This is something you don’t see every day. Canon is apparently set to reduce the prices of the Canon EOS R3 (buy here) and Canon EOS R5 (buy here) in Japan. Map Camera has published a blog stating that Canon’s suggested retail price for both cameras has fallen.
Canon must be feeling flush after their latest financial report. Because this isn’t just the typical promotional discount we see at the usual retailers. It’s an actual permanent price reduction. And it seems that it’s coming to the rest of the world, too.
Big discounts in Japan
Map camera (translated by Google) says…
Starting today, February 1st, the prices of Canon EOS R3 and EOS R5 will be revised.
Until now, there have been cashback campaigns, but it is rare for the price of the product to drop.
I would like to introduce these two representative models of the EOS R system.
With this revision, the price of EOS R3 will drop by approximately 60,000 yen, which is a fairly large price revision.
The price drop for EOS R5 is approximately 30,000 yen.
60,000 yen and 30,000 yen equate to around US$400 and US$200, respectively. This is the pre-tax price. So, ultimately, those savings will be greater. The new prices changes aren’t just limited to Japan, though. According to PetaPixel, the reductions will be much greater once they hit the US.
Bigger discounts in the USA
In an email to PetaPixel, Canon said that they actually introduced price changes a month earlier. They say that $500 and $1,000 price reductions were introduced for the EOS R5 and EOS R3, respectively, on January 1st.
B&H is indeed listing the regular retail price of the Canon EOS R3 at $4,999 instead of the $5,999 it was at launch. On top of the reduced price, though, B&H is also currently running an extra $200 instant savings.
It’s a similar deal for the EOS R5, with the MSRP being reduced from $3,899 to $3,399. B&H is also running a $200 instant discount on the EOS R5, bringing the total price down to $3,199.
But, why now?
It’s unclear why these two models have seen a price reduction. The Canon EOS R5 reduction might, perhaps, be obvious. I mean, the Canon EOS R5 was released about the same time as the Canon EOS R6. The latter of those has been replaced by the Canon EOS R6 Mark II (buy here) in 2022.
So, could this mean there’s a Canon EOS R5 Mark II on the way? Well, it’s long overdue, with many predicting it would come in 2023. Obviously, that didn’t happen. So, maybe 2024 is the year?
As far as the EOS R3, I don’t think we’ve got an EOS R3 Mark II on the way any time soon. In fact, I would be very surprised if we see an EOS R3 Mark II before we see the Canon EOS R1. And there it is, the EOS R1.
It seems logical to assume that an R1 might finally be coming. With the EOS R3 previously costing $6K, I can only imagine what the hypothetical R1 would cost. I suspect that the reduction to $5K helps to keep the R3’s price competitive vs whatever Canon prices the EOS R1 at when it’s announced.
Of course, nobody outside of Canon knows for sure until Canon makes an actual announcement.