3 Canadian Stocks to Buy Now Under $7

These three Canadian stocks are cheap and growing, so buy them now before a full recovery is underway for HIVE stock (TSXV:HIVE) and others.

Amy Legate-Wolfe

Author Bio Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Social Media Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published May 20, 2021 10:31 am EDT

Some of the best Canadian stocks out there aren’t the triple-digit price points you’d imagine. You can still see significant gains from cheap stocks set up for massive growth. What you need to find are industries with a strong future ahead. In this case, today I would look at cryptocurrency, healthcare and storage.

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Yes, storage

Storage is something we all use at one point or another. Storage companies are practically real estate investment trusts, taking in rent each and every month from people who may use a storage unit for a couple months, or for decades! That’s exactly why company StorageVault Canada (TSXV:SVI) is so strong and stable.

StorageVault is just like REIT Canadian stocks. It owns properties across Canada and collects rents just like an REIT. Its growth strategy is also similar. The company brings in revenue, makes acquisitions, brings in more revenue, and makes further acquisitions. This has led to stable and strong year-over-year revenue growth.

Most recently the company saw growth of 12.67%, increased its dividend, and acquired two more locations. The company is also undergoing a rebranding process and becoming more digitally friendly, which should help bring in even more revenue down the line. Shares are up 46% in the last year and 2,605% in the last decade. Shares trade at about $4.50 as of writing.

Leader in virtual healthcare

Virtual healthcare is here to stay, and it looks like WELL Health Technologies (TSX: WELL) will be the leader of Canadian stocks in this industry. Like StorageVault, the company has taken on a growth through acquisition strategy that is clearing working for it. WELL Health stock has most recently been making purchases south of the border, announcing an expansion into the United States to set it up for global operations.

And revenue has been pouring in. WELL Health stock and its latest earnings report saw revenue explode 150% year over year. Software and services revenue also jumped 345% year over year! Yet WELL Health stock remains a bargain at today’s share price of just under $7. Investors can pick it up trading at 5.2 times book value. This is why you should buy, but its strong balance sheet and solid growth strategy is why you should hold onto WELL Health stock for years to come. Shares are up 134% in the last year alone, and 1.187% in the last three years.

Canadian stocks in crypto

You don’t have to invest directly in cryptocurrency to see the benefits in your portfolio. In fact, investing in Canadian stocks like HIVE Blockchain Technologies (TSXV:HIVE) allows you to seek more rewards than risk. That’s because HIVE stock simply mines and sells cryptocurrency. It therefore depends on revenue to see growth rather than the arbitrary worth of cryptocurrency.

Since cryptocurrency seems to be the future, a company like HIVE stock looks like it’s here to stay. HIVE stock too has taken on a growth through acquisition strategy, buying up data centres and investing in cybersecurity to persuade investors and cryptocurrency buyers to use its services. It seems to be working. Revenue is up 27% year over year during its latest earnings report, the first gain after the pandemic. Shares in HIVE stock are up 710% in the last year and 6,220% in the last five years!

If you believe cryptocurrency is the future, this is definitely the stock I’d consider buying first and foremost, especially with shares only at $3.15 as of writing.