Update 1 - Deal appears to be sold out, price is now showing as $378 after taxes.

AirCanadaVacations just drastically slashed the price of their Jan 15-22 flight from Vancouver to Ixtapa/Zihuatanejo (ZIH) airport down to $218 roundtrip after taxes.

Air Transat looks to have just dropped most of their Tuesday to Tuesday flights between now and mid-March from Vancouver to Panama City (PTY) down to $499 roundtrip after taxes. That's a good 33% lower than the usual bottom price to Panama.

Update: December 13th - The fare war to Central America appears to be over. Prices on all airlines look to be back up to the $700-$1000 range.
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Update: December 12th - The crazy prices to Central America continue, with Delta and Continental getting in on the action now. Delta & Continental look to have matched many of the prices put out by AA, on certain dates.

So I found a flight to Bogota, Colombia (BOG) for $477.50 roundtrip after taxes that leaves in April of 2012. Over 55% cheaper than the cheapest flights to Colombia usually cost, and probably the cheapest flight to South America I've ever seen from Vancouver.

There are some flights to Lima that are about 25-30% cheaper than they ever normally get from Vancouver.

Update 1: Nov 28 - Certain September dates look to be higher now (such as my example dates below). Still seems to be cheap ones in October. October 3-12 for example.

There's a huge fare war to Amsterdam (AMS) going on at the moment. You do see the occasional charter flight on Air Transat to Amsterdam that drops down to this level, but it's extremely rare to see many of the major airlines drop a price to Europe like this that affects such a large range of dates.

Those of you that have been following my posts for nearly a year might remember the Expedia flub last November that lead to packages to Vegas for as cheap as $19/person after taxes & fees for flight + hotel packages from all across Canada.