Fraser made the announcement this morning at a news conference in Ottawa.

He joins a growing list of cabinet ministers exiting federal politics.

Prime Minister Justin Trudeau is scheduled to chair a cabinet meeting on Monday.

Fraser, who was a frequent target of Conservative attacks over the government's handling of the immigration and housing files, was considered a strong communicator and rising star for the Liberals.

Fraser said he will remain engaged in politics, but in what capacity remains to be seen and said today's announcement is not about a transition to another political post.

Fraser was recently asked if he is planning a bid to lead the Nova Scotia Liberals after the party was decimated in last month's provincial election, holding on to just two seats — the minimum number required to maintain official party status.

"I'm not making any plans. I've got a job to do up here and I'm focused on doing that job well," Fraser said on Nov. 27.

Fraser was first elected as a Nova Scotia Liberal MP representing the Central Nova riding in 2015 and quickly rose through the ranks of cabinet.

He held several parliamentary secretary posts before he was named immigration minister in 2021.

While in that job, the government significantly increased its immigration targets, loosened the rules to the temporary foreign worker program and granted entry to a rapidly growing number of international students.

Political pressure eventually pushed the government to reverse many of those policies, as critics raised concerns that high population growth was eroding housing affordability and putting a strain on services.

Fraser was tapped for the housing file two years later as the Liberals worked to tackle a national housing crisis, an issue that had become a significant political liability for the government.

Rumours have been swirling on Parliament Hill that a cabinet shuffle is coming soon to fill several vacancies and replace Liberal ministers who not seeking re-election.

Filomena Tassi, the minister responsible for the Federal Economic Development Agency for Southern Ontario, Northern Affairs Minister Dan Vandal, Sports Minister Carla Qualtrough and National Revenue Minister Marie-Claude Bibeau have all announced they are not seeking re-election.

Pablo Rodriguez left his role as transport minister and Liberal caucus member in September to run for Quebec Liberal leadership.

Randy Boissonnault left his post as employment minister last month after weeks of questions about the Edmonton MP's shifting claims of Indigenous identity and his business dealings.

The next federal election is expected to take place by October 2025.

This report by The Canadian Press was first published Dec. 15, 2024.