Best Canadian stocks to buy
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
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- Powerful research tools
The best Canadian stocks to buy in March 2024
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.
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, Australia, China, 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$135.723 billion
- YTD performance: -92.73%
- 1 Year performance: 75.23%
- 5 Year performance: 211.58%
- P/E Ratio: 811.8462
- Headquarters: Canada
ARC Resources Ltd. (ARX.TO)
ARC Resources Ltd. engages in the acquiring and developing crude oil, natural gas, condensate, and natural gas liquids in Canada.- Market cap: C$13.794 billion
- YTD performance: 285.18%
- 1 Year performance: 57.23%
- 5 Year performance: 782.27%
- P/E Ratio: 8.8544
- Headquarters: Canada
Bird Construction Inc. (BDT.TO)
Bird Construction Inc. provides construction services in Canada.- Market cap: C$1.023 billion
- YTD performance: 136.99%
- 1 Year performance: 133.17%
- 5 Year performance: 350.72%
- P/E Ratio: 14.2707
- Headquarters: Canada
EcoSynthetix Inc (ECO.TO)
EcoSynthetix Inc., a renewable chemicals company, develops and commercializes bio-based technologies that are used as replacement solutions for synthetic, petrochemical-based adhesives, and other related products worldwide. The company offers EcoMer biomonomer for use in pressure sensitive adhesives, ink, toner resins, and paints; EcoSphere biolatex, a bio-based latex binder used in paper and paperboard coatings; EcoStix, a family of sugar-acrylic and pressure-sensitive adhesives, which include customizable resin grades and formulated grades; and DuraBind engineered biopolymers that enable manufacturers of particle board, MDF, veneers, and laminates to decrease the amount of highly regulated chemicals, such as formaldehyde in their formulation.- Market cap: C$264.324 million
- YTD performance: 21.96%
- 1 Year performance: 74.42%
- 5 Year performance: 204.06%
- P/E Ratio: N/A
- Headquarters: Canada
Equitable Group Inc. (EQB.TO)
EQB Inc., through its subsidiary, Equitable Bank, provides personal and commercial banking services to retail and commercial customers in Canada. The company accepts term deposits and guaranteed investment certificates, high interest savings accounts, institutional deposit notes and covered bonds, as well as specialized financing solutions.- Market cap: C$3.079 billion
- YTD performance: -21%
- 1 Year performance: 49.62%
- 5 Year performance: 75.64%
- P/E Ratio: 8.6617
- 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$35.377 billion
- YTD performance: 250.81%
- 1 Year performance: 75.06%
- 5 Year performance: 373.38%
- P/E Ratio: 6.3939
- Headquarters: Canada
Russel Metals Inc. (RUS.TO)
Russel Metals Inc. operates as a metal distribution and processing company in Canada and the United States.- Market cap: C$2.612 billion
- YTD performance: 96.54%
- 1 Year performance: 41.73%
- 5 Year performance: 284.96%
- P/E Ratio: 9.9284
- Headquarters: Canada
Secure Energy Services Inc. (SES.TO)
Secure Energy Services Inc. engages in the waste management and energy infrastructure businesses primarily in Canada and the United States.- Market cap: C$3.218 billion
- YTD performance: 367.48%
- 1 Year performance: 94.92%
- 5 Year performance: 1252.95%
- P/E Ratio: 17.6769
- Headquarters: Canada
Trican Well Service Ltd. (TCW.TO)
Trican Well Service Ltd., an equipment services company, provides various specialized products, equipment, services, and technology for use in the drilling, completion, stimulation, and reworking of oil and gas wells primarily in Canada. The company offers cementing solutions, including pre-flushes and spacers, cement plugs, lost circulation, cement design, and laboratory solutions, as well as surface, intermediate, production, liner, horizontal, and remedial/squeeze cementing services.- Market cap: C$841.383 million
- YTD performance: 140.12%
- 1 Year performance: 38.28%
- 5 Year performance: 843.53%
- P/E Ratio: 7.3455
