Airport Privatization: Montreal’s ADM Open to Private Projects and Pension Funds

The Canadian government is exploring the privatization of several of the nation’s largest federally owned airports, a move intended to unlock capital for broader economic investment and infrastructure development. The proposal, which has gained increased visibility following recent economic updates, aims to transition these assets toward alternative models of ownership to support long-term national growth.

Target Airports and Market Interest

According to reporting from the Toronto Sun on May 11, 2026, the government has identified a specific list of major airports for potential privatization. The airports currently under consideration include Toronto Pearson, Montréal-Trudeau, Vancouver, and Calgary. There is also the possibility that Billy Bishop Toronto City Airport, located on Toronto’s waterfront, could be included in the scope of the plan.

The list of potential candidates does not currently include Edmonton or Ottawa, which serve as the fifth and sixth-busiest airports in Canada, respectively. To move the process forward, sources in Ottawa indicated to the Toronto Sun that the government may issue a Request for Information (RFI) to financial markets within days. This formal process would allow the government to gauge interest from global financial partners and evaluate the capabilities of potential investors.

The potential shift in ownership has drawn interest from institutional investors. CBC News reported that privatization could create opportunities for significant capital infusion, including interest from some of Canada’s largest pension funds.

Economic Rationale and Government Strategy

The federal government’s strategy centers on the idea of redeploying capital that is currently tied up in airport infrastructure. During a news conference in Mirabel, Quebec, on May 6, 2026, Prime Minister Mark Carney outlined the economic objectives behind the potential move.

“We will look at options for the airports so that 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, grow the Quebec economy, grow the Canadian economy,”

Prime Minister Mark Carney

The concept of airport privatization was originally introduced in the November budget, though it received limited attention at that time. The proposal gained renewed momentum following its mention in the spring economic update last week. The government stated in its recent documentation that We see 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, according to CBC News.

Institutional and Local Responses

While the federal government considers broad privatization, specific airport authorities have expressed varying degrees of openness to private sector involvement. Reporting from La Presse and Noovo Info indicates that the head of Aéroports de Montréal (ADM) is open to private sector participation, provided it is directed toward specific projects.

Consumer Impact and Risks

Despite the potential for infrastructure improvements and economic growth, the plan faces scrutiny regarding its impact on travelers. CBC News noted that while privatization can open doors for investment, it also carries the risk of higher costs for air passengers.

Experts cited by CBC News pointed to the experience of Australia, noting that airfares rose massively following the privatization of its airports. This precedent serves as a primary concern for those evaluating the long-term implications of transitioning Canadian airports to private ownership.