CBC News is projecting Liberal John Fraser to be re-elected in Ottawa South.
In his 2018 win, he took home nearly 40 per cent of the vote.
Earlier in the evening, Fraser said he supported his party's leader, Steven Del Duca. Minutes later, Del Duca announced he was stepping down.
Asked directly if he would assume leadership of the party, Fraser said: "I'm prepared to do whatever it takes to get our party where it needs to be."
On CBC Radio's Ottawa Morning on Friday, Fraser said "the hard work begins today" to continue rebuilding the party, but added increasing their share of the popular vote and coming in second place are points of pride.
"We have to do what we did in 2018 and just get back to work," he said. That year, the Liberals were decimated after more than 15 years in government.
Fraser said low voter turnout, a short election campaign of 28 days and general fatigue after two difficult years all played roles in Thursday's outcome.
Moving forward, Fraser said health care is his primary interest, particularly children's wait times for health care services.
The Progressive Conservative and NDP candidates finished neck and neck at 29 and 27 per cent respectively last time around.
The Green Party candidate finished fourth with just over three per cent of the vote.
The race in Ottawa South featured eight candidates.