Opposite. It's too easy getting miles from these guys, because Aeroplan lowered the price of miles.

OTOH, it's likely that the price that AC pays results from their agreement from the time Aeroplan was split, which may well be quite a bit more than the banks pay. So my suspicion is that it's actually AC that requested the price to be lowered. Which may have been met with a request by Aeroplan that benefits should then also be reduced. Making both sides happy.

With SE types carrying the bulk of the penalty. People getting a Y ticket to Toronto after collecting for five years are not affected. People like us going for high value rewards are big time.