Media reports say train owner Jean Gauthier no longer has confidence in the municipally-owned company that owns the railway.
Mr. Gauthier had been attempting to renegotiate the contract with the municipalities of Gatineau, Chelsea and La Peche, which jointly own the railway.
A reported 11th-hour meeting between Mr. Gauthier and several Outaouais provincial politicians was unable to solve the impasse.
A company spokesperson was quoted as saying the decision to put the train up for sale means the train is unlikely to carry any more tourists this season.
To date, the train has carried more than half a million riders and made more than 2,000 trips along the Gatineau River, according to the company's website.
