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SvennoJ said:

I'll break the silence. This old fashioned riding system has no place in modern times.

Quite a difference when every vote has the same weight. Based on actual percentages:
Since the bigger parties benefit from the riding system, it won't change.

LIB 157 vs 112
CON 121 vs 116
BQ 32 vs 26
NDP 24 vs 54
GRN 3 vs 22
OTH 1 vs 3
PPC 0 vs 5

It'd be a fairer system, but the overall overcome of the election would have been pretty much unchanged - the Liberals and NDP would have had 166 seats between them, while the Conservatives and PPC would have only been able to combine for 121 seats (or 147, if for some reason the Bloc actually decided they wanted to work with them).

The real problem that the Conservative Party has right now is that they basically need to win a majority in order to govern, unless the Liberals are being lead by some Michael Ignatieff-type figure who's such an arrogant, incompetent asshole that the other opposition parties actually decide a Conservative minority is the lesser of two evils. It would have helped them if the People's Party had made some kind of breakthrough, but since they completely failed to do so, we're now back in the position of the Liberals having other parties to fall back on in case they don't win a majority, but the same not being true for the Conservatives.