In this article, we will discuss the 10 Best Canadian Stocks to Buy for Long Term.
On April 18, Morgan Stanley’s Katerina Simonetti joined CNBC’s ‘Fast Money’ to talk about the state of the market and what she is looking at for both the near and long-term. Simonetti observed that while investors often appear to undermine market risks and move past uncertainty, the situation in the Strait of Hormuz remains a primary focus. Simonetti noted that news indicating a potential reopening of activity in the Strait has led to an appreciation in stock prices and a decline in oil prices. Despite this positive movement, she warned that the market is not yet out of the woods, though she characterized the current environment as an incredible buying opportunity. In her view, the recent downturn is a quintessential correction within a broader bull market.
Simonetti explained that this correction is defined by declining valuations occurring simultaneously with rising earnings and earnings expectations. Because market recoveries are typically rapid, she advised clients against staying on the sidelines in cash or being overly defensive, as doing so risks missing the rebound. She encouraged investors not to wait for an all-clear signal before reintroducing risk into their portfolios. Regarding asset allocation, she suggested that while the Mag 7 has seen a nice bounce due to strong cash flow, there are more remarkable opportunistic plays available in individual securities and sectors that have become undervalued, specifically financials, industrials, healthcare, and energy.
Simonetti also addressed the valuation of tech and communication services, which she currently ranks as equal weight. She suggested that while these sectors led the bounce from the bottom, they are now fully valued and may not offer the most exciting buying opportunities compared to financials or healthcare. She emphasized that being offensive in this market does not mean chasing the Mag 7. Instead, she advised identifying companies with strong pricing power that can generate revenue even if consumer sentiment is lower than expected or demand for their services decreases.
Our Methodology
We sifted through financial media reports to compile a list of Canadian stocks widely discussed for their long-term potential and then selected stocks with a 5-year revenue growth rate of at least 15%. We limited our final selection to companies that have recently reported noteworthy developments likely to impact investor sentiment. These stocks are also popular among analysts and elite hedge funds.
Note: All data was sourced on April 20.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
10 Best Canadian Stocks to Buy for Long Term
10. MDA Space Ltd. (NYSE:MDA)
MDA Space Ltd. (NYSE:MDA) is one of the best Canadian stocks to buy for long term. On April 13, MDA Space unveiled MDA MIDNIGHT, which is a specialized space control platform designed to defend and protect critical space infrastructure. The maneuverable spacecraft is engineered for defense organizations to detect, identify, and deter threats in an increasingly contested space domain. By combining high-reliability rendezvous and proximity operations/RPO with world-leading robotics, the platform turns space domain awareness into actionable defensive measures, including on-orbit surveillance and satellite refueling.
The initial mission for MDA MIDNIGHT focuses on low Earth orbit/LEO operations, with capabilities ranging from on-orbit satellite inspections to electronic countermeasure mitigation and the de-orbiting of non-operational assets. The platform uses MDA Space Ltd.’s (NYSE:MDA) extensive heritage in orbital robotics, including the MDA SKYMAKER and MDA AURORA satellite bus, to provide a mission-ready solution that can be rapidly deployed. Operational support will be provided by an experienced flight controller team with a history of over 100 successful free-flyer captures.
The launch of MDA MIDNIGHT aligns with growing global demand for bodyguard satellites to safeguard national security and economic prosperity. CEO Mike Greenley highlighted that the platform uses 40 years of robotics expertise and high-volume commercial production capacity to meet the urgent needs of national and international defense organizations.
MDA Space Ltd. is an aerospace & defense company that offers space technology solutions and services. The company provides advanced satellite communications, Earth observation data, and mission-critical robotics for government and commercial space exploration.
9. The Descartes Systems Group Inc. (NASDAQ:DSGX)
The Descartes Systems Group Inc. (NASDAQ:DSGX) is one of the best Canadian stocks to buy for long term. On April 14, Descartes Systems Group introduced the Descartes Fleet Data Intelligence platform, expanding the AI capabilities of its Global Logistics Network/GLN. This new platform uses ML and a specialized AI agent to transform vast amounts of operational execution data into actionable insights.
