A hung parliament (the norm in Canada) appears very likely at this point.
Actually hung parliaments have not historically been the norm in Canada either. It was only due to the creation of the Bloc Quebecois that they started to become the norm as they always take a sizeable chunk of seats in Quebec making it difficult for either party to win a majority. Chretien did win three majorities in the 90s in spite of this since he was able to sweep Ontario due to the divided right. Once the right united, the ability to sweep Ontario ended. Even though in Britain you have the Plaid Cymru and Scottish National Party, their overall clout in parliament is small compared to the Bloc Quebecois.
This time will probably be a hung parliament due to the closeness. As a side note, how likely do you think the chances are of the party that comes in third in terms of votes wins the most seats. I could see Labour Party coming in third in votes and winning the most seats. Likewise I could see the Liberal Democrats coming in first in terms of votes, but third in seats. I cannot see the Conservatives being in either scenario although I could see them winning the popular vote, but second in terms of seats.