Best Canadian stocks to buy in November 2023
These are the 20 best TSX stocks to buy right now in Canada.
Canada is home to companies that span sectors like energy, finance, precious metals and technology. Given today’s market instability and talks of an impending downturn, Canadian evergreen stocks are increasingly attractive. Whether you’re looking for stable, long-term stocks or the next big boom, our list of the best Canadian stocks is a good place to start.
Our top picks for where to buy Canadian stocks
- Access to international stock exchanges
- Low margin rates
- Powerful research tools
The best Canadian stocks to buy in November 2023
Finder’s list of the best TSX stocks is updated monthly based on the results of our proprietary ranking system. These 20 best Canadian stocks to buy right now (also known as the best TSX stocks) are starting points for your own research and should not be taken as advice to buy any particular stock.
2: Shopify Inc
5: Fairfax Financial Holdings Ltd
8: Constellation Software Inc.
Parex Resources Inc (PXT.TO)
Parex Resources Inc. engages in the exploration, development, production, and marketing of oil and natural gas in Colombia.- Market cap: C$2.782 billion
- YTD performance: 56.12%
- 1 Year performance: 50.48%
- 5 Year performance: 171.25%
- P/E Ratio: 3.6986
- Headquarters: Canada
Shopify Inc (SHOP.TO)
Shopify Inc., a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.- Market cap: C$123.75 billion
- YTD performance: -93.24%
- 1 Year performance: 118.39%
- 5 Year performance: 189.73%
- P/E Ratio: N/A
- Headquarters: Canada
Alamos Gold Inc (AGI.TO)
Alamos Gold Inc. engages in the acquisition, exploration, development, and extraction of precious metals in Canada and Mexico.- Market cap: C$7.587 billion
- YTD performance: 62.35%
- 1 Year performance: 49.89%
- 5 Year performance: 369.73%
- P/E Ratio: 27.7391
- Headquarters: Canada
Dundee Precious Metals Inc (DPM.TO)
Dundee Precious Metals Inc., a gold mining company, engages in the acquisition of mineral properties; and exploration, development, mining, and processing of precious metals. It owns and operates a gold, copper, and silver mine located east of Sofia, Bulgaria; a gold mine located in south eastern Bulgaria, near the town of Krumovgrad; and a custom smelter located in Tsumeb, Namibia.- Market cap: C$1.718 billion
- YTD performance: 1.37%
- 1 Year performance: 57.1%
- 5 Year performance: 200.94%
- P/E Ratio: 7.6992
- Headquarters: Canada
Fairfax Financial Holdings Ltd (FFH.TO)
Fairfax Financial Holdings Limited, through its subsidiaries, provides property and casualty insurance and reinsurance, and investment management services in the United States, Canada, Asia, and internationally. The company operates through Property and Casualty Insurance and Reinsurance, Life insurance and Run-off, and Non-Insurance Companies segments.- Market cap: C$30.566 billion
- YTD performance: 185.57%
- 1 Year performance: 60.88%
- 5 Year performance: 285.34%
- P/E Ratio: 7.3474
- Headquarters: Canada
Russel Metals Inc. (RUS.TO)
Russel Metals Inc. operates as a metal distribution company in Canada and the United States.- Market cap: C$2.344 billion
- YTD performance: 68.09%
- 1 Year performance: 39.24%
- 5 Year performance: 229.24%
- P/E Ratio: 8.6049
- Headquarters: Canada
Calibre Mining Corp (CXB.TO)
Calibre Mining Corp., together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties. It primarily explores for gold, silver, and copper deposits.- Market cap: C$607.398 million
- YTD performance: -44.95%
- 1 Year performance: 63.75%
- 5 Year performance: 303.08%
- P/E Ratio: 5.24
- Headquarters: Canada
Constellation Software Inc. (CSU.TO)
Constellation Software Inc., together with its subsidiaries, acquires, builds, and manages vertical market software businesses in Canada, the United States, the United Kingdom, and rest of Europe. The company's industry specific software businesses provide specialized and mission-critical software solutions.- Market cap: C$67.44 billion
- YTD performance: 89.98%
- 1 Year performance: 56.16%
- 5 Year performance: 6293.65%
- P/E Ratio: 93.4626
- Headquarters: Canada
Kinross Gold Corp (K.TO)
Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, Canada, and Mauritania. It is also involved in the extraction and processing of gold-containing ores; reclamation of gold mining properties; and production and sale of silver.- Market cap: C$9.356 billion