By applying AI to real-world logistics data, the system is designed to improve on-time delivery, ensure service level compliance, and reduce the overall cost per delivery for businesses operating private or dedicated fleets. The platform debuts René, an AI agent that allows dispatchers and operations leaders to analyze fleet performance through natural language queries.
René can investigate real-time issues (such as identifying the root causes of overtime or service risks) and uncover systemic inefficiencies by analyzing long-term trends, like consistent route deviations. Additionally, new ML capabilities have demonstrated the ability to increase route density by up to 30% in early trials by generating highly accurate service time predictions based on variables like product type, geography, and vehicle constraints.
The Descartes Systems Group Inc. is a global logistics technology solutions company that offers a range of solutions, including transportation management; customs and regulatory compliance; routing, mobile, and telematics; shipping, and fulfillment; broker and forwarder enterprise systems; global trade intelligence; and B2B messaging and connectivity services.
8. First Majestic Silver Corp. (NYSE:AG)
First Majestic Silver Corp. (NYSE:AG) is one of the best Canadian stocks to buy for long term. On April 2, First Majestic Silver announced a formal restart plan for the Jerritt Canyon Gold Mine in Nevada, with production targeted to begin in H2 2027. The decision follows a significant expansion of the mine’s Mineral Resource base, which now includes 4.1 million ounces of gold in the Measured and Indicated categories and 3.7 million ounces of Inferred resources.
Supported by high gold prices and successful drilling results over the last two years, the company has engaged Stantec Consulting Services to complete a pre-feasibility study by late 2026 to optimize a mine plan that combines existing underground operations with new bulk-tonnage open-pit opportunities. To facilitate the restart, First Majestic has committed $75 million in capital investment for 2026. This budget covers the procurement of an initial mining fleet, plant upgrades and winterization, and the rehabilitation of the Smith and SSX underground mines.
Additionally, the company plans to conduct 42,000 meters of drilling in 2026, split between underground expansion and surface drilling aimed at defining near-surface open-pit resources. These technical and operational workstreams are designed to transition the mine from its current care-and-maintenance status back into a high-value, owner-operated production hub.
First Majestic Silver Corp. acquires, explores, develops, and produces mineral properties in North America. The company explores for silver and gold deposits.
7. TFI International Inc. (NYSE:TFII)
TFI International Inc. (NYSE:TFII) is one of the best Canadian stocks to buy for long term. On April 15, TA Dedicated, which is a subsidiary of TFI International, acquired Minneapolis-based Triangle Warehouse to expand its fleet and regional logistical capabilities. The acquisition adds over 1,000 pieces of equipment (including specialized dry vans, reefers, and flatbeds) along with 900,000 square feet of food-grade, temperature-controlled warehousing space.
This move integrates Triangle’s established regional expertise and rail-accessible distribution infrastructure into TA Dedicated’s existing network. The deal strengthens TA Dedicated’s service offerings beyond standard transportation, providing customers with comprehensive supply chain solutions in one of the Midwest’s largest metropolitan markets. Triangle Warehouse’s current service and support teams will remain in place to ensure a seamless transition and uninterrupted service for long-term clients.
This transaction continues the growth trajectory of TA Dedicated, which was formed through TFI’s 2022 merger of Transport America and UPS Dedicated. With the addition of Triangle’s assets, TA Dedicated further bolsters a network that already includes 70 fleets and specialized heavy-haul capabilities. While the financial terms of the deal were not disclosed, the integration is expected to drive significant value by streamlining regional distribution and maximizing warehouse utilization.
TFI International Inc. is a trucking company that offers transportation and logistics services that operates through Less-Than-Truckload, Truckload, and Logistics segments.
6. Equinox Gold Corp. (NYSEAMERICAN:EQX)
Equinox Gold Corp. (NYSEAMERICAN:EQX) is one of the best Canadian stocks to buy for long term. On March 30, Equinox Gold released updated technical reports for its Canadian operations, projecting a combined average annual output of ~540,000 ounces of gold over the next decade. This growth is anchored by the Greenstone Mine in Ontario and the Valentine Mine in Newfoundland & Labrador, which together hold 8.1 million ounces in Proven and Probable Mineral Reserves.
