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My daily driver bicycle cost $150CAD, is older than I am, and I have replaced almost all of the out-of-date parts for modern parts for a few more hundred bucks. All well under $500CAD, including my Honjo fenders. A lot of the parts I got for free or a few bucks at my local community bike shop.
Any bicycle more than $1500 is for high performance or enthusiast riding and the average commuter has no need to consider purchasing that. I also own a Marinoni (hand built in Montreal by an Italian world renowned frame builder) with full Campagnolo Record (read: top spec) components and it cost $2500 CAD. Sure, there are bikes worth more than that, and for good reason, (my pro-cyclist friend rides a $12000 bike) but if you’re not competitive (or a dentist) there is no point.
My point being that $500 is more than enough to get you a very nice bike, as long as you are willing to buy used and put some TLC into it.
What I'm saying is that $500 is enough to get you a brand new e-scooter that will go similar-to-bike speeds with no deal hunting, no mods, and a warranty. They're also foldable, portable on to most public trans (inside) or into "the office", and have virtually no maintenance.
No hate on bikes. I have a couple of very nice bikes (not as nice as that Marinoni to be fair). But let's not act like you're reliability getting places for <$500. And even if you do, not everyone can. Solutions need to be repeatable.
Edit: also to be fair, I am talking $500 USD. But if you go with a used scooter here you could probably do around $500 CAD equivalent.