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A red wave of Liberal support drowned out what became a Conservative stronghold in midtown Toronto and North York in the 2011 federal election, as five Tory incumbents — including Finance Minister Joe Oliver — were defeated.

Oliver, the poster child of the Conservative economic plan — widely credited for balancing the federal budget in 2015 — was defeated by former federal prosecutor Marco Mendicino of the Liberals by more than 2,500 votes.

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Oliver said his defeat was a result of Canadians wanting change and of that desire sweeping the country.

“The wave just swept over us,” Oliver said. “I got a sense in the last two weeks that the Liberal momentum was building. You could see it in the polls.”

The Liberals and Justin Trudeau rode that wave to a majority government.

Oliver, who is “done with running politically,” said will have to prepare itself for a Liberal majority.

“They’ve been elected with a majority on a platform of increased taxes and significant deficits. The country is going to have to brace itself for that.”