Investing in the equity markets regularly allows you to benefit from the underlying volatility of this asset class. Since it's impossible to time the market, dollar-cost averaging is the best strategy for building long-term wealth in the stock market.

So, while the broader indices trade near all-time highs, I have identified three cheap TSX stocks you can buy right now for less than $120.

Bird Construction stock

Valued at a market cap of $1.6 billion, Bird Construction (TSX:BDT) is a general contractor in Canada. It focuses on projects in the industrial and commercial sectors. It constructs industrial buildings and engages in civil construction operations such as underground piping and site preparations.

Founded over 100 years back, Bird Construction has returned close to 450% to shareholders after adjusting for dividend reinvestments. Despite these outsized gains, the TSX stock trades at a reasonable trailing price to earnings multiple of 17 times and offers you a dividend yield of almost 3%.

Bay Street expects Bird Construction to expand adjusted earnings by 40% annually in the next two years. Bird Construction pays shareholders an annual dividend of $0.84 per share, which has more than doubled in the last eight years.

Analysts remain bullish and expect the TSX dividend stock to surge over 15% in the next 12 months. After adjusting for dividend reinvestments, cumulative gains are closer to 20%.

Celestica stock

Valued at $9.5 billion by market cap, Celestica (TSX:CLS) offers product manufacturing and supply chain services. It also provides enterprise-level data communications and information processing infrastructure products like routers, switches, and servers.

It serves aerospace and defence, industrial, energy, health-tech, capital equipment, original equipment manufacturers, and other service providers such as hyperscalers. In the last five years, Celestica stock has returned over 1,000%, crushing the broader market returns by a wide margin.

In the third quarter (Q3) of 2024, Celestica reported sales of $2.5 billion, up 22% year over year. Comparatively, adjusted earnings per share rose to $1.04, up from $0.65 in the year-ago period. Priced at 19 times forward earnings, CLS stock is cheap, given Bay Street expects the company's earnings to expand by 35% annually in the next two years.

Aritzia stock

The final TSX stock on my list is Aritzia (TSX:ATZ), a company operating in the highly competitive retail segment. Valued at $5.1 billion by market cap, Aritzia has more than doubled investor returns in the last five years. However, it trades 24% below all-time highs, allowing you to buy a quality growth stock at a lower multiple.

In fiscal Q2 of 2025 (ended in September), Aritzia reported revenue of $616 million, an increase of 15% year over year. Comparable sales were up 6.5% compared to last year as consumer spending rebounded. Notably, most of this growth was fueled by its business in the U.S., where sales grew by 24% year over year.

Aritzia attributed its double-digit revenue uptick to its real estate expansion strategy, accelerated e-commerce growth, and strong comparable growth in existing boutiques.

A focus on cost savings will allow ATZ to reaccelerate earnings growth in the near term. In fact, analysts expect earnings to expand by 62% annually through fiscal 2026. Priced at 22.5 times forward earnings, ATZ stock trades at a discount of almost 30% to consensus price targets.