The Toronto Port Authority says the Billy Bishop airport expansion would fund itself
Some financial experts say that’s just bad math
Doug Ford’s plan to expand Billy Bishop airport is facing fresh scrutiny. While the Toronto Port Authority has been adamant that the cost of the project—estimated at up to $5 billion—won’t fall to taxpayers, a recent analysis of the organization’s financials revealed the seemingly fanciful nature of such a strategy.
In 2025, the island airport brought in $52.6 million in fee revenue, including $24.4 million in airport improvement fees. After operating expenses and interest, the TPA’s net income was a lowly $16.9 million.
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According to statements from CEO RJ Steenstra, any expansion would be funded by TPA revenue, in part by leveraging user fees charged to travellers and aircraft operators.
When asked about the project’s financials, John Gradek, a faculty lecturer in supply networks and aviation management at McGill University, told the CBC that the project is “not viable.” Even if the TPA tripled its user fees, Gradek said, it would still fall well short of the multibillion-dollar price tag.
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All of this only adds to the controversy surrounding Billy Bishop. Queen’s Park recently doubled down on its claim that its expansion would pump $8.5 billion annually back into Canada’s economy—but stopped short of providing an actual economic report. Ford has also been at odds with Mayor Olivia Chow, who called the project a “power grab” and a threat to Toronto’s sovereignty.
Opposition is growing beyond city hall as well. A list of prominent Canadians—including author Margaret Atwood, former Ontario premier Bob Rae and environmentalist David Suzuki—have signed an open letter urging Prime Minister Mark Carney to reject the plan. The group argues that Ottawa should not approve a project of this scale without a transparent business case and a full accounting of its environmental and financial impacts.
Zakiya Kassam is a writer and fact checker whose work has appeared in Post City Magazines, This Magazine and Now Toronto. She was previously the associate editor at Storeys.
