With the market up close to 7% on the year, Canadian investors don’t have much to complain about. It’s been a steady rise upward since the beginning of the year, but it hasn’t been a straight shot up and to the right. There’s been no shortage of volatility in 2024, which has been a recurring theme in recent years.
Plenty of growth stocks remain on sale
Despite the volatility, the TSX remains ripe with buying opportunities—at least for long-term investors. There are loads of top-quality stocks trading at bargain prices right now.
The high levels of volatility could continue in the short term. But for those who can afford to be patient, now is not the time to be on the sidelines.
I’ve reviewed two growth stocks that are at the top of my watch list right now. These bargain prices make now a perfect time to start a position in either company.
Stock #1: goeasy
At this rate, goeasy (TSX:GSY) won’t be trading at a discount for much longer. Shares are up a market-crushing 40% over the past year, putting the growth stock down less than 20% below all-time highs from late 2021. In late 2023, that discount was more than 50%.
The consumer-facing financial services provider took a major hit in 2022 for two reasons.
The first was a general selloff with growth stocks that goeasy was not immune to. High-growth companies across the TSX began nose-diving in late 2021, which continued throughout 2022. However, it’s worth mentioning that this selloff came after a growth-filled year in 2021.
The second reason for the pullback was the spike in interest rates. As borrowing money became more expensive for Canadians, goeasy understandably began seeing demand slow.
With growth stocks seeing a resurgence and interest rate cuts potentially around the corner, investors won’t want to miss this rare buying opportunity.
goeasy is not a stock that goes on sale often.
Stock #2 Shopify
In terms of volatility, goeasy pales in comparison to this high-growth tech stock.
Shopify (TSX:SHOP) has experienced all kinds of highs and lows over the past few years. Shares are currently down more than 50% below all-time highs from 2021. Still, the tech stock is up close to 100% over the past five years, easily outpacing the market’s returns.
The tech company is a major international player in the growing e-commerce space. While the stock might be struggling, the business itself remains loaded with long-term growth potential.
Like many others in the tech stock, Shopify experienced a massive surge following the pandemic-induced market crash in 2020. However, that surge was followed by a crushing downfall, returning many of those post-pandemic gains.
Over the past year, shares have been on a gradual rise, albeit a slightly volatile one. Even so, it’s looking like Shopify is finally back on track to return to its market-beating ways.
Foolish bottom line
goeasy and Shopify won’t help minimize volatility in your investment portfolio, but they sure will add loads of market-beating growth potential to it.
As long as you’re able to remain patient during inevitable volatile market periods, these are two growth stocks that should be on your radar.
