Hi timelord. What you're referring to is the focal ratio, not the focal length.
The focal length is the 50mm.
You're right - the lower the focal ratio, the faster the lens, which means more light comes in, meaning you need less exposure times. But good, fast lenses can be very expensive as you've found out.
The best budget fast lens for the Canon is the 50mm f/1.8. You can get these off ebay for $100-$150. They're great for the price, but if you use them at f/1.8 there's horrible abberations around the corners, like your image is going through a timewarp
What focal length were you looking at?
You can easily spend $1000-$2000 on a good L series fast lens, whether it's short or long focal length. They are expensive but by all reports, they're the best.
I've got a Sigma 17-70, f/2.8 which is a good mid-range lens, for the price of only $450-$500. A few IIS'ers use this lens for the astro work.