Lobster is cheaper in Canada right now. Here’s why

After food jumped 4.2 per cent last month, lobster dropped in price to $11 a pound.

Eastern Passage, N.S. lobster shop owner Pat DeWolfe is busy in his shop and at the dock selling live and cooked lobsters.

“We are running out quick,” said DeWolfe.

Eastern Passage is located on the southern coast of the province, just below Dartmouth. Lobster season in this part of Nova Scotia began in late November. Shore prices for lobster sold directly off boats are down more than two dollars, sitting around $8.50 a pound.

That means the resale price is roughly $11.00, which is bad news for lobster fishermen who are taking a hit to their bottom line, but a good deal for customers.

“Local people can afford to buy their lobster for Christmas,” said DeWolfe.

That amounts to savings of close to 20 per cent compared to last year.

“It’s definitely the best price for having it already cooked,” said shopper Danny White. “It is ready to go for you.”

Overall, the Canadian lobster industry is riding rough seas.

Seafood exports are down by six per cent in Nova Scotia, following China’s retaliatory tariffs placed on Canadian seafood.

Lower shore prices are based on supply and demand, which can drive up prices or cause them to plummet and further cut into the profits for lobster fishermen.

“It’s competition on the wharf, dealers and buyers need harvesters, so they compete to buy lobster from harvesters,” said Geoff Irvine with the Lobster Council of Canada. “There’s competition on the wharf and there’s competition in the protein market period.”

The lobster season in southwest Nova Scotia runs until May 31, which gives crews more than five months to increase their catch and hope for a higher price of lobster per pound.