Canada proposes selling operations of four major airports to fund smaller airports
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Prime Minister Mark Carney has proposed selling the operations of Toronto, Montreal, Calgary and Vancouver airports to for‑profit corporations to finance improvements at smaller airports. The four airports together generate more than $500 million annually in rent for the federal government. The proposal targets the revenue stream from these major hubs.
Three of the four airports rank among the world’s top 100 and the ten best in North America in the Skytrax World Airport Awards, with Vancouver Airport ranked first in North America and tenth worldwide, while Calgary Airport is the only one outside the global top 100. In the late 1980s the Mulroney government allowed a private consortium to build and own Pearson Terminal 3, which opened in 1991 at a cost of roughly $400 million. In August 1993 the federal government leased Pearson Terminals 1 and 2 to the Pearson Development Corporation, which later sued the government for more than $600 million and settled for $60 million on the eve of the 1997 election.