12 Best Growth Stocks In Canada (Feb 2023)

Every investor wants their investment portfolios to grow larger.

Growth stocks have been a popular choice amongst Canadians in an attempt to achieve this goal.

See if the best growth stocks in Canada listed below are well suited for you.

Best Growth Stocks In Canada

1. StorageVault Canada Stock

StorageVault was a small venture capital company, but through consistent growth, it has jumped into the senior exchange.

It’s a clear leader in a niche market space: storage spaces. The company operates through eight different brands (Q1 2022) and has a portfolio of 194 locations (over 95,000 storage units).

It’s the only publicly listed company (in Canada) in this space, and its store count far outstrips the next best company.

2. Constellation Software Stock

Constellation caters to a comprehensive market and a vast pool of public and private businesses (over 125,000) through its subsidiaries.

It also caters to many different industries, and this variety and diversified portfolio contribute to the company’s growth.  

3. Cargojet Stock

Cargojet is Canada’s premier air cargo company, especially for time-sensitive overnight air cargo services.

The company carries about 1.3-million-pound cargo every night (on average) and has a fleet of 28 aircraft.

A stellar on-time arrival percentage/track record is the company’s defining advantage for its partners, including businesses like Amazon.

4. Goeasy Stock

Goeasy has tapped into a thriving market in Canada, i.e., potential borrowers that don’t qualify for personal loans from conventional lenders (banks).

It has allowed it to evolve and grow to a much larger scale than alternative lenders usually grow. It has over 400 branches across the country, making it comparable to a sizeable bank. Its strong financials have been one of the primary drivers of its organic growth.

5. Hamilton Thorne Stock (TSXV)

Hamilton Thorne is the only venture capital and microcap stock on this list. It’s also the only one that represents a US-based company.

But its past performance, competitive edge, and growth potential have earned it a place on this list. The company caters to particular healthcare markets and has carved out a sizeable piece of the total market for itself.

Its strength also comes from its geographically diverse customer base and the fact that a massive slice of its revenue comes from consumables (reliable).

6. Shopify Stock

Shopify evolved from a small online store for snowboarding equipment to one of the most powerful e-commerce platforms in the world, which has the second-largest market share.

The company has an impressive global presence (175 countries) and helps millions of businesses create and maintain an e-commerce front.

What’s most impressive is the e-commerce that has grown around Shopify and includes over 8,000 different apps.

7. Boyd Group Services Stock

Boyd Group is the collision-repair giant of North America and has the largest network of non-franchised centers in the world, which allows it to maintain its quality standards across its 841 locations in the two countries (709 in the US).

About 90% of its revenue comes from insurance companies, which lends its financials more stability.

8. Descartes Systems Group Stock

Descartes Systems has created a well-integrated logistics technology platform that supposedly combines the most extensive logistics networks in the industry.

The network is spread out over 160 countries and covers hundreds of thousands of organizations across different geographics. This connectivity powers Descartes’ intelligence network and data-driven solutions

This future-facing, data-driven approach ensures the growth of its network, especially in today’s world where supply chain visibility and integration are becoming propriety for businesses and countries.

9. Alimentation Couche-Tard Stock

Alimentation Couche-Tard is considered one of the convenience retail giants in the world. It has three brands under its banner and a total of over 14,200 stores in 26 countries.

This places it among the top five chains in the world. The US has the largest concentration of ATD stores, followed by Canada.

This geographically diverse footprint and consumer base spread out across the world make it a very healthy and stable business.

10. WSP Global Stock

WSP Global connects an impressive network of professionals that collectively offer solutions and professional services to multiple industries.

However, the bulk of the company’s revenue comes from the transportation and infrastructure solutions it offers.

The company has grown at a powerful pace over the years, both organically and through several acquisitions over the years.

As a professional services company, WSP finds it easy to keep its financials healthy, and its geographically diverse presence lends more stability to the business.

11. Thomson Reuters Stock

Thompson Reuters has its roots in the news business, and it has leveraged its reputation and resources to emerge as one of the pre-eminent “answer” companies in the world.

It offers the right data and information solutions to a variety of industries and helps the stakeholders make intelligent and informed decisions.

Three major customer pools of TRI include legal, tax and accounting, and news and media.

The solutions and services it offers fall under several products and brands the company has developed or acquired over the years.

12. Brookfield Asset Management Stock

Brookfield Asset Management is the parent company of Brookfield Infrastructure and Brookfield Renewables, both of which offer relatively similar growth potential and prospects.

However, as the parent company, Brookfield Asset Management might be a more practical choice. It’s one of the largest Canadian companies by market cap and has over $690 billion worth of assets under management.

Its geographic presence is just as impressive, and it has assets and operations in around 30 countries.

Honourable Mentions

There are several other companies that you should look into for their growth histories, capital appreciation potential, business models, and financial fundamentals that offer reasonable surety of continuous growth.

• Toromont Industries Stock
• Franco Nevada Stock
• Algonquin Power & Utilities Stock
• Canadian National Railway Stock
• Sun Life Financial Stock
• Waste Connections
• National Bank of Canada
• Lightspeed
• Colliers International Group
• Enghouse Systems
• Parkland
• FirstService
• Metro
• Nuvei

How To Buy Stocks In Canada

The cheapest way to buy stocks is from discount brokers. My top choices in Canada are:

To learn more, check out my full breakdown of the best trading platforms in Canada here.

Conclusion

These best growth stocks in Canada can essentially be bought anytime and, if kept for long enough, might yield promising returns.

However, the best time to buy would be market crashes, corrections, or sector-wide dips. When bought at a discount, the return potential will get a boost, and you may also get a better valuation deal.

If you want to augment portfolio growth with dividends for a different kind of return potential, these dividends stocks might be worth looking into.