As of year-end 2025, the company’s total portfolio-wide Mineral Reserves stand at 19 million ounces, supported by a robust 2026 exploration budget of $70 to $80 million aimed at further resource expansion and life-of-mine extensions. At the Greenstone Mine, the immediate priority is sustaining a nameplate milling capacity of 27,000 tonnes per day, which is expected to yield 320,000 ounces of gold annually through 2036.
Management has identified significant upside potential by optimizing throughput toward 30,000 tonnes per day and integrating higher-grade underground resources (currently totaling 1.6 million ounces in Measured and Indicated categories) into future mine plans. Additionally, the vast 400 km² property hosts three past-producing mines with high-grade historical output that have not yet undergone modern exploration, offering a clear pathway for satellite deposit development.
Equinox Gold Corp. is involved in the exploration, operation, acquisition, and development of mineral properties in the Americas. It mainly explores silver and gold deposits. The company was founded in 2007 and is based in Vancouver, Canada.
5. Lululemon Athletica Inc. (NASDAQ:LULU)
Lululemon Athletica Inc. (NASDAQ:LULU) is one of the best Canadian stocks to buy for long term. On April 20, Lululemon officially launched its e-commerce platform in Mexico, marking a significant milestone in the company’s North American growth strategy. The new website, lululemon.mx, allows local customers to purchase a full range of technical performance apparel, footwear, and accessories for activities such as yoga, running, and training.
By integrating digital capabilities with its physical presence, the company aims to provide a seamless omnichannel experience that caters to the increasing demand for its products in the region. To complement this digital expansion, Lululemon plans to significantly increase its brick-and-mortar footprint in Mexico during FY26. The company intends to open eight new stores in the country as part of a broader plan to add 15 locations across North America. This expansion is expected to bring the total number of Lululemon stores in Mexico to more than 30 by the end of the fiscal year.
Beyond retail growth, Lululemon Athletica Inc. is deepening its community ties through large-scale brand activations and its local Ambassador network. Recent initiatives include the Lululemon 10K CDMX race in Mexico City, which attracted nearly 8,000 participants, and a multi-day summit for over 100 Mexico-based Ambassadors.
Lululemon Athletica Inc. engages in the business of designing, distributing, and retailing technical athletic apparel, footwear, and accessories.
4. Pan American Silver Corp. (NYSE:PAAS)
Pan American Silver Corp. (NYSE:PAAS) is one of the best Canadian stocks to buy for long term. On March 26, Bank of America raised the price target for Pan American Silver to $94 from $84 with a Buy rating, following the release of the updated Preliminary Economic Assessment for the La Colorada Skarn project. Analysts highlighted that the revised plan reduces upfront capital expenditures compared to previous estimates while still maintaining a robust production growth profile for silver, zinc, and lead.
Additionally, on March 24, Pan American Silver announced a Revised Preliminary Economic Assessment/PEA for its 100% owned La Colorada property in Zacatecas, Mexico, positioning it to become one of the world’s largest and lowest-cost silver mines. The plan involves the simultaneous development of newly identified high-grade silver veins and high-grade portions of the skarn deposit using conventional long-hole open stoping.
The project includes the construction of a new 15,000 tonnes per day processing plant, with existing vein mine operations continuing throughout construction to achieve a significantly expanded production profile. The Revised PEA highlights exceptional economic potential, forecasting an average annual silver production of 19.1 million ounces during the peak five years following ramp-up. With base case silver prices set at $45.00 per ounce, the project boasts an after-tax net present value of $2.6 billion and an internal rate of return of 17%.
Pan American Silver Corp. is a premier Canadian-based mining company that explores, extracts, and produces silver and gold, along with base metals like zinc, lead, and copper, primarily in the Americas. It operates high-margin mines and aims to be the world’s leading silver producer.
3. Wheaton Precious Metals Corp. (NYSE:WPM)
Wheaton Precious Metals Corp. (NYSE:WPM) is one of the best Canadian stocks to buy for long term. On April 2, Wheaton Precious Metals entered into a $300 million precious metals purchase agreement with KGL Resources, marking its first-ever streaming transaction in Australia. The deal focuses on silver and gold by-product streaming from the Jervois Copper Project in the Northern Territory.
