Although the market has been rallying for most of 2024, plenty of stocks continue to trade undervalued giving investors a tonne of opportunities to buy now. It's these situations that are crucial to take advantage of for long-term wealth creation.

However, as exciting as it is to see plenty of undervalued stocks, it's essential to be careful. It's far more important to buy high-quality stocks with a smaller discount than low-quality stocks that may seem ultra-cheap but come with significant risks.

That's why the best investments are those that combine attractive valuations with strong fundamentals and long-term potential.

So, with that in mind, here are four of the best stocks currently undervalued to buy today.

One of the best telecom stocks in Canada to buy now

Telecommunication stocks are well-known by Canadian investors as some of the best long-term investments you can buy. Therefore, with Telus (TSX:T) stock trading undervalued and offering an impressive yield of more than 8.2%, it's easily one of the best to buy now.

Telus is one of the most attractive telecom stocks in Canada, offering a combination of stability, growth potential, and income.

Not only does it consistently generate significant cash flow due to the essential services it provides, but Telus is also consistently growing its dividend each year.

Despite these qualities, Telus shares have been under pressure recently, which has created an attractive buying opportunity.

For example, right now, Telus trades at a forward price-to-earnings ratio of just 19.8 times, below its five-year average of 22.1 times. Furthermore, its current dividend yield of 8.2% is significantly higher than the 5.5% average dividend yield for Telus over the last half-decade.

An impressive real estate stock trading undervalued to buy now

In addition to Telus, another high-quality stock trading undervalued that you can buy and hold long-term is Canadian Apartment Properties REIT (TSX:CAR.UN).

CAPREIT is the largest residential real estate stock in Canada. It boasts a diversified portfolio of rental properties across the country, offering both growth potential and attractive passive income generation.

Recently, though, the real estate sector has faced headwinds due to rising interest rates, which have increased borrowing costs and weighed on investor sentiment, giving savvy investors the opportunity to buy now.

In fact, CAPREIT is currently trading at the bottom of its 52-week range, more than 25% below its 52-week high. Furthermore, its forward dividend yield currently sits at 3.6%, well above its five-year average forward yield of 3%.

Therefore, considering that CAPREIT's properties generate stable, predictable cash flow and it continues to have years of growth potential ahead, it's easily one of the best stocks to buy now while it's still significantly undervalued.

One of the best long-term growth stocks in Canada

There's no question that renewable energy is one of the best long-term industries to invest in, and Brookfield Renewable Partners (TSX:BEP.UN) is a top player in the space.

Brookfield's stock has struggled alongside other renewable energy stocks due to rising interest rates, which increase the cost of financing new projects. However, its long-term fundamentals remain incredibly strong. Furthermore, the global shift toward renewable energy sources ensures Brookfield has decades of growth ahead.

Therefore, with Brookfield trading undervalued, roughly 20% off its 52-week high, it's certainly one of the best stocks to buy now. In fact, 9 of the 10 analysts covering Brookfield give it a buy rating.

Additionally, Brookfield offers a dividend yield of more than 6%, well above its five-year average of 4.3%, showing just how cheaply it trades today.

A high-potential growth stock on the verge of a massive rally

Lastly, Cargojet (TSX:CJT) is another impressive stock that continues to trade undervalued.

As a leader in time-sensitive air cargo services in Canada, Cargojet is a key beneficiary of the ongoing growth of e-commerce and demand for fast deliveries.

Plus, Cargojet has solid, long-term agreements with major players like Amazon, providing predictable revenue streams. However, its shares have been impacted by weaker global shipping demand and high fuel costs – both of which are likely short-term issues.

Therefore, while this high-potential growth stock trades undervalued, it's one of the best stocks to buy now. In fact, all seven analysts covering Cargojet rate it a buy, and its average analyst target price of $169 is a more than 60% premium to where Cargojet trades today.