You did pretty well on the wait, actually. I started calling last Wednesday. After reading this thread I was shocked to find all our flights (Calgary to Vancouver return) for our August vacation cancelled. No notice, not rescheduled and no funds returned. I was freaking out!!
I stayed on hold for 7 hours on Wednesday and then when my call was answered, the operator just kept saying "hello, hello" and then disconnected me. I tried again on Thursday and gave up and put in for a booked-time return call - the earliest I could get was for Monday, July 19. I tried calling and holding again on Friday and Sunday, put in for call-backs both times and nothing. My pre-booked return call did come through on Monday but 2 hours earlier than it was scheduled for. It was just luck I was there and able to take it.
I won't even go into the nonsense the representative said; I realize the phone reps are not personally at fault. After escalation I was able to get the flights re-booked without any additional cost. Flights leaving within 30 minutes of our original ones are now priced
three times what we paid and they tried to charge us for the difference. Crossing my fingers and checking every day now to make sure we don't get the rug-pulled-out again.
I have also filed a complaint with Transport Canada. I fine-tooth-combed the Ticket Agreement and there is absolutely nothing even close to allowing them to cancel flights with no notice and not refund payment.