Lobster prices reach historic heights as Atlantic tourism surges

For most tourists, a visit to Halifax wouldn't be complete without a lobster roll. But some Atlantic restaurants are restoring to taking the famous seafood snack off of their menus as prices reach historic highs.

Most entrees at the Armview Restaurant and Lounge in Halifax, for example, average $15. But as the price of lobster climbs, the cost of their lobster roll has increased to $30.

"We are a family diner, and putting a lobster sandwich on the menu, we could be into the mid-to-low 30's," Colin March, chef at the Armview Restaurant and Lounge told CTV National News.

When the pandemic hit, demand for lobster plummeted and so did the price for the sought-after crustaceans. The shore price—the amount fishers get at the wharf from buyers—sunk as low as $4 dollars a pound.

Prices have since rebounded dramatically, with wharf prices said to be nearly five times what they were two years ago.

"Think that, overall, it is a good time to be a lobster fisherman," March said.

Canadian lobster exports reached a staggering $3.3 billion in 2021, beating the previous record by more than 25 per cent.

But that doesn't mean profits are through the roof. Expenses have gone up for everything from fuel for boats to bait.

Still, despite the price increases, restaurants hope locals and tourists alike embrace the price increases to support the local economy.

"We're Nova Scotia's largest export and a chief economic driver," said March. "Expensive lobster is good for everyone in Nova Scotia - not just lobster fishermen."