Bear Cove got its name from a man who thought he saw a man out in the cove but it turned out to be a bear. The village is near Anchor Point on the Strait of Belle Isle. People settled here for two reasons, fishing and hunting. One of the first settlers of Bear Cove was James Chambers. He was a splendid type of Scotsman. He married Jane Buckle, daughter of William Buckle. In the summer, he went out to Seal Island, which was also called French Island because it was a favorite resort of the French fishermen.

There are mostly Gould families residing in Bear Cove today. The Gould's ancestors were Duncan's. Alexander Duncan Gould decided to carry on his mother's maiden name many years ago and this is how the Gould name was carried on.