- YTD performance: -21.18%
- 1 Year performance: 60.42%
- 5 Year performance: 113.89%
- P/E Ratio: 29.3077
- Headquarters: Canada
Wheaton Precious Metals Corp (WPM.TO)
Wheaton Precious Metals Corp. primarily sells precious metals in North America, Europe, and South America.- Market cap: C$28.983 billion
- YTD performance: 17.72%
- 1 Year performance: 27.32%
- 5 Year performance: 212.63%
- P/E Ratio: 39.4938
- Headquarters: Canada
Athabasca Oil Corp (ATH.TO)
Athabasca Oil Corporation engages in the exploration, development, and production of light and thermal oil resource plays in the Western Canadian Sedimentary Basin in Alberta, Canada. The company operates through Thermal Oil and Light Oil segments.- Market cap: C$2.189 billion
- YTD performance: 2122.86%
- 1 Year performance: 90.69%
- 5 Year performance: 3790%
- P/E Ratio: 5.3944
- Headquarters: Canada
Black Diamond Group Limited (BDI.TO)
Black Diamond Group Limited rents and sells modular space and workforce accommodation solutions. It operates through two segments, Modular Space Solutions and Workforce Solutions.- Market cap: C$495.315 million
- YTD performance: 200.75%
- 1 Year performance: 81.66%
- 5 Year performance: 712%
- P/E Ratio: 15.5472
- Headquarters: Canada
Canadian General Investments Ltd (CGI.TO)
Canadian General Investments, Limited is a close ended equity mutual fund launched and managed by Morgan Meighen & Associates Limited. It invests in the public equity markets of Canada.- Market cap: C$728.868 million
- YTD performance: -4.84%
- 1 Year performance: 7.09%
- 5 Year performance: 100.89%
- P/E Ratio: N/A
- Headquarters: Canada
Crescent Point Energy Corp. (CPG.TO)
Crescent Point Energy Corp. explores, develops, and produces light and medium crude oil, natural gas liquids, and natural gas reserves in Western Canada and the United States.- Market cap: C$5.396 billion
- YTD performance: 218.8%
- 1 Year performance: 21.02%
- 5 Year performance: 1004.66%
- P/E Ratio: 18.0962
- Headquarters: Canada
Franco-Nevada Corporation (FNV.TO)
Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in Latin America, the United States, Canada, and internationally. It operates through Mining and Energy segments.- Market cap: C$30.69 billion
- YTD performance: -2.47%
- 1 Year performance: 0.13%
- 5 Year performance: 78.17%
- P/E Ratio: 32.8683
- Headquarters: Canada
MEG Energy Corp (MEG.TO)
MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in the southern Athabasca oil region of Alberta, Canada. The company develops oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the recovery of oil, as well as lower carbon emissions.- Market cap: C$7.21 billion
- YTD performance: 481.49%
- 1 Year performance: 54.26%
- 5 Year performance: 1994.31%
- P/E Ratio: 11.9163
- Headquarters: Canada
MCAN Mortgage Corporation (MKP.TO)
MCAN Mortgage Corporation operates as a loan and mortgage investment corporation in Canada. The company engages in the real estate lending and investing activities, including residential mortgage, residential construction, non-residential construction, and commercial loans, as well as portfolio of real estate investments trusts and private investment activities.- Market cap: C$550.612 million
- YTD performance: -1.33%
- 1 Year performance: 9.29%
- 5 Year performance: 44.99%
- P/E Ratio: 6.4215
- Headquarters: Canada
Profound Medical Corp (PRN.TO)
Profound Medical Corp., together with its subsidiaries, operates as a commercial-stage medical device company that develops and markets incision-free therapeutic systems for the image guided ablation of diseased tissue in Canada, Germany, the United States, and Finland. Its lead product TULSA-PRO system combines magnetic resonance imaging(MRI), robotically-driven transurethral sweeping action/thermal ultrasound and closed-loop temperature feedback control to provide precise, flexible, and durable ablation of a surgeon defined region of prostate and protect the urethra and rectum.- Market cap: C$319.204 million
- YTD performance: -44.02%
- 1 Year performance: 144.56%
- 5 Year performance: 2938.39%
- P/E Ratio: N/A
- Headquarters: Canada
China Gold International Resources (CGG.TO)
