3 Canadian Growth Stocks I’d Buy Under $30

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While $30 seems like a modest sum, it can be a starting point for investing in high-quality Canadian growth stocks. It’s worth noting that several Canadian stocks with strong fundamentals and significant growth prospects are trading under $30, allowing investors to buy them cheap and benefit from solid capital gains in the long term. However, the key here is to start investing and maintain consistency, even with small amounts.

In this context, let’s explore three Canadian growth stocks I’d buy under $30.


Lightspeed (TSX:LSPD) is an attractive investment for investors seeking growth stocks under $30. The company continues to deliver durable revenue growth despite macro headwinds. Moreover, it is on the verge of achieving profitability. Lightspeed’s suite of products and services, which support omnichannel commerce, positions it well to capitalize on the structural shift in selling models towards multi-channel platforms.

Lightspeed is expected to experience a surge in demand for its offerings as small and medium-sized enterprises (SMEs) upgrade their traditional payment systems and invest in advanced technology. Further, Lightspeed’s strategic move to integrate payments into its software platform is set to enhance unit economics and improve margins.

What stands out is Lightspeed’s strategic focus on growing its customer base with high gross transaction value (GTV). These high GTV customers are more likely to adopt its multiple modules, thus boosting its average revenue per user (ARPU), reducing churn, and supporting margins. Furthermore, Lightspeed’s focus on strategic acquisitions will expand its customer locations and give it an edge over competitors.

Notably, shares of this technology company are trading significantly lower than their highs. Further, its valuation, indicated by the enterprise value-to-sales (EV/sales) multiple, is around an all-time low, making it a compelling stock to buy now.

Well Health

Investors with $30 could consider investing in WELL Health Technologies (TSX:WELL). It offers a combination of strong growth potential, operational efficiency, and innovative advancements in artificial intelligence (AI)-powered care. The company provides digital healthcare services and has an extensive outpatient clinic network in Canada.

WELL Health has been on an impressive growth trajectory, consistently delivering solid sales. This growth is primarily driven by strong organic sales fueled by increased omnichannel patient visits. Moreover, the company’s strategic focus on accretive acquisitions supports its top-line growth rate.

WELL Health’s predictable revenue base and comprehensive cost-cutting program to strengthen its operational efficiency augur well for long-term growth. In addition, WELL Health is solidifying its position in AI-powered preventative care and is focusing on developing advanced AI tools, which will likely accelerate its growth.

Adding to the positives, WELL health stock is trading at the next 12-month EV/Sales multiple of 1.5, which is significantly below its historical average and near an all-time low, providing a good buying opportunity. 

Ballard Power Systems

Ballard Power Systems (TSX:BLDP) could be a valuable addition to your portfolio. The stock has lost substantial value over the past year due to the decline in its order book and widening losses amid challenges in its key target markets. However, this presents a good buying opportunity as its long-term prospects remain bright.

The fuel cell maker’s products are used in electric buses and trucks. This implies that Ballard Power is well-positioned for growth from the ongoing electrification of vehicles. The company will likely benefit from the growing demand for its proton exchange membrane (PEM) fuel cell products, especially amid the ongoing shift towards green energy. Moreover, favourable government policies to support the clean energy transition bode well for growth.

The company’s focus on new product launches and expansion of manufacturing capacity bodes well for growth as it will enable Ballard Power System to win more customers. Further, its cost reduction initiatives will likely cushion margins and well position the company to deliver profitable growth.

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