3 Cheap TSX Stocks to Buy as the Canadian Market Continues to Rally

Amid the optimism over a 50 basis point interest rate cut by the United States Federal Reserve and expectations of further monetary easing initiatives, the Canadian equity markets have witnessed healthy buying last month, with the S&P/TSX Composite Index rising 3%. Meanwhile, the index is up 14.4% this year. Here are three stocks trading at substantial discounts, offering excellent buying opportunities.

WELL Health Technologies

WELL Health Technologies (TSX: WELL) develops technology and services that empower healthcare professionals to deliver positive patient outcomes. Despite losing around 14.9% of its stock value compared to its July highs, the company’s current valuation is attractive, with a next 12 months (NTM) price-to-earnings multiple of 15.9. The growth in virtual healthcare services and the digitization of patient records have expanded WELL Health’s addressable market. The company is also focusing on artificial intelligence-powered products and expanding through acquisitions. With over 50 clinics in pre-letter-of-intent review, WELL Health appears to be a compelling buy at current levels.

3 Cheap TSX Stocks to Buy as the Canadian Market Continues to Rally

Lightspeed Commerce

Lightspeed Commerce (TSX: LSPD) has seen a surge in buying activity, fueled by rumors of potential sales possibilities. Trading 36.5% higher than last month’s low, it remains 23.4% lower than its 52-week high, with an NTM price-to-sales multiple of 2.1. The company’s growth in omnichannel selling has broadened its market reach, and it is expanding its product offerings to cater to diverse customer needs. With a focus on improving efficiency and a growing average revenue per user, Lightspeed Commerce is positioned for oversized returns over the next three years.

BlackBerry

BlackBerry (TSX: BB) reported strong second-quarter performance for fiscal 2025, with total revenue growing by 9.9% to $145 million, driven by solid performances in the IoT and cybersecurity segments. The company has reached breakeven adjusted EBITDA and earnings per share. Despite trading around 47% lower than its 52-week high, BlackBerry’s financial outlook remains positive, bolstered by design wins and innovations in cybersecurity. This positions BlackBerry as an enticing entry point for long-term investors.

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As the Canadian market continues to show resilience, these three stocks represent promising opportunities for investors looking to capitalize on potential growth.

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