Americans, Canadians gather at watch parties in Toronto to anxiously watch U.S. election results

With all eyes on the U.S. election Tuesday night, watch parties were underway across Toronto with Americans and Canadians glued to the results as the race for the White House comes to an end.

Communications firm Navigator hosted one such watch party at the Albany Club at 91 King St. E. Ontario Finance Minister Peter Bethlenfalvy, Councillors Paul Ainslie and Parthi Kandavel were there, while Toronto Mayor Olivia Chow made a brief appearance.

Attendees at the Albany Club told CBC Toronto that the outcome of the U.S. election is critically important because the U.S. is Canada's largest trading partner.

Adam Vaughan, former MP and former Toronto city councillor and a principal at Navigator, said every single commercial transaction in Canada is tied to cross-border movement and the health of many Canadian-based corporations still depends upon U.S. markets or access to U.S. supplies.

"As Canadians, it's fun to get caught up in the excitement of the night and cheer for this side or that side, but at the end of the day, tomorrow, we're going to have to start building better relations, stronger relations with our largest trading partner in ways that move our country forward but also seem to move the States forward," Vaughan said.

Rocco Rossi, former CEO of the Ontario Chamber of Commerce, said there's no question that it's important for Canadians to pay attention to the outcome of the U.S. election.

"We're a trading nation and our number one partner is the United States. Ontario alone, there's a billion dollars each and every day that crosses the border between Ontario and the United States. Thousands upon thousands of jobs depend on that relationship," he said.

Rossi said Canada is also military partners with the U.S. though NORAD and NATO and the U.S. election has "enormous implications" for that relationship.

"And also, quite frankly, if you have a Trump presidency and he is serious about deporting 15 million people, you better be sure that the Canadian border is suddenly going to get an enormous number of refugee claims that we need to be figuring out right now different scenarios. And so this is absolutely critical event for all Canadians."

Rossi said Canada has to work with whoever becomes U.S. president.

'Monumental day' for U.S. and Canada, minister says

Bethlenfalvy, for his part, said there are "vital interests" on both sides of the border and the Ontario government will continue to build relationships with individual states.

"It's a monumental day in American politics. It's a monumental day for Canada. I think we're going to be here for awhile to see the outcome," he said.

"I just know that our largest trading partner, the largest economy on the planet is right next door. So if the walls go up, I want to be on the inside of those walls."

Earlier this week, Ontario Premier Doug Ford said his government is ready to work with whichever administration takes over the White House in January.

The result could have major impacts on Ontario trade costs.

Trump has promised a minimum tariff of 10 per cent on all imports entering the US. Experts have told CBC News that Harris would likely maintain a status quo that mostly embraces free trade and open borders.

Meanwhile, the Toronto chapter of Democrats Abroad, the official Democratic Party arm for Americans living outside the U.S., hosted an election watch party at Lithuanian House on 1573 Bloor St. W.

The Video Cabaret theatre company threw a watch party fundraiser in Toronto's east end on 10 Busy St.

About 600,000 people who are eligible to vote in the U.S. election live in Canada, the largest number outside the United States, according to the Federal Voting Assistance Program.