As talk of privatization swirls, the head of Toronto’s Pearson airport says the existing public ownership model has served travellers well — but she remains open to “enhancements” that tap into private-sector investment.
Deborah Flint, CEO of the Greater Toronto Airports Authority, said in an interview she shares the federal government’s goal of growing Pearson’s capital value, but that the current framework has proven its worth by steering Canada’s biggest air travel hub through major expansions over the decades.
“There have been many strong suits about this model. When we think about how much the airport has grown in the 30 years since this model began, it’s pretty incredible,” she told The Canadian Press.
Flint pointed to growth that saw passenger numbers nearly double to 47.3 million last year from 24.7 million in 2003. On average, more than 950 passenger planes took off or landed at Pearson daily in 2025, connecting to more than 200 destinations versus about 165 spots in 2012.
The current ownership model already amounts to a form of privatization, she said.
“That’s a bespoke model and what might come in the future would be further enhancements of this bespoke model.”
In Canada, commercial airports are owned by the federal government and run by not-for-profit authorities that lease them and oversee operations.
In last month’s spring economic statement, however, the government indicated it was eyeing privatizing those assets, which pay $525 million in annual rent to Ottawa, according to the Canadian Airports Council.
The government said it was “assessing opportunities to unlock the full value of airports in support of investments in Canada’s long-term growth, including through alternative models of ownership.”
Prime Minister Mark Carney doubled down on a possible pivot away from the long-standing ownership structure.
“We will look at options for the airports so they better serve Canadians, and so that the capital that is tied up in those airports can be redeployed potentially in other ventures that will grow our economy,” he told reporters in Mirabel, Que., last week.
The potential for privatization likely has airlines concerned.
The issue, raised periodically over the past quarter-century, has been pooh-poohed by carriers over fears of higher landing and terminal fees charged to them by private airport owners aiming to please shareholders in near-monopoly markets.
In 2017, then-National Airlines Council of Canada CEO Massimo Bergamini called for a “clear repudiation of an idea that carries no demonstrable benefits for travellers, communities or Canada’s airlines.”
The industry group declined to comment Monday.
The privatization path also carries risks for customers concerned about costs and connectivity — particularly for lower-margin regional routes — experts say.
“Airports do not set airfares, but they influence the cost space behind those fares,” said Christopher Read, former director of corporate development at Air Canada.
“Higher airport costs reduce the number of routes that can be sustained profitably, especially thinner routes … and discretionary leisure markets.”
However, travellers could enjoy upsides if private investors produce more efficient terminals, infrastructure upgrades and better retail options, Read said.
“Of course, the benefits only matter if the funding model does not simply translate into higher passenger fees,” he said. “The economic regulation has to be serious.”
The Canadian Airports Council opted for an upbeat view of private investment, while seeming to prefer existing ownership structures.
“Canada’s airports are always open to investment conversations that align with our growth and have affordability of air travel for Canadians at the forefront,” said council CEO Monette Pasher in an emailed statement. But she also stressed that Ottawa had indicated it would “work with airports to … extend airport leases” — rather than, say, scrap them in favour of a private consortium.
Examples abroad offer ambiguous lessons.
More than two decades ago, Australia went private by selling 50-year airport leases to for-profit infrastructure investors and funds. The country’s competition commission warned in January — the most recent of repeated call-outs — about monopoly pricing “to the detriment of airport users.”
On the other hand, privately run airports including London’s Heathrow Airport and Paris’s Charles de Gaulle Airport are often cited as models to emulate, though they operate in high-competition transportation corridors distinct from the Canadian market.
Meanwhile, this country’s biggest airport is kicking off its next major project.
Pearson on Monday launched a multibillion-dollar upgrade that aims to boost passenger numbers by more than a third to 65 million a year by the early 2030s.
The revitalization plan looks to ramp up traffic and tighten on-time performance with improvements ranging from repaved runways to “modernized retail” and possible terminal expansions.
The initial $3-billion phase revolves around an expanded airfield, better lighting systems, more electric vehicle charging and “rebuilding every part” of the airport’s 30-kilometre baggage system — mainly conveyor belts and carousels — Flint said.
The chief executive framed the renovations as a gateway to greater global trade and passenger satisfaction.
“The demand is there today,” she said. “Airports are so important to the country and its strategy of being more connected to new trade partnerships.”
Pearson, which hosted 47.3 million travellers in 2025, hopes to grow that figure by 35 per cent within about seven years.
The investment, which draws on $142 million in federal infrastructure funding, comes after the travel chaos that hit Canadian airports in 2022 after a surge in post-COVID-19 demand that included scenes of endless lines, stranded passengers and overflowing baggage halls.
This report by The Canadian Press was first published May 11, 2026.
