An extraordinary game at Llanelian Road saw Conwy fight back from 4-1 down to snatch a draw in the final 10 minutes.
Bay looked to have the three points in the bag only for the Tangerines to produce an amazing late rally.
The home side took a 10th minute lead when Sion Edwards found the net following an angled run on the left.
It was 2-0 on 16 minutes after Mitch Bryant won a 50-50 ball and rounded keeper Ben Heald to double the advantage.
Craig Whelan halved the deficit with a 28th minute header, but within 30 seconds Colwyn were 3-1 ahead after Tom McCready finished well on the run.
That remained the score up to half time, third-place Bay looking well place to trim the gap on Flint in second to five points.
Substitute Joe Chaplin made the situation appear even clearer when he converted an Edwards assist to make it 4-1 after 77 minutes.
But Conwy were far from finished.
Corrig McGonigle cut the arrears on 82 minutes when he put away a penalty for his 18th goal of the campaign.
When Harry Galeotti scored with a close range header to make it 4-3, there were real jitters in the Seagulls camp.
And the hosts were all in a flap in the 86th minute after a long range strike from Whelan levelled it up at four-apiece.
Conwy could have even won it, Andy Coughlin pulling off a great save in added time to deny McGonigle.
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