by Jen Mallia
Last updated: 4:30 PM ET, Mon March 10, 2025
There are 26 airports in the National Airports Systems, and 22 of them are operated by private, not-for-profit airport authorities. A statement from Transport Canada explains that while these authorities are “operationally and financially independent, the airports themselves are located on land leased from the Government of Canada.”
This governance model allows for flexibility when it comes to attracting investment, including from pension funds, the Minister of Innovation, Science and Industry, the Honourable François-Philippe Champagne, (on behalf of the Minister of Transport and Internal Trade, the Honourable Anita Anand) said in a statement released by the government.
The statement outlines three avenues: subleases, subcontracts and subsidiaries, for private investors and developers to collaborate with airport authorities.
“Canada’s airport operators have built world-class infrastructure, connecting people, services, and goods. As our air sector continues to grow, investment from various sources will be essential to ensure that our airports can meet the needs of Canadian,” says Champagne. “This policy statement provides clear direction on the many ways private investors can work with National Airports System airport authorities to the benefit of both the airports and the communities they serve.”
Both Aéroports de Montréal (ADM) and Toronto Pearson International responded to the statement.
As ADM is embarking on an ambitious investment strategy, they welcomed the clarification, indicating it is eager to begin lease negotiations immediately in order to facilitate plans for the future. “ADM is open to exploring innovative financing models with private institutional investors, such as Canadian pension funds, to accelerate investment in its facilities for the benefit of users and the community,” says Yves Beauchamp, President and CEO of ADM Aéroports de Montréal. “This will enable the YUL and YMX sites to make an even more sustainable contribution to the socio-economic development of the Greater Montreal area."
Pearson is also undergoing a capital project, known as LIFT ( Long term Investment in Facilities and Terminals) and expressed enthusiasm for the investment policy statement. "We welcome this policy direction which clarifies investment parameters at a time when Toronto Pearson is building new infrastructure to address increased demand by passengers," said Deborah Flint, President and Chief Executive Officer, Toronto Pearson. "As Canada's largest airport we have a plan in place to deliver a world-class passenger experience that integrates smart architecture and unlocks the digital potential in air travel, to allow Pearson to maintain its status as the most connected airport in North America."
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