Carney, 59, replaces Prime Minister Justin Trudeau, who announced his resignation in January but remains prime minister until his successor is sworn in in the coming days.
"Make no mistake, this is a nation-defining moment. Democracy is not a given. Freedom is not a given. Even Canada is not a given," Trudeau said on Sunday.
Carney will take over at a tumultuous time in Canada, which is in the midst of a trade war with longtime ally the United States and must hold a general election soon.
Carney, 59, took 86 per cent of votes cast to beat former Finance Minister Chrystia Freeland in a contest in which just under 152,000 party members voted.
Carney navigated crises when he was the head of the Bank of Canada and when in 2013 he became the first non-citizen to run the Bank of England since it was founded in 1694.
His appointment won bipartisan praise in the UK after Canada recovered from the 2008 financial crisis faster than many other countries.
The opposition Conservatives hoped to make the election about Trudeau, whose popularity declined as food and housing prices rose and immigration surged.
US President Donald Trump's trade war and his talk of making Canada the 51st US state have infuriated Canadians, who are booing the American anthem at NHL and NBA games.Â
Some are cancelling trips south of the border, and many are avoiding buying American goods when they can.
The surge in Canadian nationalism has bolstered the Liberal Party's chances in a parliamentary election expected within days or weeks.
with reuters
27°C