5 Stocks You Can Confidently Invest $500 in Right Now

Are you looking to add a few new names to your portfolio? Here are five top stocks you can own for less than $500.

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The stock market hasn’t made it easy on investors this year. Volatility has been off the charts since the beginning of 2023. And with the end of the year around the corner, it’s anybody’s guess as to where the market will be trading in two months.

Despite all of the market’s volatility, though, long-term investors should be ready to put some money to work. The TSX is loaded with top-quality stocks trading at bargain prices today.

I’ve put together a list of five top stocks that Canadian investors can own for less than $500 right now. 


With shares down nearly 50% from all-time highs, this is not a discount Canadian investors will want to miss. 

goeasy (TSX:GSY) may not be a household name, but few TSX stocks have outperformed it over the past five years, even with the recent pullback.

Shares of goeasy are up a whopping 160% since late 2018. In comparison, the S&P/TSX Composite Index has returned less than 30%, excluding dividends. 

Lightspeed Commerce

After a disappointing performance in 2022, there’s been no shortage of high-flying tech stocks that have come roaring back this year. Unfortunately, Lightspeed Commerce (TSX:LSPD) is not one of those companies. 

Shares are down nearly 90% from all-time highs and are trading at about the same place as when the company went public in 2019.

This is a case of a stock price that got far too ahead of itself. Shares exploded in the pandemic and are now paying the price for it.

Volatility likely won’t be slowing down anytime soon, but I don’t think the double-digit revenue growth rates will be either for Lightspeed.

If you can stomach the risk, this beaten-down tech stock offers massive potential.

Descartes Systems

Descartes Systems (TSX:DSG) is one of few tech stocks on the TSX stocks that is within earshot of all-time highs. Shares are down just over 10% from when they last peaked in late 2021. 

The stock is about flat on the year and up a market-crushing 150% over the past five years.

If you’re looking for a dependable growth stock that’s trading at a very reasonable price, Descartes Systems is the company for you.

Toronto-Dominion Bank

Investors that are loading up on companies like Lightspeed and Descartes Systems would be wise to own a few slow-growing stocks to balance out their portfolio. The Canadian banks are a perfect way to do exactly that.

In addition to a dependable 4% dividend yield, Toronto-Dominion Bank (TSX:TD) can also provide a portfolio with U.S. exposure. The bank continues to grow its presence south of the border, now ranking as a top-10 bank in the U.S. based on total asset size.

Northland Power

The last on my pick offers investors the best of both worlds. Not only does Northland Power (TSX:NPI) pay a 5% dividend yield, but it’s also no stranger to delivering marketing-beating returns.

With the renewable energy sector as a whole in decline right now, shares of Northland Power are just about flat over the past five years, excluding dividends. But if you believe in the long-term growth potential of this industry, now could be an incredibly opportunistic time to be loading up. 

Even if it does take some time for Northland Power to return to all-time highs, you can’t complain about a dividend yield that’s nearing 6%.

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 Nicholas Dobroruka has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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