I had typed a long explanation but it sounded a bit braggadocios and I didn't want to come off that way. I've got a business card that accrues points that will allow me to acquire both for free. As long as they not over 700 dollars each I should be in good shape. They will get expensive when you calculate in sales tax, the yearly membership fee, a game, and a spare controller.

No...

I'm not nearly as krazy as KBG and his desire for a $7000 enthusiast edition, but IF the specs were worth the money, I would go as high as $800 for a model with a bit more juice. Sucks that the exchange on the CAD is still such crap. With tax in my province, a PS4 Pro is still about $570.

I won't be getting either console at launch. There's just no reason that I can thing of for getting any console, no matter the price, at launch. The games are not going to be there yet to justify the price tag, I'll still have a huge number of games on my older consoles to get through, and I can just get the new console at some later point for much cheaper. I've never bought any console at launch, and I never will. It just makes no sense to me.

$500 is my absolute limit, and even that is a little stiff for my tastes.

Depends on the games. But $400 is usually the limit. I got a lot more money nowadays, but I still want some good games.

Considering my gaming laptop was CAD 1800, I have no problem paying CAD 1,000 for a ps5. Which is what I expect to pay for it here with 2 launch games. $500 is CAD 688 today, games are CAD 80, second controller CAD 75, total 923, add tax CAD 1,043 to get started...

Then you've got at least a 5 year wait I'm thinking, if not even longer.

As for me, $500 would be my limit. I'm not planning on getting the PS5 until 2022 or 2023 anyway because I finally got a PS4 in Summer 2019. No need to get to PS5 urgently when I have enough to play right now between PS4 and Switch.

Given the current CAD exchange rate, I'll have to think long and hard about getting it at 500USD. That's about 700CAD right now. Unless they have a killer app or two right at launch, I'll probably wait.

Up to the PS4, I've had a mental restriction of 400€, I think that's a fair limit for a gaming console. So I've simply waited for the right deal to get in at that price. I'm in no hurry to be an early adopter at anything, I'll let others do the testing for me and have possible issues dealt with before I jump in.
This time however I might be willing to raise my fair price limit to 500€ because the PS5 will simply be a more costly machine for Sony to make because of all the good tech. We'll see what happens.