If you told us a year ago the Liberals would win a fourth-straight federal election, we would have laughed in your face. It would’ve been rude and, as it turns out, foolish.
What happened: Mark Carney will stay on as Canada’s prime minister, winning a fourth consecutive mandate for his Liberal Party. As of 6:00 a.m., the Liberals were leading or elected in 168 ridings — just shy of the 172 needed for a majority government.
-
Conservative leader Pierre Poilievre vowed to stay on as leader of his party, but lost his own Ottawa-area seat.
-
Jagmeet Singh lost his seat and stepped down as leader of the NDP after seeing his party fail to win enough ridings to secure official party status.
What’s next: Carney will face major challenges on day one, including the need to win the support of at least some MPs from other parties in order to enact a platform largely focused on national and economic sovereignty. Notable initiatives include
-
Giving $11.8 billion to Build Canada Homes, a new body to develop affordable housing.
-
Ratcheting up defence spending by $18 billion, with the goal of meeting NATO’s 2% of GDP target.
-
A “middle-class tax cut” expected to impact 22 million Canadians, at an estimated cost of $22 billion.
Why it matters: The main factor that catapulted Carney into office was voter confidence that he’s best suited to deal with Donald Trump (who, just yesterday, seemed to suggest voters write in his name for PM). With Trump’s 51st state talk and tariffs hanging over the country, it’s time to see if Carney will live up to the reputation as an adept crisis manager that landed him the top job.