Gregory Hibbs of Glace Bay was out with four friends in a boat when it capsized about 300 metres from shore.
His friends swam to the shore but Hibbs didn't make it.
Dozens of people have taken part in the search for the teen. They were joined by a Cormorant helicopter and RCMP divers. Monday, the RCMP brought in side scan sonar to try to locate his body.
Police said they found Hibbs' body around 11:20 Wednesday morning. It will be sent to Halifax for an autopsy.