Last Updated: May 2026, this article tackles the June 1, 2026 devaluation.

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TL:DR

Aeroplan is devaluing its award chart for the third time since relaunching, effective June 1, 2026. Business class to Europe rises from 70,000 to 75,000 points. First class to Europe jumps from 100,000 to 120,000. Long-haul transpacific routes are hit hardest, with some awards increasing by over 17%. If you have a redemption in mind, book before June 1. If you are holding a large balance with no trip planned, selling now captures today's value before the new rates take effect.

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The Aeroplan Devaluation History: This Is Not the First Time

If you have been an Aeroplan member since the program relaunched in 2020, you have now lived through three award chart devaluations. Since Aeroplan relaunched six years ago, we have seen award chart changes in September 2022, March 2025, and now June 2026. Each round has followed the same pattern: premium cabin long-haul awards get more expensive, partner airline sweet spots get trimmed, and Air Canada frames the changes as a modest adjustment rather than a structural devaluation.

The original article on this page was written in November 2023, when Aeroplan made its first significant post-relaunch changes. In the two and a half years since then, the program has continued on the same trajectory. If you have been holding Aeroplan points since 2023 waiting for the right redemption, your balance has less purchasing power today than it did then — and it will have less again after June 1.

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What Is Changing in the June 2026 Aeroplan Devaluation?

Air Canada has quietly posted a note on its website: "As of June 1, 2026, we're making a few changes to the number of points you may need to redeem for a reward." The changes apply to partner airlines with fixed pricing and also serve as the new starting point for Air Canada and select partner flights. Here is what is actually changing for the routes most members care about.

Transatlantic business class is the change that will affect the most US and Canadian members. Flights between North America and Europe in the 4,001 to 6,000 mile band — which includes much of the USA to Europe — will increase from 70,000 to 75,000 points in business class and from 100,000 to 120,000 points in first class. Shorter transatlantic routes under 4,000 miles are spared, meaning some European city pairs remain at the current rate.

Transpacific routes are hit hardest in absolute terms. North America to Pacific between 7,501 and 11,000 miles on most partners in business class goes up 15,000 points — from 87,500 to 102,500 — a 17.1% increase. For North America to Pacific first class on most partners, the longest distance band goes from 140,000 to 165,000 points one-way. These are significant increases on routes where award availability was already limited.

Not every change is negative. Certain intra-Europe flights in business class are actually becoming more affordable, and flights within North America and South America see minimal structural changes. But the overall direction is clear: Aeroplan is making its most valuable redemptions — premium cabin long-haul on partner airlines — meaningfully more expensive.

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Why Aeroplan Keeps Devaluing (And Why It Will Happen Again)

Aeroplan is honest about its reasoning in a way many airlines are not. Air Canada said: "We don't take increases lightly, but they're sometimes necessary as our underlying costs rise." That is a fair summary of the mechanics: as Air Canada pays partner airlines more to release award seats, and as demand for premium redemptions grows, the cost of sustaining the program increases. The points you hold are a liability on Air Canada's balance sheet. Devaluation reduces that liability.

The practical lesson is straightforward: Aeroplan points are a depreciating asset. They do not earn interest. They do not benefit from competitive pressure in the way that cash does. Every year you hold a large Aeroplan balance without a specific redemption in mind, you are exposed to exactly this kind of unannounced value reduction. A second devaluation after only a year of the March 2025 changes confirms that the pace of change is accelerating, not slowing down.

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What Should You Do With Your Aeroplan Miles Right Now?

If you have a specific redemption in mind: book before June 1, 2026.

If you have been eyeing a trip to Europe or Asia, the time to lock in lower rates is now. Any booking made before June 1 uses the current award chart. Bookings made or changed on or after June 1 will use the new, higher pricing. If your travel dates fall after June 1 but you can complete the booking before that date, you lock in today's rates. This is the single highest-value action any Aeroplan member can take right now.

If you are short of the miles needed: consider topping up before June 1.

Buying Aeroplan points at today's rates to complete a specific booking before the devaluation can make strong financial sense — particularly for business class redemptions where the cash equivalent is $4,000 or more. Do the math before purchasing: calculate the redemption value per point at the current award rate, compare it against the cost of buying points, and proceed only if the redemption value exceeds the acquisition cost. The Miles Market can help you acquire Aeroplan points quickly if a booking deadline is approaching.

If you have a large balance with no near-term redemption: consider selling.

This is the option most Aeroplan members do not know exists. If you are holding 100,000 or more Aeroplan points with no specific trip planned in the next 6 to 12 months, that balance is exposed to continued devaluation. Selling your Aeroplan points through The Miles Market converts your balance to real cash at today's market rate, before the June 1 pricing changes reduce what those points can realistically buy. Payment is made to your PayPal or bank account before we ever access your account, and most transactions are completed within 24 hours.

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Aeroplan's Remaining Sweet Spots — What Still Works After June 1

Despite the devaluation, Aeroplan remains one of the stronger Star Alliance programs for certain redemptions. It is worth knowing what still works before deciding what to do with your balance.

Shorter transatlantic routes — those under 4,000 miles — are unchanged, keeping business class at 60,000 points and first class at 90,000 points one-way. For members routing from the east coast of the US or Canada to Western Europe, this preserves meaningful value. Intra-Europe flights in business class are actually getting cheaper under the new chart, which opens up interesting connection possibilities for members already in Europe.

Aeroplan's stopover policy remains one of the best in the industry. You can add a stopover to a one-way award itinerary for an additional 5,000 points — a benefit that significantly increases the value of certain redemptions and has survived every devaluation to date. For members planning multi-city itineraries, this remains a genuine differentiator.

South American routes see no structural changes, keeping Aeroplan competitive for North America to South America travel. And while first class availability on partner airlines has tightened significantly, business class on routes like transatlantic within the unchanged distance bands remains reasonably accessible.

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The Bigger Picture: Miles Are a Perishable Asset

The June 2026 Aeroplan devaluation is not an isolated event. It is part of a broader pattern across every major loyalty program. Delta SkyMiles moved to dynamic pricing years ago. United MileagePlus is moving its PlusPoints to dynamic pricing in 2027. American Airlines reversed its no-expiry policy once before and could do so again. Emirates Skywards devalued every US credit card transfer partner in 2025 and removed Chase entirely.

The common thread is that miles are a liability for airlines and a depreciating asset for members. The programs that appear most stable today are the ones most likely to make changes when competitive pressure or cost increases require it. Holding a large balance in any program — Aeroplan included — is a form of speculation that the program will not change before you use the points. That speculation is increasingly difficult to justify when programs are devaluing annually.

So our tip for 2026 is the same as it always was: have a specific redemption in mind before accumulating a large balance, book as soon as you have enough points for your target award, and treat any excess balance as an asset to be converted — whether to a flight, a hotel night, or cash through The Miles Market — rather than a savings account that grows in value over time.

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