- 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$580.049 million
- YTD performance: 3.43%
- 1 Year performance: 10.37%
- 5 Year performance: 51.99%
- P/E Ratio: 7.3198
- Headquarters: Canada
Onex Corp (ONEX.TO)
Onex Corporation is a private equity firm specializing in acquisitions and platform acquisitions. The firm makes investments in buyouts, large- middle market, large-cap, mid-cap, and small-cap market and distressed companies.- Market cap: C$7.948 billion
- YTD performance: 36.37%
- 1 Year performance: 67.36%
- 5 Year performance: 149.45%
- P/E Ratio: 11.2695
- 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, Europe, and internationally. It provides mission critical software solutions for public and private sector markets.- Market cap: C$79.939 billion
- YTD performance: 123.36%
- 1 Year performance: 59.07%
- 5 Year performance: 5464.51%
- P/E Ratio: 105.2508
- Headquarters: Canada
Athabasca Oil Corp (ATH.TO)
Athabasca Oil Corporation engages in the exploration, development, and production of thermal and light oil resource plays in the Western Canadian Sedimentary Basin in Alberta, Canada. It operates through Thermal Oil and Light Oil segments.- Market cap: C$2.915 billion
- YTD performance: 2934.29%
- 1 Year performance: 105.82%
- 5 Year performance: 5210%
- P/E Ratio: N/A
- Headquarters: Canada
Aya Gold & Silver Inc (AYA.TO)
Aya Gold & Silver Inc., together with its subsidiaries, engages in the acquisition, exploration, evaluation, and development of precious metal properties in Morocco. The company primarily explores for gold, silver, zinc, lead, tungsten, molybdenum, uranium, and copper deposits.- Market cap: C$1.423 billion
- YTD performance: 172.13%
- 1 Year performance: 65.88%
- 5 Year performance: 1136.67%
- P/E Ratio: 364.8333
- 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$542.493 million
- YTD performance: 229.26%
- 1 Year performance: 66.17%
- 5 Year performance: 789%
- P/E Ratio: 18.3878
- Headquarters: Canada
CES Energy Solutions Corp (CEU.TO)
CES Energy Solutions Corp., together with its subsidiaries, engages in design, implement, and manufacture of advanced consumable fluids and specialty chemicals in the United States and Canada. The company provides solutions for drill-bit, point of completion and stimulation, wellhead and pump-jack, and pipeline and midstream markets.- Market cap: C$1.102 billion
- YTD performance: 268.22%
- 1 Year performance: 103.87%
- 5 Year performance: 678.69%
- P/E Ratio: 8.4464
- 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$746.828 million
- YTD performance: 1.01%
- 1 Year performance: 11.51%
- 5 Year performance: 113.24%
- P/E Ratio: 4.2874
- Headquarters: Canada
Condor Gold Plc (COG.TO)
Condor Gold Plc, together with its subsidiaries, operates as a gold exploration and development company in the United Kingdom and Nicaragua. It also explores for silver mines.- Market cap: C$81.949 million
- YTD performance: -56.41%
- 1 Year performance: 97.57%
- 5 Year performance: 97.57%
- P/E Ratio: N/A
- Headquarters: Canada
Denison Mines Corp (DML.TO)
Denison Mines Corp. operates as a uranium exploration and development company in Canada.- Market cap: C$2.13 billion
- YTD performance: 182.23%
- 1 Year performance: 89.56%
- 5 Year performance: 807.15%
- P/E Ratio: 34.1429
- Headquarters: Canada
Economic Investment Trust Ltd (EVT.TO)
Economic Investment Trust Limited is a closed-ended equity mutual fund launched and managed by Burgundy Asset Management Ltd. The fund invests in public equity markets across the globe.- Market cap: C$776.18 million
- YTD performance: 29.43%
- 1 Year performance: 13.53%
- 5 Year performance: 68.91%
- P/E Ratio: 2.6861
- 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 what risk you’re comfortable with and 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 February 1, 2024. 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 Survey 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 Survey 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
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