I did call into to Fairmont, and have reserved with refundable bookings. For now, the best prices they have (that they would admit to) are the CAA rates on the website. I also plan to use all of my FPC Platinum room and suite upgrade certs during this trip, so even if the rates don't come down, at least I'll end up with nice lake view suites for the normal room prices! And if there ever was a time to use a free night certificate, it's when you're staying in a $700 room!
While they couldn't officially accept the 2012 certs which won't be released until March, they do see that I qualify for Platinum in 2012, so they officially reserved the rooms I would like to upgrade into at each property, and made notes in the reservation that I plan to use the certs, and will then change the price to the lower class rooms after I call back in March. The CS agent was very helpful at suggesting which certs to combine at which times based on the price differentials at the 3 properties, in order to maximize the impact of those certs.
In the meantime, I'll keep watching the prices/promos, and if something comes up, it'll be a nice bonus!