3 No-Brainer Canadian Stocks to Buy Under $70

Investing in stocks need not require you to burn a hole in your pocket. You can invest $70 to $100 every month in these no-brainer stocks.

Puja Tayal

Author Bio

Puja Tayal grew up in a small-business family where dinner conversations often centred on working capital and savings. Her early experiences with investing, particularly during the 2008 financial crisis, shaped her approach to understanding markets and evaluating investment opportunities. She began her career at a mutual fund company before moving into investor education and financial writing for asset and wealth management firms. Before joining The Motley Fool, Puja wrote for Market Realist, where she extensively covered the semiconductor industry. Her published work has also appeared in The Indian Express. Puja believes every stock has a story that can help investors understand its potential returns. She combines business analysis with different investing approaches to help investors make informed decisions and align their portfolios with their long-term financial goals. Outside of finance, Puja enjoys long drives, catching up with friends, watching superhero and science-fiction movies, and managing her family portfolio. She also has a keen interest in artificial intelligence and its potential to reshape the world.

Education

Bachelor's degree in Accounting and Finance, University of Mumbai (2007)
CFA Level I

Areas of Expertise

Qualitative company analysis, management strategy, risk assessment, long-term investing, portfolio diversification and rebalancing, dividend reinvestment, cyclical growth opportunities, compounding strategies, growth stocks, and dividend stocks.

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Favorite Investment Quote

"Risk comes from not knowing what you're doing." — Warren Buffett

Published March 21, 2025 9:00 pm EDT

You don’t need thousands of dollars to invest in the stock market. The TSX has various types of stocks, some priced in $100s and $1,000s, and some priced under $70. While price does not determine the value of the stock, it is a factor one considers depending on the amount they have available to invest.

A worker gives a business presentation. — Source: Getty Images

The opportunity cost of delaying investment

Suppose you have $100 to invest in stocks every month. Looking at Royal Bank of Canada or Canadian Tire stocks priced above $100 might put investing on the backburner. Procrastination investing in stocks makes you stay out of the market and miss the inflation-adjusted growth the stock market offers.

If you have $100 and want exposure to the above stocks, you can consider the exchange-traded fund (ETF) route. However, if you want to invest in individual stocks, some good income-generating stocks under $70 can more than double your money in 10 years.

Three no-brainer Canadian stocks to buy under $70

The good thing about income stocks is you get quarterly or monthly dividends. Since returns are continuous, you feel confident about your investments. Within income stocks, you have the following:

Stocks that have been paying regular dividends for years
Stocks that give high yields (annual dividend per share as a percentage of share price)
Dividend-growth stocks
Companies that offer dividend-reinvestment plan (DRIP)

I have prioritized the stocks based on what they offer.

Telus stock

Telus (TSX: T) has all four features of an income stock. It has been paying regular dividends for 24 years, growing dividends for 21 years at an average annual rate of 12.4%. However, its dividend growth rate has slowed to 7% in the last three years. Telus also offers DRIP, allowing you to reinvest the dividends to buy more income-generating shares of Telus and compound returns.

The company’s share price has dipped 9.57% in the last 10 days and 39% from its all-time high due to telecom sector headwinds. Price competition, higher interest rates on its significant debt, and regulatory changes affected the profits of all telcos. However, Telus earnings are normalizing as the company is restructuring its business, reducing its capital expenditure, and improving its free cash flow.

Telus is tapping new revenue opportunities the 5G upgrade brings. This could bring in more cash flow and help Telus grow its dividends for the coming years. Now is a good time to buy the share below $21 and lock in a 7.67% dividend yield.

MCAN Mortgage Corporation

MCAN Mortgage (TSX: MKP) also offers all four features, but it is a small-cap stock with a market cap of $718 million. Small-cap shares carry liquidity risk. Nevertheless, this stock has shown remarkable performance over the last decade, which makes it a stock to buy and hold. The company has been paying dividends for the past 13 years and has grown them in nine years at an average annual rate of 4%. It also offers DRIP, wherein the company buys its shares at a 2% discount from the average market price from the dividend amount and increases the share count.

MCAN invests money in diversified Canadian mortgages to generate a reliable income stream. Its mortgage portfolio ranges from residential mortgages, residential construction, non-residential construction, and commercial loans. Its stock price is sensitive to interest rates. The share price has surged 25% since June 2024, when the Bank of Canada began interest rate cuts.

It is a good time to buy the share while it trades below $19 and lock in an 8.87% yield.

Enbridge

Enbridge (TSX: ENB) is a no-brainer dividend share to buy anytime. It has been paying dividends for over 60 years and growing the dividend for 29 consecutive years. The company has slowed its dividend-growth rate from an average of 3% to 10% in the last four years. However, the management plans to increase the dividend growth rate to 5% from 2027 onwards.

Enbridge transmits oil and gas from Canada to America through its pipeline infrastructure in return for toll. It could see short-term headwinds because of tariff wars, but its long-term income remains intact unless tariffs are prolonged.