Vancouver lined up to be the first major Canadian airport privatisation as First Nations play a part

In Sep-2026 CAPA - Centre for Aviation published a report on the decision that had been taken by the Canadian government to seek financial private sector support for the four largest airports and at the same time to use any funds generated to invest in other critical infrastructure.

Privatisation of the country's airports, which had been scrutinised on several occasions but always rejected, suddenly picked up pace. While still restricted to public-private partnerships with the government retaining the land and existing physical assets, the country's second busiest airport, Vancouver International, seems to have been selected as the first to go through a procedure.

Part of the reason for this seems to be that the First Nation Musqueam Band, an indigenous people of only 1,300 souls, seems unsurprisingly content to participate in a privatisation that could see it hold up to 20% of any concession that is offered. The First Nations play a major role in Canadian politics today.

The big investors though are likely to be the Canadian pension funds that are able to invest in infrastructure in their own country since a change in the law in 2025. Some of them fit the bill in the sense that they are already investors in similarly sized airports abroad, or have been.

Foreign investors could well bid in numbers but they are likely to be at a disadvantage here unless they can form a consortium with a Canadian one. Operators solely will be surplus to requirements unless they can bring something exceptional to the table or again can successfully team up with an investor.

In the interim the existing not-for-profit stakeholder boards that manage these airports are fretting about air fares rising as a result of privatisation. They may well do so but often the benefits prove to outweigh the disadvantages.