Stocks are a solid investment to build wealth over the long run. Historically, equities have delivered strong returns compared with many other asset classes. However, when investing for the long term, focus on Canadian stocks with solid fundamentals, the ability to grow profitably, and strong demand trends.
Moreover, investors should diversify their portfolios to spread risk.
With these factors in mind, here are three Canadian stocks that could create substantial wealth over the long term.
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Celestica stock
Adding high-quality technology stocks to a portfolio can provide exposure to some of the market’s fastest-growing areas and help create significant wealth. Celestica (TSX: CLS) is one such Canadian tech stock offering exposure to the fast-growing artificial intelligence (AI) infrastructure market.
Celestica stock has delivered impressive gains over the past three years. Moreover, it has significant growth ahead, led by ongoing investment in AI infrastructure.
Solid demand trends are reflected in the recent financial results. Celestica reported robust second-quarter results, supported by growing adoption of its networking switches. Its enterprise business performed particularly well, with revenue climbing 167%. This increase was driven in part by AI and machine-learning deployments for a major hyperscale customer, along with a recovery in demand for storage-related solutions.
Celestica’s prospects remain solid. The ongoing shift toward 800G networking technology, the rollout of next-generation 1.6-terabit solutions, a possible rebound in enterprise storage expenditure, and continued infrastructure spending from large cloud providers could create several avenues for future revenue growth.
Overall, Celestica’s exposure to expanding AI infrastructure demand, strong operating performance, and the pullback in its share price make the company a solid long-term pick.
Cameco stock
Cameco (TSX: CCO) is another solid Canadian stock to buy and hold for long-term wealth creation. As the leading uranium producer, it is benefiting from the growing shift toward cleaner, more reliable power sources. Electricity demand is rising rapidly, driven by trends such as electric vehicle adoption, decarbonization initiatives, and the expansion of energy-intensive AI data centres. These factors provide a solid base for long-term growth.
Cameco’s portfolio of high-quality assets supports relatively low-cost uranium production and strong cash generation, providing a key competitive advantage. Its investment in Westinghouse further strengthens its position across the nuclear energy value chain.
The long-term outlook for nuclear power and uranium demand provides several potential growth opportunities for Cameco. Its combination of low-cost operations, long-term agreements with utility customers, nuclear fuel services, and reactor technology gives the company multiple sources of potential growth.
With its diversified position across the nuclear-fuel value chain, Cameco could benefit as global investment in nuclear power continues to increase. The recent decline in its share price from previous highs also provides long-term investors with an opportunity to consider the stock at a lower valuation.
Aritzia stock
Aritzia (TSX: ATZ) could be a compelling addition to your long-term portfolio. Over the past several years, the fashion retailer has delivered impressive financial performance and strong growth, outperforming the broader equity market. Since fiscal 2022, Aritzia has grown revenue at an annualized rate of roughly 25%, while earnings have increased by approximately 22% annually.
The company’s strong results were led by brand loyalty, strong demand for its exclusive brands, and geographic and digital expansion. However, Aritzia stock has recently weakened, and this pullback provides an opportunity to buy its shares at a more attractive valuation. The retailer is poised to benefit from resilient consumer demand, an expanding boutique footprint, and healthy engagement across its stores and online platforms.
Looking ahead, the company’s U.S. expansion and focus on new trends are likely to drive its financials. Moreover, continued investment in digital platforms and mobile experiences should further enhance reach and customer conversion.
While near-term risks such as tariffs and logistics costs may weigh on margins, disciplined inventory management and strong full-price selling provide a buffer. Overall, Aritzia remains well-positioned for sustained long-term growth.
