It is not that long since we saw the release of the Canon EOS R5, but the latest rumblings picked up by Canon Rumors suggest that that camera might be due a successor in mid-2023 in the form of the Canon R5 Mark II.
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After a few years of teasing, Canon finally released the Canon EOS R5 in July 2020, so this would mark around a three-year product cycle for the best Canon camera. This is slightly quicker than the DSLR years but roughly in line with the recent camera release schedules from Sony and Nikon's top mirrorless ranges.
The Canon EOS R in 2018 was a good camera but a little underwhelming in comparison to the competition, however, the Canon EOS R5 blew us away and really cemented Canon's legendary DSLR legacy in the world of mirrorless cameras.
The R5 set a new standard for video in a mirrorless camera with its excellent 8K video powers, as well as astounding deep-learning autofocus system, and up to 8 stops (with compatible lens) of image stabilization. So we are of course very excited to see what Canon might bring to the party with a potential upgrade.
We have recently seen the Canon EOS R6 succeed with the release of the Canon EOS R6 Mark II, with quite a significant jump in specs in the short space of time between the releases of the two cameras (see R6 vs R6 Mark II for more on that). The Mark II offers a big bump in resolution, more capable video recording, and a new and improved autofocus AI tracking system covering more many diverse subjects including horses, mopeds, and planes.
The EOS R6 and R6 Mark II were both introduced at the same RRP of $2,499 / £2,799. We would expect the Canon EOS R5 Mark II to follow this trend and cost around the same as the original version of the R5 which was introduced at $3,899 / £4,199. This is already pushing the price limit for a camera in this class, so if Canon decides to raise the price further, then it might have to make some significant changes to the Mark II to justify the increase.
A much improved Canon R5 Mark II also leaves a question mark about what we might be seeing in the long-rumored Canon EOS R1 camera. If the R5 series gets much better then it might risk cannibalizing sales in the future of an eventual EOS R1.
There is not much to go on yet, but Canon Rumors' sources are expecting a Canon EOS R5 Mark II to have a new 61MP CMOS BSI sensor, dual DIGIC X processor, and the same Dual Pixel CMOS AF II from the Canon EOS R3 and EOS R6 Mark II, as well as 60 minutes for 4K video. These specifications are all speculation at the moment.