Canadian Undervalued Small Caps With Insider Buying

Hemisphere Energy

Market Cap: CA$178.4m

Acquires, explores, develops, and produces petroleum and natural gas properties in Canada.

Sagicor Financial

Market Cap: CA$1.1b

Provides insurance products and related financial services in Jamaica, Barbados, Trinidad, Tobago, other Caribbean region, and the United States.

Morguard North American Residential Real Estate Investment Trust

Market Cap: CA$964.9m

The REIT is an unincorporated, open-ended real estate investment trust established under and governed by the laws of the Province of Ontario.

Nexus Industrial REIT

Market Cap: CA$736.0m

Nexus is a growth-oriented real estate investment trust focused on increasing unitholder value through the acquisition of industrial properties located in primary and secondary markets in Canada, and the ownership and management of its portfolio of properties.

Saturn Oil & Gas

Market Cap: CA$419.1m

Engages in the acquisition, exploration, and development of petroleum and natural gas resource deposits in Canada.

Westshore Terminals Investment

Market Cap: CA$1.6b

Operates a coal storage and unloading/loading terminal at Roberts Bank, British Columbia.

DIRTT Environmental Solutions

Market Cap: CA$165.5m

Operates as an interior construction company in Canada.

Surge Energy

Market Cap: CA$623.5m

Explores, develops, and produces oil and gas in western Canada.

Bonterra Energy

Market Cap: CA$129.3m

A conventional oil and gas company, engages in the development and production of oil and natural gas in Canada.

Aris Mining

Market Cap: CA$1.7b

Engages in the acquisition, exploration, development, and operation of gold properties in Canada, Colombia, and Guyana.

Flagship Communities Real Estate Investment Trust

Market Cap: CA$634.2m

An unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust dated August 12, 2020 (as subsequently amended and restated, the “Declaration of Trust”) under the laws of the Province of Ontario.

Journey Energy

Market Cap: CA$140.9m

Engages in the exploration, development, and production of crude oil and natural gas in the province of Alberta, Canada.

Quarterhill

Market Cap: CA$163.6m

Operates in the intelligent transportation systems business in Canada and internationally.

Plaza Retail REIT

Market Cap: CA$434.1m

Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, focused on Ontario, Quebec and Atlantic Canada.

Pro Real Estate Investment Trust

Market Cap: CA$377.0m

PROREIT (TSX:PRV.UN) is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario.

Olympia Financial Group

Market Cap: CA$291.3m

Through its subsidiary, Olympia Trust Company, operates as a non-deposit taking trust company in Canada.

BSR Real Estate Investment Trust

Market Cap: CA$976.4m

An internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario.

Docebo

Market Cap: CA$1.2b

Develops and provides a learning management platform for training in North America and internationally.

Richards Packaging Income Fund

Market Cap: CA$357.1m

Designs, manufactures, and distributes packaging containers and healthcare supplies and products in North America.

Chemtrade Logistics Income Fund

Market Cap: CA$1.3b

Offers industrial chemicals and services in Canada, the United States, and South America.

Valeura Energy

Market Cap: CA$738.6m

Engages in the exploration, development, and production of petroleum and natural gas in Thailand and in Turkey.

Dye & Durham

Market Cap: CA$736.7m

Provides cloud-based software and technology solutions for law firms, financial service institutions, sole-practitioner law firms, and government organizations in Canada, Australia, South Africa, Ireland, and the United Kingdom.

NorthWest Healthcare Properties Real Estate Investment Trust

Market Cap: CA$1.3b

Northwest provides investors with access to a portfolio of high-quality international healthcare real estate infrastructure comprised as at May 14, 2025, of interests in a diversified portfolio of 169 income-producing properties and 15.8 million square feet of gross leasable area located throughout major markets in North America, Brazil, Europe, and Australasia.

Badger Infrastructure Solutions

Market Cap: CA$1.6b

Provides non-destructive excavating and related services in Canada and the United States.

Obsidian Energy

Market Cap: CA$557.1m

Engages in the exploration, development, and production of oil and natural gas properties in Western Canada.

STEP Energy Services

Market Cap: CA$313.8m

An energy services company, provides integrated coiled tubing, fluid and nitrogen pumping, and hydraulic fracturing to service oil and natural gas industry in Canada and the United States.

Tamarack Valley Energy

Market Cap: CA$2.5b

Engages in the exploration, development, production, and sale of oil, natural gas, and natural gas liquids in the Western Canadian sedimentary basin.

NuVista Energy

Market Cap: CA$2.7b

Engages in the exploration, development, and production of oil and natural gas reserves in the Western Canadian Sedimentary Basin.