Vancouver International Airport is among four Canadian airports that will be opened up for private investment.DARRYL DYCK/The Canadian Press
Transport Minister Steven MacKinnon said Thursday that Ottawa is in talks with First Nations about partnerships as it seeks new private investors for Canada’s four largest airports.
However, he said, no decisions have been made on which airport will go through the process first.
The Globe and Mail reported Wednesday, citing sources, that bankers and lawyers advising Ottawa have decided that Vancouver International Airport should be the first of the four airports to go through Ottawa’s privatization process. Further, Ottawa’s advisers are offering Indigenous groups in British Columbia an opportunity to be minority investors.
Advisers view Vancouver Airport, or YVR, as the priority because they expect it to draw First Nations investment.
The Globe report said the government’s airport plans are in their early stages, and the timing and structure of investments could change, according to four sources.
Vancouver airport first candidate for private investment, sources say
The Globe is not naming the sources because they are not permitted to speak for their employers.
Indigenous investors listening to pitches for stakes in the Vancouver Airport include the Musqueam First Nation, The Globe reported. The airport is on the Musqueam’s unceded territory.
In a speech to a gathering of the International Air Transport Association in Ottawa Thursday, Mr. MacKinnon told industry representatives that the government is seeking their ideas on the best way to proceed with the plan.
Speaking with reporters after the speech, Mr. MacKinnon did not dispute that talks have been held with the Musqueam First Nation as part of broader consultations.
“I certainly acknowledge that there have been fulsome discussions, as you can imagine, whether it be major projects, reconciliation writ large, or this initiative. We’re in constant communication with relevant First Nations,” he said.
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Mr. MacKinnon said Ottawa is relying on advisers for technical expertise but cautioned that talk of which airport will go through the process first is speculative.
“These are large and complicated transactions. They require expertise,” he said. “So that creates a number of people who are involved in this, and a number of people who speculate, but I want to be clear that no decisions have been made.”
Prime Minister Mark Carney first announced the airport plan at an investment summit held last month in Toronto.
At the time, the government said the plan would see Ottawa retain ownership of the underlying land and assets but seek private investment through long-term agreements that will bring in new capital and expertise for airport operations and growth.
In his speech, Mr. MacKinnon described the plan as an effort at “unlocking” new investment in Canada’s airports.
The minister has previously said that some of the revenue raised through the process will be redirected to support improvements for Canada’s smaller, regional airports.
“We’re looking for ideas around innovation, ideas around taking risks and being entrepreneurial with many of our airport assets,” he said in his speech Thursday.
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“So, beyond the four identified facilities, we’re looking to all of you – airlines, airports, and all the players in the system – for ideas about how we can make our system more affordable, work more fluidly, and take better care of the people who entrust their travel to us,” he said.
Speaking at the Ottawa conference on Thursday, executives who run some of Canada’s smaller airports urged the federal government to take its time on plans for the four largest hubs. They said they want to ensure Ottawa selects the right model and doesn’t merely create a more expensive toll collector for airports, travellers and airlines, as well as a poorly funded second tier of hubs.
All but three of Canada’s 26 largest airports have, since the 1990s, been operated by non-profit corporations that rely on user fees and pay rent to the federal government. The airports have long pushed Ottawa to reinvest the rent – which totalled more than $500-million in 2025 – in the airport system.
Joyce Carter, chief executive officer of the Halifax International Airport Authority, agreed that the model for all airports is due for a review and change. “But we have to do it slowly and we have to do it carefully,” Ms. Carter said.
The airport operator paid $12-million in federal rent in 2025 and made a profit of $19.4-million, according to its annual report.
“It really is prohibitive for an airport my size to have to pay the rent we do, and it really does restrict the development that we can do in our community,” Ms. Carter said.
“And so, revisiting that model to be able to have it more fair and equitable as part of this would be a good outcome.”
Monette Pasher, CEO of the Canadian Airports Council, which represents more than 100 airports, said there are many questions about the “massive change” in how the country’s biggest airports are run, including the government’s goal. Is the privatization about making profits or improving affordability for travellers, she asked.
At stake, she said, is the ability of the airport industry to grow to meet demand for air travel that is expected to double in the next 20 years.
“We really don’t know what concession model they’re going to choose, and there are many,” Ms. Pasher said.
“And in our experience, there’s some really good ones out there. We think we’re a good one, and there are also many others that are good, and there are many that are bad.”