After posting a solid 18% gain last year, the TSX Composite Index is up 1.7% so far in 2025. However, concerns over interest rates and U.S.-Canada trade tensions are making investors cautious. But we shouldn’t forget that for long-term investors, short-term market uncertainty can create great opportunities to buy high-quality growth stocks at attractive prices.
If you have $3,000 to invest, now could be a great time to pick top-tier Canadian growth stocks that have the potential to deliver outstanding returns for years to come. In this article, I’ll highlight three of the best growth stocks to buy and hold forever.
TFI International stock
The first stock long-term investors can consider right now is TFI International (TSX:TFII), a major player in the transportation and logistics industry. The company moves everything from small parcels to full truckloads across North America, operating through multiple segments like less-than-truckload, truckload, and logistics.
Currently, TFII stock trades at $134.80 per share with a market cap of $11.4 billion. While the stock has seen a rough patch recently, long-term investors might appreciate its dividend yield of 1.9%.
Even with market challenges, TFI pulled in $8.40 billion in 2024 revenue with an 11.6% YoY (year-over-year) increase. Its truckload segment revenue soared 64% after acquiring Daseke, though softness in other areas led to a dip in its net profit. Still, the company generated over $750 million in free cash flow, reflecting its financial strength.
TFI’s planned U.S. re-domiciliation could unlock new growth opportunities. In addition, its ongoing acquisitions and operational efficiency efforts make it an attractive long-term investment.
BRP stock
Another solid growth stock to consider is BRP (TSX:DOO), a top company in the power sports space with brands like Ski-Doo, Sea-Doo, and Can-Am. DOO stock currently trades at $58.15 per share with a market cap of $4.2 billion and a 1.4% dividend yield. However, it’s had a tough year, down 37% over the past 12 months.
In the October 2024 quarter, the company reported a 17.5% YoY decline in its revenue to $1.96 billion as demand softened due to ongoing macroeconomic concerns and inventory levels were adjusted.
Nevertheless, BRP is striving to stay ahead by focusing on its core power sports business and expanding into electric models. Although weak consumer spending might keep its stock volatile in the near term, its innovative product pipeline and strong long-term fundamentals could help its shares soar once market conditions improve.
First Quantum Minerals stock
First Quantum Minerals (TSX:FM) could be another solid growth pick to consider right now, especially for those eyeing the long-term potential of copper. This Vancouver-based copper producer currently has a market cap of $14.5 billion as its stock trades at $17.34 per share after sliding by 6% year to date.
In the fourth quarter of 2024, First Quantum posted an adjusted net profit of US$31 million, compared to a loss of US$259 million in the same quarter of the previous year. Its copper production hit 111,602 tonnes during the quarter, and the company pulled in US$1.26 billion in quarterly revenue.
First Quantum’s Kansanshi S3 Expansion project in Zambia is progressing well and is set for mid-2025 completion. In addition, the company is also expanding its renewable power projects to keep operations efficient. Given these positive factors, I wouldn’t be surprised if FM stock stages a sharp rally in the years to come.
