Canadian investors have had plenty to cheer about in 2024. The S&P/TSX Composite Index is nearing a 15% return on the year, not even including dividends. The index is up about 10% over the past three months alone.
But just because the market as a whole is soaring doesn’t mean you need to wait for a pullback to start investing. The TSX remains loaded with top-quality stocks that are trading at bargain prices.
Here’s a list of four top Canadian stocks trading at must-buy prices right now.
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goeasy
With shares up more than 50% over the past 12 months, goeasy (TSX:GSY) might not be trading at a discount for much longer. Especially with more interest rate cuts likely on the horizon, this consumer-facing financial services provider could be on the verge of seeing demand skyrocket.
goeasy is no stranger to delivering market-beating returns. Even with the stock down about 20% from all-time highs, shares are up a market-crushing 200% over the past five years.
This growth stock can easily fly under the radar, but it deserves a spot on any growth investor’s watch list.
Shopify
Shopify (TSX:SHOP) still has a ways to go to return to all-time highs but the tech stock is loaded with positive momentum today.
Shares are up more than 200% from their lows in 2022 yet remain down more than 50% below all-time highs.
Despite all of the volatility that Shopify has endured over the past five years, the stock is still up more than 150%. That’s good enough for easily outpacing the returns of the broader market.
As one of the global leaders in the e-commerce space, this is not a company that I’d bank on slowing down anytime soon. I wouldn’t expect the volatility to slow much either, though, but that’s a small price to pay if you’re a patient long-term investor.
Air Canada
The airline industry doesn’t have the best track record when it comes to market-beating returns. It’s a cyclical space that’s difficult to time. However, for investors with time on their side, taking a chance on Canada’s largest airline today could be a wise idea.
Contrary to most of its peers, Air Canada (TSX:AC) has been a market-beater in the past.
It has had trouble returning to pre-pandemic highs, though. Shares are down close to 70% from early 2020. However, in the decade prior to 2020, Air Canada had been a consistent market-beater.
In a cyclical industry like the airline space, I might be hesitant to buy Air Canada if it was trading at all-time highs. But at a discount like this, it’s hard to ignore.
Northland Power
The renewable energy space is another area of the market that has no shortage of discounts to choose from today. In addition, there are lots of impressively high dividend yields, too.
Like many others in the space, Northland Power (TSX:NPI) has been on the decline since early 2021. Shares are down more than 50% since then, excluding dividends. One positive, though, is that the recent decline has sent the dividend yield to above 5%.
In the short term, renewable energy investors may need to continue to be patient. But if you’re bullish on the long-term rise in renewable energy consumption, now’s the time to be loading up on a company like Northland Power.
