Trudeau, a 47-year-old former school teacher, dominated Canadian politics over the four years of his first term, but faced a grilling during the 40-day election campaign, which he described as one of the "dirtiest and nastiest" in Canadian history.
The Tory leader said the party will continue to stand up for "Conservative values", which will help Canada get "back on track".
In that case, Trudeau would not make any agreements with the opposition parties, bet that he would survive a potential confidence vote anyway, and from there see if he could secure support on an issue-to-issue basis.
At deadline, the vote Liberals were leading or winning in 145 ridings, the Conservatives were leading or winning in 118 seats, the Bloc Quebecois was looking at 36 seats, the NDP were ahead or had won 24 seats. Together, the parties would control 181 seats.
NDP Leader Jagmeet Singh says there's nothing wrong with Canada - it's the electoral system that is broken and in need of fix.
This federal election was seen as a referendum on Trudeau, who had to apologize not just for wearing blackface during a school event almost two decades ago, but admitting that he had no idea how many times he had chosen to do so in his life.
"We have put him on notice, his leadership is damaged and his government will end soon and when that time comes, the Conservatives will be ready and we will win!" Will Maxime Bernier's People's Party of Canada win another seat? "The victor of the election isn't a leader or a celebration - the winners ought to be Canadians".
His tone was notably more muted than it had been on Monday when he triumphantly told supporters he had been given a new mandate to pursue priorities such as climate change. Jody Wilson-Raybould, the former Liberals' Attorney General and Cabinet Minister whose principled resistance triggered the SNC-Lavalin affair, got re-elected as an independent. The Bank of Canada now has a base interest rate of 1.75%.
And with the aforementioned minority government, a serious question is exactly how long will it last? The Liberals won't be beholden to the Bloc to hold onto power in a minority government because the NDP picked up enough support to buttress the Liberals.
From the beginning of his political profession, Canadians have come to know that Prime Minister Justin Trudeau doesn't do "humility" effectively. "Trudeau's "victory speech" turns into scandal, as he jumps on stage interrupting rival", the headline reads.
Trudeau said such legislation will be the "very first thing we will do".
The Conservative leader also said Canada was more divided than ever because of Trudeau's approach and that the responsibility rested with the Liberal leader to work with other parties and "to stop attacking the energy sector". Those western provinces cast out every Liberal legislator.
He pointed out, however, that the Liberals are in favour of the Trans Mountain oil pipeline, just as Alberta is.
Canada is the world's fourth largest oil exporter and the two provinces account for most of that output, but their economies are struggling with low prices and a lack of pipeline capacity. The NDP opposes the pipeline expansion project.
"This truly is the worst possible outcome", said Tim Pickering, chief executive of Auspice Capital Advisors, which manages a Canadian crude oil exchange-traded fund. The Conservatives failed to make any significant gains in Ontario and also lost one of their highest-profile MPs - deputy leader Lisa Raitt.
Trudeau also attempted to address Western alienation after the Liberals were shut out of Alberta and Saskatchewan, sparking talk of Western separation.
The liberal image of Trudeau, whose father opened the country to mass immigration, took a severe blow when pictures emerged early in the campaign of him wearing blackface in the early 1990s and in 2001.