He will continue as Canada's Prime Minister until the party picks his successor.

"I have informed my party and the Governor that I intend to resign as leader of the party as well as prime minister of Canada, and will do so as soon as my successor is appointed," Trudeau made the announcement during a press conference at his Rideau Cottage residence.

"I hereby prorogue the Parliament until March 24 in order to initiate the process of finding a new leader to lead the party and Canada until elections scheduled for later this year," he said.

"A new prime minister and leader of the party will carry its values and ideals into the next election, and I am excited to see that process unfold," he stated.

As per Canada's legislature, in such a case, the ruling party gets 90 days from the date of the resignation of its leader to find a successor.

Speaking about his regret, Trudeau said: "If I have one regret... I do wish that we'd been able to change the way we elect our governments in this country. Voters should be allowed to pick their second and third choices on the voting ballot itself, instead of the current system, which is set up to play to the advantage of those who want to polarise the situation and play Canadians against each other."

Justin Trudeau has been facing immense pressure from within his party to resign after the latest opinion polls showed an overwhelming surge in support for the opposition Conservative Party.

Canada will go to elections later this year and must have a new government in place before October 20.

Some months ago, Justin Trudeau even lost the support of his key ally leading to a vote of no-confidence against the prime minister in Parliament.

Trudeau somehow survived with the support of other small parties to form a coalition but came under increased pressure after his finance minister quit in December over a policy clash.