High lobster prices could be a sign of things to come for P.E.I.'s spring fishery

Islanders looking to sink their claws into a lobster feast right now might have to fish up some extra cash.  

The cost of the crustaceans in most stores is higher than normal for this time of year, running anywhere from $20 to $26 per pound. 

Most of the lobster caught last year and stored on the Island has already been sold, and fewer boats take part in the winter fishing season in nearby New Brunswick and Nova Scotia. 

Charlie McGeoghegan, chair of the Lobster Fishers of P.E.I. Marketing Board, said there are only 2,500 boats on the water in Canada right now, compared to 7,000-plus during the spring season. 

"There's less boats on the water and the catches are lower this time of year so the demand is high for the amount of catch that's coming in," he said.

"We're seeing prices quite high in the stores, between $20 and $25 or $26 a pound. That's a little higher than normal at this time.

"The boat prices are anywhere from $16.50 to $17.25 — [that's] what we're hearing." 

From the marketing board's perspective, it could be a good sign that lobster prices will stay above what they were during a slow start to the spring season last May. 

During the 2023 season, fishermen were paid between $6.50 and $8 per pound of lobster. 

"It's always our goal to get the best price we can for our fishers, and buyers are obviously trying to buy it as low as they can, so there's always an argument back and forth on that," McGeoghegan said.

"Demand is very high right now and supply levels are low, so that should mean a very high price this spring." 

While continuing high prices would be good news for P.E.I.'s lobster fishermen, they could lead to some tough choices for some restaurants. 

The Water Prince Corner Shop in Charlottetown will open for the year in early April, before the spring fishery begins on the Island, so the restaurant will have to buy at least some of its lobster from Nova Scotia fishers. 

Owner Coady Campbell said he's not considering taking lobster off the shop's menu if prices remain high, but it could be a concern for some other restaurants on the Island.