In Canada’s snap election, Prime Minister Justin Trudeau won a third term but fell short of recovering the majority he sought. After failing to gain an outright majority for the third time in four years, he will continue to rely on smaller parties in another fractured parliament.
Few information about the historic wins:
- Justin Trudeau’s Liberal Party is leading in Canada’s general election, little changed from the last vote in 2019. The main opposition Conservatives are ahead in 122 seats, one more than they were last time. Prime Minister Justin Trudeau’s party was elected or leading in 156 of the 338 seats.
- With more than 90% of polls reporting, the Liberals had just 31.8% of the national vote. That would be the lowest share for any governing party in Canada’s history.
- In the midst of a fourth wave of the Covid-19 pandemic, the findings reflect a nation that is unsure about its immediate future. According to pollsters, party leaders failed to create a unified message with which to unite the electorate.
- The New Democratic Party is ahead in 27 seats, while the Bloc Quebecois has 31; each has enough to push the Liberals beyond the 170 votes in parliament needed to pass legislation.
- The country’s benchmark S&P/TSX Composite Index is up 23%, barely half the gain of the U.S. index over the same period.
- The opposition parties at one point backed his emergency borrowing to help with the crisis. Even the Conservatives largely supported the Liberal government’s pandemic support measures through much of last year.
- But the prospect of a left-of-center alliance with the Liberals could prompt an even more leftward shift in policy. The NDP wants to raise tax rates on corporate income and capital gains, as well as on wealthy individuals.
Pierre Trudeau was prime minister of Canada from 1947 to 1965 and is credited with introducing the country’s version of the bill of rights and opening up the country to immigrants.