3 Growth Stocks to Buy With $3,000 for the Next 3 Years

These growth stocks have the potential to deliver above-average returns and compound investors’ wealth.

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Investors seeking above-average returns could consider investing in growth stocks. Growth stocks have the potential for substantial price appreciation and compounding your wealth. Thus, allocating a portion of your savings towards fundamentally strong growth stocks can help you meet your financial goals faster. 

So, if you plan to invest $3,000 in growth stocks, here are three Canadian growth stocks to buy now and hold for at least three years.  


Speaking of top growth stocks, goeasy (TSX:GSY) could be a valuable addition to your portfolio. The company’s ability to consistently deliver solid sales and earnings growth has enabled it to consistently generate above-average returns and outperform the broader market averages. 

It’s worth highlighting that goeasy’s revenues have increased at a compound annual growth rate (CAGR) of 20.03% in the last five years (as of March 31, 2023). Moreover, its earnings per share (EPS) grew at an impressive five-year CAGR of 32.20% during the same period. Thanks to this solid financial performance, shares of this subprime lender have gained over 297% in five years, sporting a CAGR of 31.7%. 

Besides the stellar capital gains, goeasy has enhanced its shareholders’ value by increasing its dividends for 10 consecutive years.

Looking ahead, this financial services company will likely benefit from the large addressable market and its leading position in that subprime lending segment. Moreover, goeasy’s omnichannel offerings, growing geographical footprint, diversified funding base, and solid underwriting capabilities augur well for growth. Further, its focus on improving operating efficiencies will likely cushion its earnings, push its share price higher, and support increased dividend payments. 


Like goeasy, the luxury clothing company Aritzia (TSX:ATZ) could be another solid addition to your growth portfolio. The company has consistently generated solid sales and earnings. While its growth rate slowed a bit in the recent past, the company has implemented measures to reaccelerate its growth, which will push its share price higher. 

Notably, Aritzia’s revenues have increased at a CAGR of 19% in the past five years, and its adjusted net income advanced at a CAGR of 13% during the same period. Moreover, its e-commerce revenue sports a five-year CAGR of 37%.  

Aritzia is expanding its footprint by opening new boutiques, which will likely reaccelerate its growth. It plans to open eight to 10 new boutiques annually through FY27. Additionally, the company is expanding omnichannel offerings, introducing new styles, and broadening its product range, which will drive traffic. Moreover, reduced inventory costs and improved operational efficiencies will likely boost its overall profitability and bolster its share price.


Dollarama (TSX:DOL) is an attractive investment for investors seeking growth, stability, and passive income. This discount retailer sells a wide variety of products at lower price points. This value pricing strategy has enabled Dollarama to deliver solid financials regardless of market conditions and consistently deliver above-average returns.

Moreover, its defensive business model makes it relatively immune to wild market swings and less volatile

In the future, Dollarama’s value pricing strategy, broad product range, and extensive store base will enable this retailer to drive traffic and, in turn, its sales and earnings. Further, it will help Dollarama enhance its shareholders’ returns through higher dividend payments. 

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Aritzia. The Motley Fool has a disclosure policy.

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