The Canadian stock market has had a strong start to the year. Excluding dividends, the S&P/TSX Composite Index is already up more than 7% in 2024. Still, there are plenty of discounts available on the TSX.

I’ve assembled a basket of four Canadian stocks that are currently on sale. In addition to their discounted prices, all four picks are also trading below $100 a share.

Discounts in the tech sector

Despite the tech sector’s impressive rebound over the past year, there’s still no shortage of stocks trading below all-time highs today.

Many tech stocks peaked in late 2021 and have struggled to return to those prices. Shopify (TSX:SHOP) and Lightspeed Commerce (TSX:LSPD), two Canadian tech companies, both fall into that category.

Shares of Shopify are down 60% from late 2021. Still, the tech stock is up a market-crushing 115% over the past five years. In comparison, the broader Canadian stock market has returned less than 40%, excluding dividends.

Lightspeed Commerce has had more trouble than Shopify gaining momentum over the past year. The $3 billion company is down more than 80% from all-time highs and trading at a loss over the past five years.

A promising fourth-quarter report from Lightspeed two weeks ago sent shares surging close to 20%.

The company is still largely in growth mode, which presents patient long-term investors with an extremely interesting buying opportunity.

Air Canada

Canada’s largest airline stock, Air Canada (TSX:AC), continues to trade far below pre-pandemic prices.

What separates Air Canada from other North American airline stocks is its track record of delivering market-beating returns. While shares of Air Canada may be down 50% over the past five years, the company is no stranger to outperforming the market.

It may take time for Air Canada to rebound. When it does, though, it’s very possible that it won’t be trading at a discount like this again anytime soon.

Don’t miss your chance to load up on this market-beating growth stock at a massive discount.

Bank of Nova Scotia

For long-term investors, you could easily make a case that there’s never a bad time to invest in a major Canadian bank. Growth rates might not be able to compete with the likes of Shopify but there’s plenty that a stock like Bank of Nova Scotia (TSX:BNS) can provide an investment portfolio with.

Dependability is certainly one reason to invest in a bank stock. While growth rates might not be exciting, volatility tends to remain far lower than what you’ll find with high-growth tech stocks.

Passive income is the reason I’d recommend having a Canadian bank on your watch list. The Big Five not only own some of the top yields on the TSX but some of the longest dividend-payout streaks, too.

At today’s discounted stock price, Bank of Nova Scotia’s yield is above 6%. That ranks it as the highest amongst the major Canadian banks.

In addition to a 6% dividend yield, Bank of Nova Scotia has also been paying a dividend to its shareholders for close to 200 consecutive years.

Good luck trying to find a dividend stock on the TSX with a 6% dividend yield and a payout streak anywhere close to that.