The 3 Best Growth Stocks to Buy in Canada Right Now for the Long Haul

These three growth stocks just saw a super-sized surge after strong earnings. But let’s get into why they belong in your long-term portfolio.

Amy Legate-Wolfe

Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Before joining Motley Fool Canada, she wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote: “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published November 12, 2024 4:20 pm EST

In Canada’s ever-changing market landscape, some stocks stand out for their robust growth potential, even amid economic fluctuations. Lightspeed Commerce (TSX:LSPD), WELL Health Technologies (TSX:WELL), and Canadian Tire (TSX:CTC.A) are three such names, each carving out a path for long-term investors looking for stability and growth. With impressive recent earnings, strong past performance, and bright outlooks, these stocks are well-positioned to continue an upward journey.

A worker drinks out of a mug in an office. — Source: Getty Images

Lightspeed

Lightspeed Commerce has emerged as a leader in the point-of-sale (POS) and payments platform space. Reporting $277.2 million in total revenue for the second quarter (Q2) of 2025 — 20% year-over-year growth, Lightspeed stock exceeded expectations, driven by its diversified products and expanding user base. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached $14 million. Now, the company continues its steady path toward profitability, positioning itself as a solid pick for tech-minded growth investors.

Lightspeed’s recent quarterly report highlighted an increase in average revenue per user (ARPU) by 24%, thus showcasing the company’s effectiveness in catering to high-volume, complex small- and medium-sized businesses (SMBs) across North America and Europe. As the company continues to add innovative features tailored for retail and hospitality, it’s clear that Lightspeed is becoming the go-to platform in these sectors, with the potential to grow market share over the long term.

WELL Health

WELL Health Technologies is transforming digital healthcare, recently surpassing a $1 billion annualized revenue run rate — a significant milestone achieved ahead of schedule. Q3 2024 marked its best quarterly EBITDA, climbing to $32.7 million, as WELL reported 27% revenue growth compared to the previous year. This impressive organic growth of 23% shows that WELL’s strategy to leverage technology for healthcare accessibility is resonating in the Canadian market.

WELL Health has a growing network of over 4,000 providers and a burgeoning number of patient visits, having reported a 41% increase in visits this past quarter. This network, combined with WELL’s continued roll-out of new services, underscores its growth potential. The recent launch of weight care and GLP-1 service in Canada shows WELL’s commitment to innovative, patient-centred solutions that could drive long-term value.

Canadian Tire

Canadian Tire might seem an unusual choice for a growth stock, but the brand has consistently shown its ability to adapt and thrive. In Q3 2024, Canadian Tire increased its annual dividend for the 15th consecutive year and announced plans to repurchase $200 million in shares in 2025. With retail profitability soaring for the third quarter in a row, Canadian Tire’s ability to balance cost management with consumer value positions it as a resilient growth stock.

The Triangle Rewards loyalty program has become a critical growth driver for Canadian Tire, with increased loyalty member engagement during Q3. Customers are finding value here, reflected in rising customer satisfaction scores and improved omni-channel experiences. Canadian Tire’s ongoing investments in store upgrades, digital enhancements, and supply chain improvements are proving effective. These strategic initiatives could help it continue delivering long-term value.

Canadian Tire’s owned brands, like SportChek and Mark’s, are proving instrumental in retaining customer loyalty and generating steady revenue. These owned brands have also provided a significant boost to Canadian Tire’s margins. A key factor in its resilience amid economic challenges. With new products and a pipeline of innovative offerings planned for 2025, Canadian Tire continues to diversify its appeal and growth avenues.

Long-term growth

These growth stocks each bring something unique to the table. Lightspeed’s advanced POS solutions position it well in the retail and hospitality sectors. While WELL Health’s dominance in digital healthcare makes it a pioneering stock in a sector primed for growth. Canadian Tire, meanwhile, blends retail stability with modernized customer experiences and loyalty programs, creating a solid option for long-term investors.

The growth stocks stand out as top picks for Canadian investors looking to buy and hold. Each company has shown remarkable adaptability and growth potential, whether through Lightspeed’s tech innovations, WELL Health’s healthcare advancements, or Canadian Tire’s timeless brand evolution. For those with a long-term outlook, these stocks provide a compelling mix of resilience, innovation, and growth.