I've always admired the old PC Party so I'm kinda interested in what caused its demise.
There were quite a few factors, but economics was probably the most important of them. In 1993, Canada was going through a very bad recession; unemployment was at the highest level since the Great Depression. Rightly or wrongly, the Tories were blamed for these problems.
Also, the rise of the BQ played an important role. Previously, Brian Mulroney managed to win the support of Quebec. However, after the failure of the Meech Lake Accord, Quebec sovereignty gained momentum. The Bloc was formed, and managed to destroy the PC Party in Quebec.
And finally, Kim Campbell was not exactly a very competent politician.