Sort of. We've got 5 parties of significant size:

Conservative Party (sort of like the Republicans, only less so)
Liberal Party (sort of like the Democrats, only more so)
New Democratic (supposedly socialist...but not really...)
Green Party (ecological?)
Bloc Quebecois (strictly in Quebec)

There are some other really small parties, but they are of little significance.

One problem with the above scenario is that our "first past the post" electoral system has resulted in a party with only about 38-40 percent of the public on its side getting a majority in the last election! This has not been good for the country. We need to have proportional representation or some other kind of voting procedure to cure that problem.