Dan Ashton was vying for the position in his home riding against three others, including the mayor of Summerland.
Ashton, a two-term mayor in Penticton, will be heading to Whistler next week for the Liberal party's 2012 convention.
He will replace MLA Bill Barisoff, the outgoing speaker of the legislature.
Local businessman Mark Ziebarth and Connie Denesiuk, the past president of the BC School Trustees Association were also contenders for the Penticton riding.
On Sunday, New Democrats in the hotly contested riding of Vancouver-Fairview will nominate their candidate for the May 2013 election.
Sierra Club executive director George Heyman and Vancouver city Coun. Geoff Meggs are vying for the position.