Residents of Little Tancook Island, N.S., are worried they'll lose their only wharf after the federal government said it is divesting the property.

The 61-year-old wharf is partially condemned due to rot, there are holes in it, and the surface planks are weakened.

The federal Department of Fisheries and Oceans owns the wharf. Department spokesman David Jennings said the structure is not considered a commercial port.

If the wharf goes, we're finished. - Fisherman James Daniel Levy

"From our point of view ... there's little to no commercial fishing happening on that particular wharf," Jennings told CBC. "As a result, the department has started the divestiture process. And we're discussing options with potential interested parties, including the province of Nova Scotia."

"If the wharf goes, we're finished." said James Daniel Levy, a fisherman on the island. "Our homes will be worth 10 cents and our fishing time will be done."

At least four fishermen use the wharf year-round. It is the island's only wharf, and is where the province's ferry docks to bring passengers and supplies to the island.

Martin Hiltz, a resident of Little Tancook, said it's a vital link. "It's our link to the mainland it's our highway as such," he said.

Residents and fishermen worry the wharf will be condemned.

"We're petrified now that we're going to lose the wharf and we'll have no place to lay our boats and we're going to have no place to fish out of," said Levy.

A representative from the provincial Department of Transportation and Infrastructure told CBC it hasn't decided if it will take over the wharf.