Air Canada is set to start flying out of Toronto's island airport beginning May 1, the Toronto Port Authority announced on Friday.

In a release issued Friday afternoon, the port authority said the announcement follows a lease deal between the airline and the City Centre Terminal Corporation, which owns the Billy Bishop Airport's terminal building.

Currently, Porter Airlines is the only commercial carrier operating out of the downtown airport, located a short ferry ride from the foot of Bathurst Street in downtown Toronto.

In the release, port authority CEO Geoff Wilson said the agency has been looking to open the popular airport to additional carriers.

"We are very pleased that these negotiations have been successful," Wilson said. "Opening the airport to new carriers is a key element of our long-term business plan, and can only serve the best interests of the passengers who love the easy access of our downtown airport."