Toronto Port Authority says Billy Bishop expansion would be self-funded

The Toronto Port Authority says a proposed expansion of Billy Bishop Airport could be financed without public money, but some aviation and economics experts doubt the project would generate enough revenue to support its estimated $4 billion to $5 billion cost. The federal government has begun consultations on the airport’s future as the port authority weighs a plan that could increase capacity and add jets. CEO RJ Steenstra has said the project would be paid for through airport revenue, including user fees, and that the province and federal government would not be expected to cover the cost. Critics point to the airport’s current finances as a warning sign. The port authority reported $58 million in revenue in 2025 and $16.9 million in net income, figures that experts say are far below what would be needed to repay major borrowing. They argue that much higher passenger traffic and fees would be required, and that the plan still lacks a detailed business case or financing model.