still change.
What Ottawa Is Proposing
The federal government is not proposing to sell the airports themselves.
Instead, Ottawa intends to retain ownership of the underlying land and airport assets while allowing private investors to obtain long-term concessions to operate some or all of the facilities.
The airports involved are:
- Vancouver International Airport
- Toronto Pearson International Airport
- Montréal-Trudeau International Airport
- Calgary International Airport
Prime Minister Carney has described the arrangement as “concessions, not privatization.”
Under the proposed model, investors would provide capital and participate in airport operations while the federal government maintains ownership of the underlying public assets.
Ottawa has said the proceeds generated through the arrangements could provide tens of billions of dollars for other infrastructure priorities.
Carney has also said the government wants to redirect some of the capital toward regional and remote airports and transportation infrastructure.
The federal government expects the approach to help unlock additional investment without completely transferring public ownership of the airports.
Why Vancouver Could Go First
According to sources familiar with the discussions, YVR has emerged as the leading candidate partly because Ottawa expects Indigenous investment to play an important role in its future structure.
The airport is located in Richmond, British Columbia, on the traditional and unceded territory of the Musqueam First Nation.
Two sources said Indigenous investors could eventually hold a minority stake of as much as 20 per cent in YVR, while institutional investors could hold the majority position.
Among the types of investors being considered are large Canadian pension funds with experience investing in airports and other major infrastructure.
One potential institutional investor is PSP Investments, the Public Sector Pension Investment Board, which already has airport investments in other jurisdictions.
The involvement of Indigenous investors would also fit with Ottawa’s broader effort to incorporate Indigenous economic participation into major infrastructure projects.
Musqueam Wants a Meaningful Role
The Musqueam First Nation has indicated that it wants to be involved in discussions about the future of YVR.
The airport has a particularly important relationship with Musqueam because of its location on Musqueam territory.
Musqueam Chief Administrative Officer Robyn McVicker said the First Nation had already communicated to Ottawa that any discussion about YVR’s future must include meaningful participation by Musqueam.
However, she cautioned that it was too early to discuss specific negotiations.
The federal government has also reportedly approached MST Development Corp., a Vancouver-based real estate company backed by the Musqueam, Squamish and Tsleil-Waututh First Nations.
MST has a property portfolio valued at approximately $3 billion, according to the reporting.
The potential involvement of Indigenous investors could therefore become one of the defining features of any eventual YVR investment agreement.
YVR Has Already Been Talking to Ottawa
The possibility of private investment at Vancouver airport is not entirely new.
YVR President and CEO Tamara Vrooman said in September that the airport had been engaging with the federal government for several months regarding potential investment opportunities.
Following Ottawa’s announcement, YVR said it would continue discussions with both the federal government and Musqueam.
YVR currently operates under a not-for-profit airport authority model that has been in place since 1992.
The airport says approximately 28,000 people work at YVR every day, while its economic activity supports an additional 130,000 jobs nationally and contributes about $16 billion to Canada’s GDP.
YVR has also consistently ranked among Canada’s busiest and most internationally connected airports.
What Happens to Airport Ownership?
A major distinction in Ottawa’s proposal is the difference between ownership and operation.
The federal government would retain ownership of the underlying land and assets.
Private investors would instead be brought in through long-term concession agreements to operate the facilities.
This model already exists in a number of other countries, including Australia and parts of Europe.
The federal government says it wants to learn from international experience before establishing the final framework for Canada.
The process will also involve regulatory and national-security considerations, particularly where foreign investment is involved.
Concerns About Higher Costs
The proposed model has generated debate over whether private investment could eventually increase the cost of travelling through Canada’s largest airports.
Airlines and labour groups have raised concerns that investors seeking returns could put pressure on airport fees, which airlines may ultimately pass on to passengers through ticket prices.
The head of the National Airlines Council of Canada, Jeff Morrison, said affordability must remain central to the government’s plans.
International examples provide mixed evidence.
Australia, which moved major airports toward private ownership and operation between 1997 and 2003, is frequently cited by the Canadian government as an example of private investment generating significant capital improvements.
However, Australia’s competition regulator has also reported substantial increases in airport charges to airlines over time.
That has raised questions about how Ottawa will regulate airport fees if private investors take operational control.
The Government Says Travellers Must Benefit
Carney has repeatedly argued that any investment model must ultimately improve the experience of passengers.
The Prime Minister has said Ottawa wants investors to demonstrate how private capital can make airports more efficient, improve passenger services and keep costs under control.
Transport Minister Steven MacKinnon has also indicated that the government intends to retain regulatory oversight of airport fares and fees.
However, the minister has not ruled out the possibility that some costs could increase.
The precise rules governing fees, investment requirements, service standards and investor returns will therefore be crucial to determining how the model affects travellers.
Canada’s Airports Have Already Invested Billions
Canada’s major airports have traditionally operated under a distinctive model.
Since the 1990s, many large airports have been operated by locally governed, non-share capital airport authorities rather than directly by the federal government.
The airports generally operate on a user-pay model, generating revenue through passenger fees, airline charges, retail operations, parking and other services.
The Canadian Airports Council says airport authorities have invested more than $30 billion in infrastructure and improvements since airport devolution began.
At the same time, airport authorities have paid more than $8.4 billion in rent to the federal government, including $556 million in 2025.
The new investment model would therefore represent a major change to a system that has operated for more than three decades.
How Much Could the Airports Be Worth?
The four major airports could potentially generate a substantial amount of capital for Ottawa.
A recent University of Calgary economics report estimated that the four airports could collectively attract between $12 billion and $29 billion in investment.
Economist Aidan Hollis cautioned, however, that the eventual value would depend heavily on the regulatory framework established by the federal government.
In other words, the price investors are prepared to pay will depend partly on what they are allowed to charge passengers and airlines and what obligations they will have to maintain services and infrastructure.
That makes the rules governing the concessions almost as important as the investors themselves.
What Happens Next?
Ottawa’s airport investment process is still in its early stages.
The government will need to establish the precise structure of the concessions, determine the length of operating agreements, establish rules governing airport fees and service standards, and decide how Canadian and Indigenous participation will be incorporated.
For Vancouver, discussions with Musqueam and other potential Indigenous partners could become particularly important.
If the current process proceeds as expected, YVR could become the first major test of Mark Carney’s airport investment strategy.
The outcome will likely be closely watched by Toronto, Montreal and Calgary, where similar arrangements could eventually be introduced.
For passengers, airlines, airport workers and communities surrounding the facilities, the central question will be whether private capital can deliver additional investment and improved infrastructure without creating significant increases in travel costs.
For Ottawa, the airport plan represents another part of the government’s broader attempt to mobilize private capital for major Canadian infrastructure while retaining public ownership of strategically important assets.
For now, Vancouver International Airport remains a candidate rather than a completed deal. The final structure, investors, financial terms and operating arrangements have yet to be determined.
