Canada's Liberal Party, led by Prime Minister designate Justin Trudeau, won a majority of Parliament's 338 seats, beating out the incumbent Prime Minister Stephen Harper-led Conservative Party by a huge margin.

Partial results late Monday night showed liberal candidates were elected or led in 189 federal electoral constituencies, while conservatives were leading in 103 seats, reported National Post. The Tom Mulcair-led New Democratic Party (NDP) looks to secure 36 seats.

Trudeau, the 43-year-old son of former Prime Minister Pierre Trudeau, is now set to form Canada's next government, reported the BBC. He took over leadership of the struggling Liberal Party in 2013 and has successfully revived the party.

"Canadians from all across this great country sent a clear message tonight, it's time for a change in this country, my friends, a real change," said Trudeau in his victory speech, according to the Guardian.

"Sunny ways, my friends, sunny ways. This is what positive politics can do. This is what a positive, hopeful, a hopeful vision, and a platform and a team together can make happen," he said.

The Liberals' dramatic victory in federal elections ended Harper's nine-year rule. The incumbent prime minister conceded defeat and congratulated Trudeau.

"We put everything on the table, we gave everything we had to give and we have no regrets. The people of Canada have elected a Liberal government, which we accept without hesitation," said Harper, according to CNN.

"We have been able to elect a strong official opposition to the Government of Canada," he added.