Typically after a new Canon camera is available the camera it replaced will drop in price.
The price drop is usually due to individual stores wanting to get rid of old stock (not by Canon).
The new camera will usually be higher priced and you can only buy it at the Manufacturer's Recommended Retail Price, because there will be such a large demand for the new camera.
If you want the older camera check the price at several stores, you will find different prices.
If you want the new camera you will not find a bargain anywhere.
If you do, be very very suspicious.
..
I'm looking to update my Canon Rebel XT. I'm leaning towards the SL1 but the T5i also has my eye. Worried though if I buy now a new Canon announcement will happen and the prices will drop. So should I wait or buy now?

Chowhound
Comic Vine
GameFAQs
GameSpot
Giant Bomb
TechRepublic