Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomePMN BusinessCanadians Skeptical of Carney's Push to Open Airports to Private InvestmentA slim majority of Canadians oppose allowing private investment in airports, a new poll shows, as Prime Minister Mark Carney explores selling stakes in the publicly owned facilities to unlock funding for major infrastructure projects.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.ssd(oa7ukjk2s[{rauca1x6[_media_dl_1.png Nanos Research(Bloomberg) — A slim majority of Canadians oppose allowing private investment in airports, a new poll shows, as Prime Minister Mark Carney explores selling stakes in the publicly owned facilities to unlock funding for major infrastructure projects.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorFifty-three percent of respondents oppose or somewhat oppose the government’s proposal to open airports to private investors, according to a Nanos Research Group survey for Bloomberg News. Fifteen percent are unsure. Canada is an outlier among advanced economies, most of which allow some degree of private investment in airports. Airport land is owned by the federal government and leased to not-for-profit authorities that reinvest revenue in facilities and expansions.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe private sector has long been shut out of Canadian airports, directing capital overseas instead. The country’s public pension funds collectively manage trillions of dollars, and have a history of investing in international airports such as London Heathrow and others in Europe. The survey suggests Canadians are more skeptical than the pension funds, which are in active talks with Ottawa about investing in domestic airports. The facilities offer stable, long-term returns and align with a “Buy Canada” push for funds to deploy more capital at home.It also implies the Carney government must convince a wary public about the benefits of inviting private capital into airports. In a recent budget update, it argued that freeing up the “full value” of the hubs could support “investments in Canada’s long-term growth.”The prime minister is looking to finance nation-building projects as he works to expand Canada’s exports beyond the US. His goal is to spur C$1 trillion ($705 billion) in private and public investment over a decade, including in ports, pipelines and other trade-enabling infrastructure. The government is in the early stages of examining models that would allow for private stakes in airports, including applying lessons from other countries, Transport Minister Steven MacKinnon said in an interview with Bloomberg News.“We need to take a long look at the value of these assets, ask ourselves whether they would do better in another ownership model,” he said. “Canadians may wish to deploy that capital in other ways that could yield greater benefits for our society.”Any sale could generate billions of dollars for the government, depending on its structure. The Greater Toronto Airports Authority, operator of Toronto Pearson, generated nearly C$1 billion in earnings before interest, taxes, depreciation and amortization last year on revenue of about C$2.1 billion. It’s the country’s busiest airport.But critics argue privatization may lead to higher fees and lower-quality service. About 20% of Canadian airfares already consist of airport fees. The federal government says it would maintain oversight of airports through regulation. “We want to, whatever the outcome of this process, make the air travel experience a more efficient and pleasurable experience than it currently is,” MacKinnon said.While Canadian pension funds are expected to play a leading role, MacKinnon said he would not rule out foreign capital if the proposal moves ahead — noting that Canadians routinely invest overseas.“People who have pensions in Canada have some small portion of that tied up in airport facilities around the world,” he pointed out. In 2017, former Prime Minister Justin Trudeau examined selling all or part of Canada’s airports to fund infrastructure, but ultimately shelved the idea amid opposition from airport authorities, airlines, consumer advocates and labor groups.—With assistance from Brian Platt and Mathieu Dion. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.