Of course. This would not lead to perfect proportionality. No electoral system provides a perfectly proportional result. It may be more or less proportional. The determining factor is the number of elected representatives in constituencies.
In the Atlantic provinces, where 30% of votes were for the Conservatives, there would clearly have been more Conservative MPs elected if we had used this system. I would have to do the math. It would not be exactly proportional, but it would be much less unbalanced than it is today.