11/06/2013 11:15 EST | Updated 01/23/2014 10:53 EST

Richard Bergeron says this was his 'final election'

Projet Montréal leader Richard Bergeron announced today he will stay on as party leader for the next few months, but he does not plan to run in the next municipal election. 

"This was my third election and my final," Bergeron said. "I am very proud of our team."

Projet Montréal has been on media blackout since the election on Sunday.

Sunday marked Bergeron's third failed bid for the mayor's office. He came in third place behind Mélanie Joly with 25.52 per cent of the vote. 

But despite his loss, Bergeron's party did manage to gain status as the city's official opposition party with a total of 28 seats. 

Bergeron's candidate-designate Janine Krieber won by a slim margin in a Ville-Marie council race, and on election night Bergeron said his team would make a decision in the next 12 days about who would fill that seat.

More to come.