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5 string for around 500 CANADIAN

You could check out the newer 5-string Squiers. I forget what they're called, but they're a 5-string Jazz. People have posted about them here and they seem to really like them. Beautiful basses too, especially the white one IMHO. I'm in Canada too, and while I don't know what they're selling for here as no one in Canada publishes Fender pricing in Canada, Musician's Friend has them for $299 US, and the 4-string Squier vintage modified fretless is $279. I bought the SVM fretless here in Halifax - they were asking $399, and I got it for $349 including a pro setup worth $50, so almost at par. They included the service I think to help their margins, likely the sales guys get paid on margin rather than the top line revenue. Likely the 5 string would be in the same ball park give or take $50.

where did you buy your squire in halifax? (i don't know of many good music stores around here)
 
Peavey millennium 5 string is great IMO you should check it out.


Also I got the chance to try this bass branded "Wicked" in a cheap little instrument store. It was the highest end model there and sold for around your price. Now I wasn't expecting much but damn this thing could play! I don't usually like 5 string necks but this just felt right. Check it out if you can they're a small instrument company and their instruments are assembled over here in Canada. Here is their site http://www.wickedinstruments.com/en/instruments.htm
scroll down to the model called the G-String and check out the specs, not bad. Also the site says the retailers in Toronto are Busters and Rogers Music Centre. It's worth to check out IMO.
they look nice!
 
You should be able to get an MTD Artist 5 for around $500. I've got the fretless model and played about 20 different 5-strings Artist's and they were all great! In fact, of all the Kingston serie basses I've played (Artist, Heir, KZ), the Artist 5 were the most fun to play. GREAT Low-B!