2 Cheap Canadian Stocks You Can Buy for Less Than $6

These two Canadian stocks remain incredibly cheap, providing you with a share price under $6 as of writing!

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There are certainly a lot of Canadian stocks out there trading on the cheap. But not all of them are cheap when you actually consider the share price. And when it comes down to it, you likely only have so much cash set aside ready to invest.

Since you may not want to create a small stake in a stock that costs somewhere in the triple digits, it can be far more tempting to buy companies that are super cheap in terms of share price. However, you definitely have to be careful here. While it can be just as tempting to buy a large stake in a company because it’s cheap, you need to choose the right stocks.

Today, I’m going to be looking at Canadian stocks WELL Health Technologies (TSX:WELL) and StorageVault Canada (TSX:SVI).

WELL Health stock

WELL Health stock is an excellent choice for those looking for a superb deal. The share price was driven up during the pandemic for two reasons. First, of course, is because it’s a healthcare stock related to virtual healthcare and digitization. It provided support during the pandemic when we were on lockdown. Second, it’s also a tech stock, bringing healthcare into the 21st century. Whether it’s virtual healthcare or its use of electronic charting, investors are certainly excited about it.

Plus, it’s still cheap and providing record revenue and expansion again and again. Here’s the thing: that hasn’t changed, but investors took their returns and ran. With pandemic restrictions easing, and with the tech sector dropping, shares of WELL Health stock plummeted. Yet in the last year alone, those shares have climbed up 20%!

Why? The company just kept doing its thing. It continued to rake in cash and expand its operations, becoming the largest outpatient clinic in Canada and expanding in the United States. Given it’s virtual, the company could eventually become global as well.

Yet even with this growth shares are just at $5.47 as of writing, trading at 1.74 times book value. Earnings are due soon as well, which could certainly give this stock another boost. Yet it still also has plenty of room to run towards its all-time highs.

StorageVault Canada

Another great choice among Canadian stocks is StorageVault Canada — for pretty much the opposite reason why WELL Health stock is a great choice. Whereas WELL Health is cutting edge, StorageVault offers simplicity. It too continues to expand as well as create digital offerings for bookings of its storage units. It runs on the fact that eventually, we all need storage.

Whether it’s divorce, displacement, downsizing, or death, storage is eventually used by pretty much everyone. However, a new category has been added over the last few years. Canadians wanting to sell their products from a side hustle also need storage. So, small businesses are able to book their own storage units as their own personal warehouse.

This has only proven to expand the need for storage and will continue to help drive revenue upward. Even amid this market, StorageVault stock recently acquired three new properties for $21.8 million, with far more planned for 2023. On top of all that, the company recently increased its dividend as well.

Yet shares still trade at just $6 per share at the time of writing, down about 8% in the last year. So, long-term investors looking for stable growth should certainly consider the stock.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Amy Legate-Wolfe has positions in Well Health Technologies. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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