Mark Carney has been elected leader of Canada’s Liberal Party in a months-long, high stakes race to replace Justin Trudeau.

Mark Carney, the former governor of the Bank of Canada, was overwhelmingly elected the leader of the Liberal Party and the Great White North's next prime minister on Sunday.

Front-runner Mark Carney and underdog Chrystia Freeland, both established, centrist policymakers, are vying to succeed Justin Trudeau amid grave threats to Canada from the United States.