Opposition leader Pierre Poilievre has conceded defeat and congratulated Mark Carney on his projected election victory.
Poilievre sent a congratulatory letter to Carney, noting that he would likely lead a minority government.
Poilievre, despite leading his party to an unexpected election defeat, seemed to rule out stepping down as Conservative leader.
Poilievre told supporters that it would be an honor to continue fighting for their cause and championing their interests.
The Conservative Party gained over 20 seats and received its highest vote share since 1988.
Mark Carney, a Liberal, has been elected as prime minister of Canada, according to projections by the national broadcaster CBC/Radio Canada.