Andrew Wilkinson will resign as leader of the BC Liberal party.
Wilkinson made the announcement Monday afternoon, two days after B.C.'s general election.
"It's clear that the NDP will be forming the next government of British Columbia," said Wilkinson, noting that approximately 500,000 votes have yet to be counted.
"Leading the BC Liberals has been a great honour, but now it's time for me to make room for somebody else to take over this role."
Wilkinson has asked his party to immediately begin the process of electing a successor. He will resign once a new party leader has been chosen.
"Today we begin the exciting and challenging process of rebuilding the party," Wilkinson said.
Wilkinson conceded the election to the BC NDP on Sunday after the Liberal party lost 14 seats. Current data from Elections BC shows the party with 29 seats secured, down from 43 seats won in the last provincial election.
The NDP won 55 seats while the BC Greens secured three.
Wilkinson was elected as leader of the BC Liberal party in 2018, and was re-elected as MLA for Vancouver-Quilchena on Saturday.
No additional information was provided on when a new party leader might assume the role.
Wilkinson's remarks on Monday were brief and he did not take any questions from reporters.