Under the terms, Wheaton will provide a $275 million upfront payment, consisting of a $32 million early deposit to support immediate development and $243 million paid in four installments as construction milestones are met. The agreement also includes a $25 million cost overrun facility to ensure project stability. This move expands Wheaton’s global portfolio into a Tier-1 mining jurisdiction where all necessary permits for development are already secured.
By funding the Jervois project, Wheaton Precious Metals Corp. secures long-term exposure to precious metal by-products from a site positioned to be one of Australia’s next major copper producers. The stream is tied to the Jervois tenements, and Wheaton’s technical team collaborated closely with KGL to align the funding with the project’s upcoming production phases. Additionally, Wheaton committed to supporting KGL’s financial structure through a future equity investment.
Wheaton Precious Metals Corp. is a Canadian multinational precious metals streaming company across Europe, South America, North America, and Africa. It mainly produces and sells silver, gold, Platinum, palladium, and cobalt deposits. The company was incorporated in 2004 and is based in Vancouver, Canada.
2. Agnico Eagle Mines Limited (NYSE:AEM)
Agnico Eagle Mines Limited (NYSE:AEM) is one of the best Canadian stocks to buy for long term. On April 20, Agnico Eagle Mines announced a comprehensive plan to consolidate the Central Lapland Greenstone Belt/CLGB in Northern Finland through three definitive transactions. The company will acquire all outstanding shares of Rupert Resources Ltd. and Aurion Resources Ltd., as well as B2Gold’s 70% interest in the Fingold JV.
This move consolidates ~2,492 km² of highly prospective land, combining Agnico Eagle’s existing Kittila mine with the advanced Ikkari gold project. By eliminating property boundaries, the company aims to establish Finland as a multi-decade regional platform with a path toward producing approximately 500,000 ounces of gold annually within the next decade.
The financial structure of these acquisitions involves a mix of shares and cash. For the Rupert Transaction, shareholders will receive 0.0401 of an Agnico Eagle Mines Limited share per Rupert share, plus contingent value rights/CVRs worth up to $3 based on future mineral reserve and production milestones. The upfront consideration for Rupert is valued at ~$2.871 billion. Meanwhile, the Aurion acquisition is a cash deal valued at $2.60 per share (~$481 million total), and the purchase of B2Gold’s Fingold JV interest will be completed for $325 million in cash. Subject to shareholder and court approvals, the Rupert and Aurion transactions are expected to close early in Q3 2026.
Agnico Eagle Mines Limited is a senior Canadian gold mining company and the world’s second-largest gold producer, focused on exploring, developing, and operating mines. It operates high-quality, low-risk assets primarily in Canada, Australia, Finland, and Mexico, with about 85% of its production coming from Canada.
1. Shopify Inc. (NASDAQ:SHOP)
Shopify Inc. (NASDAQ:SHOP) is one of the best Canadian stocks to buy for long term. On March 26, Shopify launched Tinker, which is a free mobile app designed to simplify the creative process by consolidating over 100 specialized AI tools into a single platform. Aimed at eliminating the friction of subscription costs and complex prompting, the app allows users to generate images, videos, and logos through a guided experience.
By organizing tools by outcome and using models from providers like OpenAI and Google, Tinker enables anyone to explore and express their ideas without needing technical expertise. The platform streamlines high-quality production by handling complex background prompting, allowing users to describe their needs in plain language. Features include the ability to transform basic product photos into studio-quality editorial shots and maintain brand consistency across different projects by using context from previous creations.
This centralized environment ensures that as new AI models emerge, they are automatically integrated and accessible through the same familiar interface. Early adopters have already used Tinker to gain momentum and overcome traditional barriers to entry. Shopify Inc.’s (NASDAQ:SHOP) goal with Tinker is to lower the cost and learning curve of creation, making entrepreneurship more accessible to anyone with a spark of an idea.
Shopify Inc. is a commerce technology company that offers tools to run, start, market, and scale businesses of different sizes globally. It is also involved in the sale of themes and apps, advertising on the Shopify App Store, point-of-sale hardware, shipping labels through Shopify Shipping, and Shop Campaigns for buyer acquisitions.
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