Sony is cutting the retail price of the PlayStation 4 in the U.S. by $50 to $349.99, with the change set to take effect Oct. 9, the company announced today.

A price cut will also occur the same day in Canada, dropping the cost of the PS4 there from CA$449.99 ($343.89) to CA$429.99.

This is the first price drop for the PS4 in North America since Sony launched the console in November 2013 for $399.99. Sony cut the system's price in Japan last month from 39,980 yen ($333.96) to 34,980 yen. The $50 cut for the U.S. was leaked in a promotional image from Target earlier this month.

Sony's aggressive move means that the PS4 will match the price of the Xbox One going into the holiday season. Microsoft permanently dropped the price of the 500 GB Xbox One to $349 back in June, and introduced a 1 TB unit at $399.

The PS4's new $349.99 price applies to the standard model of the system, which includes a 500 GB hard drive, just like the launch console. Sony will be offering a variety of game bundles this fall, and the cut brings down the price of those packages as well, including the upcoming limited-edition Call of Duty: Black Ops 3-themed console that includes a 1 TB hard drive. Here's the full list: