Theodore Tugboat went on sale for a cool $495,000 on Thursday, which means that you can buy Canada's most iconic tugboat for about $79,000 less than the average price of a Toronto condo.

The vessel is a life-sized replica of a character in a Canadian children's television show that aired in the 1990s.

In April, Theodore celebrated 20 years of being Halifax's ambassador. Over the last two decades, Canada's beloved tugboat has travelled to Florida, the Great Lakes and Illinois, representing Nova Scotia across North America.

Hi everyone! You may have already heard but just in case, I have a message from my pals at Ambassatours Gray Line to share with you... ☺️

"Hi, it's Dennis Campbell, CEO of Ambassatours Gray Line, confirming the news that we have made the difficult decision to list Theodore … pic.twitter.com/MsnG7pCtfu

— Theodore Tugboat (@TheodoreTugboat) July 16, 2020

Now, however, Theodore Tugboat will give up his duties cruising around Halifax's harbour.

"While we are deeply aware of Theodore's significance as a Halifax icon, the reality is that we've been subsidizing Theodore's operation for several years," Dennis Campbell, the CEO of Ambassatours Gray Line, said in a press release.

"With a severe reduction in visitation to the waterfront, due to COVID-19, we're encouraging Theodore, now age 20, to start a new life chapter."

Campbell said that demand for Theodore tours of the harbour has significantly diminished over the past several years.

He suggested that Theodore could be used as a waterside pub, an event venue, a summer ferry or even a unique AirBnB in future.

Summer...not long now.

📸: @ethandavidpaul via #Instagram #Halifax #NovaScotia #MyWaterfront pic.twitter.com/1ZOv2EQZf5

— Theodore Tugboat (@TheodoreTugboat) May 10, 2020

In light of the news, many Canadians have taken to social media to express their disappointment over Theodore's probable exit from the Halifax harbour.

"I'll be sad to see it go… but I can't blame the owner for saying Theodore's time had come," one person wrote. "I hope he has a long and happy future as a transforming mech fighter, once the right mad scientist takes him home."

Other people joked about buying the iconic vessel.

"I might donate him to the Navy," one person wrote. "That face would strike fear in the hearts of our enemies."

"A haunting smile with the big red hat?" another person replied. "I wouldn't want to see that coming out of the fog."