I’d just like to clarify MikeS’s response by pointing out that there have been two elections since 1993, both of which returned the Liberals to government with a majority. Read the wrong way, the post almost suggests that the election in '93 was the last one.
I would also like to point out that to really understand what’s going on with the fragmented opposition, one needs to understand the self-destruction of the Tories under Brian Mulroney, and the rise of the regionalist parties, the BQ and the Reform/Alliance/Conservative parties. Mulroney had won a huge, huge majority for the Tories in the '84 election following the retirement of Trudeau as Liberal leader, and won again in '88. Throughout his second term he managed to earn the hatred of nearly every sector of the electorate - after the failure of the Meech Lake and Charlottetown Accords (attempts to reconcile Quebec with the Canadian Constitution), one of Mulroney’s own cabinet ministers, Lucien Bouchard, left the Tories to form a new party, the Bloq Quebecois, at the time emphatically running on a seperatist platform. At the same time, the Reform Party was formed by some Alberta Tories who were fed up (as Albertans usually are :)) with the way the West was being treated by Ottawa. Meech Lake was among the stimuli for this as well. And then to top it off, the Tories imposed the GST, which pissed almost everyone off. As a result, the Tories were reduced from 169 of 295 seats, to 2 seats. This is basically unheard of, and could be quite reasonably compared in magnitude to, say, the Republicans being reduced to a half dozen seats in the House of Congress (though primarily to third parties, not Democrats).
Since then, politics in Canada has become increasingly regionalized. The Reform/Alliance parties have had their base in western conservatism, which tends to have a strong social conservative component. That doesn’t play at all east of the Great Lakes, and as a result they haven’t ever gained a foothold amongst the Ontario fiscal conservatives that are absolutely essential if the party is to win an election. The Bloq only runs candidates in Quebec (naturally…it’s not like anyone outside of Quebec would vote for them), and so are mathematically eliminated from contention before a single vote is cast. All they do is ensure that the seats in Quebec will be split between them and the Liberals. The NDP has been a casualty of a general shift to the right (though this may be changing), only holding onto a few seats where there are pockets of raving pinkos. (Well, okay, raving pinkos in BC, diehard Tommy Douglas followers in Saskatchewan, union strongholds in Ontario, and then raving pinkos again in the Maritimes. :))
It remains to be seen whether the new Conservative party will be able to pick up support outside of the West. If it does, we may finally be able to return to a situation where there’s more than one possible winner of an election, which would be a good thing. If it doesn’t (and frankly the signs aren’t good - socially progressive ex-Tory MPs have been very publicly abandoning the new party) the situation will remain mostly static. This sponsorship scandal might hit the Liberals hard enough to actually hurt them, but worst case for them, I think, would be a minority government with the CPC virtually sweeping the west, and a resurgent NDP in other areas, but with the Liberals retaining enough seats in Ontario and Quebec to squeek out the win. Much as I like the idea of minority governments, this scenario is mostly bad, since it just increases the regional divides.