Looking to get into lobster fishing? You'll need deep pockets

If you're looking to purchase a lobster fleet — licence, boat and gear — it may cost you more than you think. 

There's a range, and the price depends on the harbour where the person selling the fleet has been fishing. For example, the price could be higher if it's being bought from a harbour that's seen higher lobster catches. 

Mark Hackett is a broker who works with people looking to buy and sell fishing licences, boats and gear, such as traps. 

He recently retired after 50 years of fishing for lobster out of Seacow Pond in western P.E.I. 

Hackett said these are the highest prices he's ever seen — up to $1.8 million in some cases. 

"I never ever thought they'd be as high as they are now. It could start dropping, or it could go higher. I have no idea. Seems like there's no downturn yet. It could drop right down, depending on the interest rate," he said. 

It was different when Hackett got into the fishery. 

"Back when I started back in the early 80s, they [licences] were 25 grand back then. But there was no money being made. If you didn't have something else to do, you'd never survive because the catches weren't there and the price wasn't there," he said. 

"Now the catches are going up, the price is going up, it's driving the price of licences up ... just supply and demand."

Hackett said sometimes people will give their family members a break on the price. But not always. 

He said it's a busy time of year for him, with four deals ready to be done by the end of the month. In an average year, he'd make eight transactions for lobster fleets. 

Hackett said not just anyone can be approved by DFO to own a lobster licence. He said you need two years' experience lobster fishing, for at least five weeks a year. And there's paperwork that can take months — something a broker like himself can help with. 

Charlie MacGeoghegan said he started fishing on his own 23 years ago.

He said back then a lobster licence in lobster fishing area 26a on P.E.I.'s south side cost around $225,000. In retrospect, MacGeoghegan said he wishes he'd bought his a fishing licence earlier, when it was about half as much.