It makes a big difference on redemption decisions.

If you're using points on SPG hotels in the US you're spending the same as you did before.

If you're considering cash, you're facing a 30% increase in price all else equal versus this time last year.

So the pay cash vs. use points is now more of a no-brainer. It has made hotel points overall more valuable, if you happen to use them in the US (which I haven't much, but probably will).

And the cost of accumulating those points hasn't changed it's true. you're still spending $1 to get 1 SPG. The point being made above, though, is that for a Canadian it's the equivalent of spending US70c per SPG point versus Americans that have to spend USD$1 per SPG point. So we have it better.