The S&P/TSX Composite Index has continued to climb despite persistent tariff pressures and heightened geopolitical uncertainty. At the same time, several top Canadian stocks with fundamentally strong businesses and attractive long-term growth potential have retreated from their recent highs, creating more appealing entry points for investors. A few have maintained their strong run, and their prospects make them a buy.
Against this backdrop, here are five Canadian stocks I’d buy right now.
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Canadian stock #1: MDA Space
MDA Space (TSX: MDA) is a top Canadian stock I’d buy right now. Shares of this space technology company have pulled back 40% from its high, offering a compelling entry point. MDA Space will continue to benefit from the expanding global space industry through its diverse operations in satellite systems, robotics, space operations, and geointelligence.
Growing government and defence budgets, rising satellite connectivity needs, and increased demand for space-based data could support future growth. MDA Space also has an estimated $40 billion opportunity pipeline and has expanded its capabilities through acquisitions such as CLS and Blue Canyon Technologies.
With a backlog of roughly $4 billion reported at the end of Q2, the company has meaningful revenue visibility and potential to benefit from long-term growth in space infrastructure.
Canadian stock #2: Celestica
Celestica (TSX: CLS) remains an attractive stock following a roughly 31% decline from its recent peak. It is seeing growing demand in its Connectivity & Cloud Solutions (CCS) business, led by ongoing investment in artificial intelligence (AI) infrastructure.
CCS revenue rose 84% year over year in Q2, led by strong communications and enterprise growth. Demand for 800G networking products remains robust, while 1.6-terabit solutions are progressing toward mass production. Enterprise sales are also benefiting from hyperscaler spending on AI and machine-learning infrastructure.
Looking ahead, improving storage demand could provide another growth catalyst. With strong exposure to AI infrastructure and continued expansion opportunities, Celestica offers solid long-term growth.
Canadian stock #3: Shopify
Shopify (TSX: SHOP) is a top stock to buy now. Although tougher year-over-year comparisons and rising competition from AI-focused companies present challenges, the Canadian technology giant continues to report solid financial performance.
Shopify is positioned to benefit from the continued shift toward digital and omnichannel retail. Its Gross Merchandise Volume (GMV) is expanding across merchants, markets, and sales channels. Growth is also extending into offline and B2B commerce, while its payments segment continues to gain traction through Shop Pay.
With increasing platform adoption, growing B2B and offline sales, expanding payment volumes, and ongoing AI development, Shopify will benefit from the long-term expansion of omnichannel commerce.
Canadian stock #4: CES Energy
CES Energy (TSX: CEU) is an attractive stock to consider now. Although its stock has risen significantly, it still has solid upside potential. The company provides specialized chemical products to oil and gas producers, helping improve well productivity, efficiency, and infrastructure protection. Both drilling activity and ongoing production intensity support its recurring demand.
CES benefits from significant U.S. exposure, vertically integrated operations in Canada and the U.S., and a flexible supply network that can help manage tariff pressures.
The company is benefitting from higher demand, customer additions, market-share gains, and acquisitions. Further, its asset-light structure supports healthy cash generation and strengthens its financial flexibility. Looking ahead, stronger upstream activity and increasing demand for advanced chemical solutions could provide further growth opportunities.
Canadian stock #5: Bird Construction
Bird Construction (TSX: BDT) remains an attractive long-term investment, supported by Canada’s rising infrastructure spending. The company continues to win major construction and maintenance contracts, strengthening revenue visibility. Its diversified operations span industrial, building, and infrastructure projects, with exposure to defence, healthcare, nuclear energy, LNG, renewables, critical minerals, and transportation.
Looking ahead, its exposure to high-growth end markets and opportunities in the AI data centres space augur well for growth. In addition, Bird’s strong balance sheet provides flexibility for acquisitions, while its expanding backlog supports future earnings visibility. With a broad project pipeline, exposure to several growth markets, and financial strength, Bird Construction is a compelling long-term bet.
