The Liberal Party secured a minority government in Monday’s federal election, propelling Mark Carney to the role of prime minister and marking a rapid political ascent amid voter concerns over affordability and rising tensions with the US.
The Liberals were projected to win or lead in 168 of 343 parliamentary seats, according to CTV News, falling short of the 172 needed for a majority but defeating Conservative leader Pierre Poilievre, whose party was ahead in 144 ridings. The result delivers a fourth consecutive Liberal victory and sidelines Poilievre, whose increased vote share failed to translate into power.
“This is a time for ambition, unity and humility — it’s Canada, after all,” Carney told supporters in Ottawa. “We will govern for all Canadians.”
The election followed a bruising campaign dominated by cost-of-living pressures, new US tariffs, and inflammatory comments from US President Donald Trump, who suggested Canada’s sovereignty could be at risk. In his victory speech, Carney vowed to “never, ever” let such rhetoric take hold.
Poilievre suffered a stinging personal loss, failing to hold his Carleton seat in the Ottawa area, where Liberal challenger Bruce Fanjoy pulled off an upset. The defeat likely raises questions about Poilievre’s political future, making him the fourth straight Conservative leader to lose to the Liberals since 2015.
Carney took over the Liberal leadership from Justin Trudeau in March after Trudeau resigned amid falling approval ratings. A former central banker with stints at the Bank of Canada and the Bank of England, Carney campaigned on his economic credentials, scrapping Trudeau’s unpopular carbon tax and emphasizing his crisis management experience.
Fragmented Parliament
The Liberals will now face the challenge of governing in a fragmented Parliament. The New Democratic Party (NDP) and the Bloc Québécois, both of which lost ground, may hold the balance of power. The NDP is projected to fall to seven seats from 24, while the Bloc is set to drop to 23 from 33.
NDP leader Jagmeet Singh lost his British Columbia seat and resigned on election night.
Carney, who resigned from all corporate boards, including Bloomberg Inc., to run for office, struck a unifying tone after his win.
“Millions of Canadians preferred a different outcome,” he said. “But now is the time to come together. We are all Canadian.”
Financial markets reacted cautiously. The Canadian dollar held steady at 1.3828 to the US dollar.
Despite political uncertainty, the S&P/TSX Composite Index remains strong, buoyed by gains in gold miners and resource stocks.