This Magazine has a clear and consice summary of yesterday's election. They also provide links to other sites for more in depth information. If you want a better understanding of what happened to Canadian Politics, check out their article.
What we should know:
1) There is Conservative Majority, which means they have free reign for basically the next four years.
2) The NDP is the official opposition. No one called this until two days ago.
3) Due to severe Liberal losses Michael Ignatieff has now resigned.
4) The Bloc has been smashed with the NDP taking away many of their seats (and confidence).
5) Elizabeth May, the Green Party leader is the first Green MP in Parliament.
6) Canadians need to vote! We had a better showing than 2008, but we're still only barely above 60 %. More people need to vote!
Again, go to This Magazine for more information.