It appears Xbox boss Phil Spencer's predictions have come true - Sony is taking up to $50 off the price of its flagship PS4 console, just in time for the holiday shopping season.

Sony announced the price cut for the U.S. and Canadian markets, effective immediately, on the official PlayStation blog, with the discount applying to all current and upcoming PS4 bundles, including limited edition Star Wars Battlefront and Black Ops III bundles.

The cheapest bundle will now cost $349.99, a discount of $50 - for Canadians with the same bundle, the discount is slightly less, just $20 CAD, lowering the cost of the console to $429.99 CAD.

Canadians do get a bigger discount on some of the limited edition sets, with the Limited Edition Star Wars Battlefront PS4 bundle (arriving Nov 17) dropping from $549.99 CAD to $469.99 CAD.

The Limited Edition Call of Duty: Black Ops III PS4 bundle, which features a 1TB hard-drive (arriving Nov 6), will now be priced at $429.99 USD and $499.99 CAD (discounts of $20 USD and $50 CAD).