The equity market could deliver superior returns in the long run. Besides, you don’t require huge capital to start your investment journey. Small but regular investments in quality stocks can create substantial wealth over the long term. To that end, here are three top Canadian stocks that you can buy for under $20.

WELL Health Technologies

WELL Health Technologies (TSX:WELL) is a digital healthcare company that leverages technology to empower healthcare professionals to achieve positive patient outcomes. After a challenging 12 months, the company has witnessed healthy buying over the last few weeks, with its stock price rising around 34% compared to its April lows. Given its healthy growth potential and attractive valuation, I expect the uptrend to continue.

Digitization of patient records, growing adoption of telehealthcare services, and clinics opting for administrative tools to streamline their operations have created multi-year growth potential for WELL Health. Besides, the company is investing in artificial intelligence (AI) to develop new innovative products and enhance the features of its existing products. So, its long-term growth prospects look healthy.

Meanwhile, WELL Health’s management expects its 2024 revenue and adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) to grow by 25% and 12.4%, respectively. Despite its healthy growth prospects, the company trades at 1.2 times its book value, making it an excellent buy.

Lightspeed Commerce

Lightspeed Commerce (TSX:LSPD) is another under-$20 stock I am bullish on due to its improving profitability, growth potential, and cheaper valuation. The omnichannel commerce company’s top line grew 25% in the March-end quarter while its net losses contracted from $74.5 million to $32.5 million. However, removing special items, its adjusted net income stood at $8.5 million compared to an adjusted net loss of $0.4 million in the previous year’s quarter.

Meanwhile, the company’s Unified POS (point of sales) and payments offering has expanded the adoption of its payment platform, with its GPV (gross processing value) increasing by 75% to $6.6 billion. Besides, the company’s new product launches and geographical expansion continue to expand its customer base while driving its ARPU (average revenue per user). The increased transition towards higher gross transaction value customer locations could also support its financial growth.

Further, Lightspeed has slashed 10% of its workforce and is exploring several cost-cutting initiatives to improve its profitability. Besides, it also trades at an attractive NTM (next 12 months) price-to-earnings multiple of 1.6, making it an attractive buy.

Savaria

With its widespread manufacturing centres and distribution network, Savaria (TSX:SIS) offers its products across 55 countries. The accessibility solutions provider has grown its top line at a CAGR (compound annual growth rate) of 27% over the last 10 years driven by organic growth and strategic acquisitions. Besides, its adjusted EPS (earnings per share) has increased at an annualized rate of 11% during this period.

Meanwhile, I expect the uptrend to continue amid an expanding addressable market due to its growing aging population and rising income levels. The company has adopted the “Savaria One” initiative, which would help it expand its market share, develop innovative products, and achieve price optimization. Besides, the company is also focusing on streamlining its procurement and supply chain, which could improve productivity. Savaria offers a monthly dividend of $0.0433/share and trades at 1.4 times projected sales for the next four quarters.