Just an update - I called AC and inquired about this new cancellation policy that retroactively applies to pre-existing bookings. At first, the agent seemed to deny any previous ability to cancel penalty-free to an AC Voucher, but then recanted after putting me on hold for several minutes. The agent was very sympathetic after explaining the situation, and stated it doesn't seem to make sense to her either. She profusely apologized, but was unfortunately unable to provide any solutions. She says their system does not allow the issuance of any further AC vouchers. There is no one to escalate this concern to at the call centre; the only option is to write in via their customer contact page.
Also tried discussing with their social media team in parallel, and they just straight up denied any ability to cancel to an AC Travel Voucher unless before Dec 14/22 (not sure where that date comes from). They have refused to discuss further.
The relevant areas are as follows:
Appearing on the ticket confirmation:
For the latest information on entry requirements, our flexible booking policy, or our health and safety measures visit our Travel Ready hub.
Travel Ready hub policy previous to Jun 5/23:
Eligible fare tickets other than Basic issued on or after July 6, 2022 can be cancelled and the full value can be transferred to an Air Canada Travel Voucher.
...
Air Canada Travel Vouchers are fully transferable, can be used multiple times, and never expire until fully redeemed.
Travel Ready hub policy on/after Jun 5/23:
Eligible fare tickets other than Basic issued on or after July 6, 2022 can be cancelled and the value can be applied to a credit for future travel minus the applicable cancellation fee.
Not sure how AC has let this glaring issue occur. With previous changes to their flexibility policies, they've been very good at giving ample notice, and with honouring previous policies for any tickets purchased prior to a policy update.
I have written in and will now sit on my hands and wait, I guess. The flight I was hoping to cancel is in a few weeks (I just found out I could not travel yesterday), so hopefully we can find a solution before then... otherwise, I'm not quite sure what to do. I wonder if this is a consumer protection issue from a bait & switch perspective?