More than 200 supporters cheered as they watched the results roll in at Karina's, a bar in Montreal's downtown.
Canadian Régine Debrosse said the Democratic Party's victory is significant for Canadians as well.
"In terms of what [Obama is] trying to do … especially [with] international relations, but also for education and health care, I think he has good plans," she said.
Sandra Phillips, a Democrat living in Montreal, said Obama's background is representative of the American public.
"He is that little guy who lives in the states, who sits in his little house. He understands the middle class, he's what this country was built on," she said.
Last night's results are important for Obama, but there will be challenges facing the president in his second term, according to Frédérick Gagnon, head of the University of Montreal's Centre for United States Studies.
Gagnon is forecasting plenty of partisan bickering, with the Republican Party in control of the House of Representatives and the Democrats holding a majority in the Senate.