Buying and holding top TSX stocks can help build significant wealth in the long term. The strategy is to focus on businesses with strong fundamentals, solid growth prospects, and resilience to navigate changing market conditions. Diversification is also essential, as it reduces exposure to any single company or sector.
With these factors in mind, here are five Canadian stocks worth buying this August. These TSX stocks have pulled back from their highs, creating attractive buying opportunities.
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Top TSX Stock #1: MDA Space
MDA Space (TSX:MDA) is a top TSX stock to buy this August. Shares of this space technology company have dropped about 39% from its high, providing a solid buying opportunity.
The company operates across satellite systems, robotics and space operations, and geointelligence, giving it exposure to several fast-growing areas of the space economy. Rising government and defence spending, along with demand for satellite connectivity and space-based data, provide a solid base for growth.
MDA Space generated $963 million in revenue during the first half of 2026, up 33% year over year. Its backlog also reached about $4 billion, providing strong revenue visibility. With a potential $40-billion opportunity pipeline and recent acquisitions of CLS and Blue Canyon Technologies, MDA Space appears well positioned for continued expansion.
Top TSX Stock #2: Celestica
Celestica (TSX:CLS) is another TSX stock to buy this August to cash in on the Artificial intelligence (AI) infrastructure boom. Its shares have pulled back about 38% from their recent high, creating a potentially attractive entry point.
Celestica’s Connectivity & Cloud Solutions (CCS) segment is a major growth driver, providing networking switches, server platforms, storage, and data center infrastructure for AI workloads. In Q2, CCS revenue surged 84% year over year to US$3.8 billion, accounting for about 81% of total revenue. Strong demand for 800G networking switches and AI computing helped drive growth.
Celestica’s growth prospects remain solid. Rising 800G adoption, upcoming 1.6-terabit solutions, recovering enterprise storage demand, and sustained hyperscaler AI investment position it to deliver solid growth.
Top TSX Stock #3: CES Energy
CES Energy (TSX:CEU) is a solid long-term pick. Despite tariff and trade uncertainty, the company continues to deliver solid growth. It provides specialized chemicals that help oil and gas producers improve well performance, efficiency, and infrastructure protection.
CES Energy’s strong U.S. presence, vertically integrated operations, and flexible supply chain help limit the impact of trade disruptions.
CES Energy’s growth is supported by rising demand for advanced chemicals in drilling. Further, new customer acquisition, market-share gains, and strategic acquisitions support its growth. Its asset-light model generates strong free cash flow, supporting growth investments and shareholder returns. With increasing upstream activity and demand for advanced chemical solutions, CES appears well positioned for long-term growth.
Top TSX Stock #4: Cameco
Cameco (TSX: CCO) is a compelling stock to buy this August. As a major uranium producer, Cameco is positioned to benefit from rising nuclear fuel demand linked to AI, electrification, decarbonization, and energy security.
Its shares have pulled back about 22.5% from the peak, offering an attractive entry point. While Cameco’s stock has dropped, its fundamentals remain solid. Cameco’s low-cost, high-grade uranium assets and long-term contracts add financial stability, while stakes in Westinghouse Electric and Global Laser Enrichment broaden its exposure across the nuclear supply chain.
With data centre expansion and rising electricity demand, Cameco has solid long-term growth potential.
Top TSX Stock #5: Aritzia
Aritzia (TSX:ATZ) is a top TSX stock to buy and hold. Its strong performance reflects resilient consumer demand, an expanding boutique footprint, and healthy engagement across its stores and online platforms.
The fashion retailer is likely to benefit from increased full-price sales, efficient inventory management, and disciplined cost controls, supporting stronger margins and earnings.
Aritzia has achieved double-digit revenue and profit growth over the past several years. Going forward, demand for its exclusive collection and expansion of new boutiques will support its growth. Its continued investment in digital platforms should further enhance customer engagement and create additional opportunities for long-term growth.
