by Tod Maffin
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The federal government is thinking about selling Canadian airports to private shareholders. And that would be a terrible idea.
If you're not from Canada, you might be confused. Here in Canada, almost all airports are run by local not-for-profits. There are no shareholders. Every surplus dollar goes back into runways, terminals, and gates. It's a boring system, which is exactly why it works.
Since the early 1990s, Canadian airports have reinvested more than $30 billion into their own infrastructure, almost entirely from fees they generated themselves. The World Economic Forum has ranked Canada's air transportation infrastructure among the best on the planet. Our airports are clean, well-staffed, and weirdly good.
Time to wreck it
Our airports are a roaring success story, which in Canadian terms means it's time to f*** it all up!
The Transport Minister told reporters the government is "in the early stages of a process," which is Ottawa for "we haven't figured out who to sell this to yet." The Finance Minister pointed to the UK as a model worth studying, as if the British crafted some thoughtful, nuanced ownership arrangement. No, they just sold their airports. Heathrow is now partly owned by the Saudi government.
T O D B I T
Heathrow's current ownership group includes sovereign wealth funds from Saudi Arabia, Qatar, Singapore, and China, plus major Australian and Canadian pension funds. It is less a British airport than a globally traded financial instrument that happens to have runways.
Our Finance Minister finds this model inspiring. I am choosing to believe he hasn't been fully briefed. (I am also choosing to believe he has never changed planes at Heathrow.)
Privatisation raises prices
The claim is that private ownership will help lower airfares.
But you have to be wilfully ignoring centuries of how capitalism works to believe that.
Airport privatisation almost always raises fees, because private owners need their returns. Those increased fees get passed along to the airlines, and the airlines pass that cost down to you in the price of a ticket to Saskatoon.
Who actually depends on this
Canada is an enormous country with thin population density and communities that depend on regional airports for medical access, basic connectivity, and the simple fact of not being stranded. Private investors make decisions based solely on return on investment, which we shouldn't fault them for. That's their job. That's the system.
And it's entirely the wrong system for owning the airport a medevac needs at midnight in January.
A hedge fund does not care about your burst appendix.
Nothing in Canada's airports is broken.
The only thing this would do is fix that.
Trivia
What is the primary revenue source for most major international airports worldwide?
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What You Missed This Week
The Good News ♥️
Oh, Canada!- When the microphone cut out during the singing of “Oh Canada” during the Buffalo Sabres game, the crowd stepped in to sing the anthem.
Canadian treasures The Tragically Hip, acclaimed singer-songwriter Fiest, and 80’s rockers Loverboy are among those who will be inducted into the Canadian Songwriters Hall of Fame.
The mystery behind Waterloo, ON’s daffodil smile has come to a close after almost two decades.
An Ottawa bus driver who saved a man in distress was honoured by OC Transpo.
The family of a 7-year-old boy in Guelph, ON, surpassed their fundraising goal to purchase a robotic exoskeleton to help their child walk.
SCIENCE!!!!!! 🔭
Researchers at McGill University have developed a way to stop severe bleeding that could be a potential treatment for people with blood-clotting disorders.
Canada could be following in the footsteps of UK lawmakers who banned tobacco products for those born after January 1, 2009.
Fossils found in BC suggest giant octopuses ruled the seas during the Age of the Dinosaurs.
A doctoral student at the University of Waterloo is investigating remediation options for one of Canada’s largest contaminated mines.
Quebec has gained 350 practising physicians in the past year.
Dr. Kasmintan Schrader has developed a blood test to determine if the cancer-causing gene comes from the mother's or father's side of the family.
The First Peoples 🪶
Artist Jordan Wilson has created an historical record of traditional robes for an exhibit at The Museum of Anthropology at the University of British Columbia.
REZervations for Two, A new dating show that challenges the stereotypes surrounding indigenous dating, is set to debut on APTN in June.
Sturgeon Lake First Nation has opened a traditional birthing lodge.
Brianna LaPlante, an artist from Fishing Lake First Nation, collaborated with Adrian Makhnachov, a Ukrainian who moved to Canada 4 years ago to create Kokum Scarves.
Canadian Content 🍁
Montreal-born comedian Daniel Tirado discusses fatherhood and marriage in his hilarious new special, Reconstructive Criticism.
Halifax-based Author Stephens Gerard Malone's latest novel, set in 1960’s Ottawa, The Unnameable, is out now.
Nadja Lubiw-Hazard's debut collection of short stories, The Life of a Creature, is now available.
Wild Things 🐻❄️ 4
A tow truck driver in Saskatchewan rescued a moose that was trapped in ice.
A grey whale has been spotted breaching off the shore of Vancouver.
Otterly Adorable-Three River otter pups were found under a shed in Richmond, BC, the trio were rescued by Skedaddle Humane Wildlife Control.
A Fowl Crime-A pair of Peacocks that were inadvertently stolen from their home in Stony Creek, AB, have been found and returned to their owners unharmed.
Across Canada 📍
Maple Syrup producers in Quebec are spreading awareness to help consumers spot fake maple syrup.
Children in Pemberton, BC, have been welcoming people from around the world who arrive in their small town by train for decades.
Not All Heroes Wear Capes- A Montreal man has taken the city's notorious pothole problem into his own hands.
An event at Fanshawe College in London,ON, helped teen girls explore job opportunities in the trades.
Hockey great Wayne Gretzky wants the NHL to create an award named after the legendary Bobby Orr for most points scored by a defenceman.
A tour boat skipper in Newfoundland is anticipating a lot of iceberg and whale sightings in the upcoming tourist season.
Canada’s Market This Week
Royal Bank | |
TD Bank | |
Enbridge | |
ScotiaBank | |
Bank of Montreal | |
CP Rail | |
Shopify | |
Canadian Tire | |
Loblaws | |
Tim Hortons (RBI) | |
Dollarama | |
Rogers |
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