This is strange. Sony announced last week that rumored price cuts for the PS3 were just that, rumors. Today, Sony has changed their tune and is now announcing that the price will in fact be cut by $100. This reduced the price for the 60gb model from $599 US to $499 US. This puts it in direct competition with the Xbox 360. Therefore, this would set the price at around $529 Canadian, though I expect it to be closer to $559 since us poor suckers in the great white north always seem to pay more. This might warrant a trip down south for Canadian gamers though if only to save on PST. The new prices go in effect today, July 9th.

Also introduced is a new bundle, selling at the same $599 price point as the 60gb had originally sold for. It includes an 80gb HD and Motorstorm. This is the first time the PS3 has been sold with a bundled game. The Wii has had a game, Wii Sports, bundled since day one while the 360 has included one for some time now. At least one game reviewer isn't happy about this though since Motorstorm is a relatively cheap game and the price difference between a 60gb and 80gb drive is minimal. In other words, consumers aren't really winning out.
http://communities.canada.com/shareit/blogs/gamesnews/archive/2007/07/09/editorial-new-playstation-3-bundle-a-bad-deal-for-consumers.aspx

With the price now in direct competition with the Xbox, more people with certainly start buying more PS3s. However, without any decent games, I don't expect the stores to be sold out anytime soon.