China Gold International Resources Corp. Ltd., a gold and base metal mining company, acquires, explores for, develops, and mines mineral properties in the People's Republic of China.- Market cap: C$2.181 billion
- YTD performance: 198.39%
- 1 Year performance: 53.74%
- 5 Year performance: 1133.34%
- P/E Ratio: 39.2857
- Headquarters: Canada
Champion Iron Ltd (CIA.TO)
Champion Iron Limited engages in the acquisition, exploration, development, and production of iron ore deposits in Canada. Its flagship projects include the Bloom Lake Mine located in south end of the Labrador; the Consolidated Fire Lake North project that includes the Fire Lake North, Don Lake, Bellechasse, and Oil Can deposits situated in Quebec; and the Kamistiatusset project located in the Labrador.- Market cap: C$3.546 billion
- YTD performance: 48.6%
- 1 Year performance: 47.63%
- 5 Year performance: 621.06%
- P/E Ratio: 16.1667
- Headquarters: Canada
Computer Modelling Group Ltd. (CMG.TO)
Computer Modelling Group Ltd., a computer software technology company, engages in the development and licensing of reservoir simulation software and related services in Canada and internationally. The company offers CMOST-AI, an intelligent optimization and analysis tool that offers solution for reservoir by combining advanced statistical analysis, machine learning, and non-biased data interpretation; IMEX, a black oil simulator that is used to model primary and secondary oil recovery processes in conventional and unconventional reservoirs; and GEM, an equation-of-state reservoir simulator for compositional, chemical, and unconventional reservoir modelling.- Market cap: C$824.708 million
- YTD performance: 112.29%
- 1 Year performance: 80.55%
- 5 Year performance: 190.44%
- P/E Ratio: 33.9667
- Headquarters: Canada
What you should know before buying the best TSX stocks
There’s no single winning strategy to finding what experts might call the best Canadian stocks on the TSX by performance, because the most important considerations are your own goals and circumstances. It’s not personal financial advice, and your personal objectives and financial situation have not been taken into consideration. Do your own research, and speak with an investment professional if in doubt.
Whether you care more about short-term capital gains or long-term dividend growth, it’s important to know whether a stock is performing well, making a profit, paying dividends or going backwards. Always remember that past performance does not guarantee future results. Investments can increase and decrease in value.
This list and data was compiled November 1, 2023. The algorithm was last updated January 27, 2021.
Canadians consider stocks a smart investment option in 2023
According to results from the Finder: Consumer Sentiment Tracker Q1 (CSTQ1), more than a third (36.18%) of Canadians considered equities to be a smart investment in the first quarter of 2023. This dropped only slightly in the second quarter of 2023 to 27%, according to the Finder: Consumer Sentiment Tracker Q2 (CSTQ2).
Men preferred stocks as an investment option, with 41% considered Q1 2023 a “good time to invest in stocks,” compared to 32% of female investors.(1)
Age also had an impact on an investor’s confidence in stocks as an investment opportunity. The youngest generation, Gen Z (investors up to the age of 24) had the most confidence in stocks as a good investment opportunity in the first quarter of 2023 with 53% believing “now is a good time to invest in stocks,” compared to 42% of millennials, 31% of Gen X and 19% of baby boomers.
In general, almost a third of Canadians investors (31%) held stocks outside of their registered accounts, such a retirement savings fund (RRSP) or Tax-Free Savings Fund Account (TFSA) and almost three quarters (72%) bought or sold stock through an online stock platform or app. This seems logical, given that 29% of respondents in the CSTQ2 stated they had never worked with and had no plans to use the services of a financial advisor.(2)
Buy the best Canadian stocks through an online broker
To invest in any of these stocks, you’ll need a brokerage account. Compare online stock trading platforms below and click “Go to site” to get started.
Finder: Consumer Sentiment Tracker Q1 (CSTQ1)
- Finder: Consumer Sentiment Tracker Q2 (CSTQ2)
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