The Canadian stock market as a whole is up huge this year, but that doesn't mean there aren't any last-minute shopping deals to be had. The S&P/TSX Composite Index is up more than 20% on the year. Even so, there's still no shortage of discounted stocks on the TSX to choose from.

With the market as hot as it is right now, it's understandable to question whether or not now is a smart time to be loading up on stocks. For short-term investors, that's worth pondering. But for anyone with a long-term time horizon, there's no sense in trying to time the market. Fortunately, there are buying opportunities out there for patient investors with cash readily available.

I've reviewed two beaten-down growth stocks. Both might be trading at a discount but are not far removed from being market-beaters. The two stocks are down from all-time highs that were last set in 2021 yet remain loaded with long-term growth potential.

If you're looking to add some serious market-beating growth potential to your portfolio at a fair price, these two companies should be on your watch list right now.

Lightspeed Commerce

Lightspeed Commerce (TSX:LSPD) is down a staggering 85% from all-time highs that were last set in 2021. The tech stock is trading at a price barely above where it went public in 2019.

Investors may need to be patient with this one, but there could also be a short-term payout. The long-term thesis is that this is a global company that offers its customers a range of commerce-related solutions to choose from. Lightspeed's global footprint and wide product offering are two key reasons why revenue growth is expected to be in the double-digit range for years to come.

The possible short-term payout comes from the company announcing last September that it was exploring options for a potential sale. The announcement alone sent shares surging upward, and the stock is now up 30% since then.

At today's discounted price, Lightspeed is a low-risk, high-reward type of investment. It likely will take time, though, for the tech stock to return to all-time highs. That being said, it could be back to its market-beating ways sooner rather than later.

WELL Health Technologies

WELL Health Technologies (TSX:WELL) is another example of a stock that's trading at a bargain price yet offers investors a ton of long-term growth potential.

The telehealth provider saw demand skyrocket in the early days of the pandemic. Unsurprisingly, demand eventually cooled off, and so did the stock price. In 2020 alone, shares were up a whopping 400%. A lot of growth was pulled forward that the stock soon after had to pay for.

WELL Health has been gaining momentum as of late. Shares up close to 80% on the year, with the majority of those gains coming in the back half of 2024. At this rate, the growth stock won't be trading at a discount for much longer.

If you're bullish on the long-term rise in demand for virtual healthcare, then now's the time to be loading up on shares of WELL Health.