Equity markets have turned increasingly volatile in recent weeks, pressured by persistent geopolitical tensions, inflationary concerns stemming from elevated energy prices, and rising bond yields. Nevertheless, the S&P/TSX Composite Index has gained 13.1% year to date, supported by stronger commodity prices and resilient corporate earnings. Against this uncertain backdrop, investors may benefit from balancing their portfolios across growth, defensive, and dividend-paying stocks. With that in mind, here are my top Canadian stock picks right now.
Dollarama
Dollarama (TSX: DOL) is a defensive retailer with attractive growth prospects. Its efficient direct-sourcing model, streamlined operations, and optimized logistics help keep costs low, enabling it to offer a broad range of products at compelling prices. This model has supported resilient same-store sales across economic cycles.
Dollarama is also expanding its store network, targeting 2,200 Canadian locations by 2034, up from 1,734, while increasing its Australian footprint from 414 to 700 stores. Additionally, its 60.1% stake in Dollarcity provides exposure to Latin America’s growing discount retail market. Dollarcity operates 781 stores and aims to reach 1,050 by fiscal 2031. With a resilient business model, solid financial performance, and visible growth opportunities, Dollarama remains an attractive long-term investment.
5N Plus
Second on my list is 5N Plus (TSX: TRP), a provider of specialty semiconductor and performance materials. The company recently delivered an impressive second-quarter performance, with revenue and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) increasing 28.4% and 10%, respectively.
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Looking ahead, structural growth in its specialty semiconductors segment and the resilience of its Performance Materials business could support sustained growth. Its expertise in producing ultra-high-purity semiconductor compounds positions 5N Plus to expand its market share and addressable market. Furthermore, its $420 million backlog at the end of the second quarter, equivalent to roughly 313 days of annualized revenue, provides strong visibility into future sales. With robust financial momentum and attractive long-term growth prospects, 5N Plus remains a compelling growth opportunity.
Savaria
Savaria (TSX: SIS), a provider of accessibility and mobility solutions, is my third pick. The company is benefiting from favourable demographic trends, including an aging population and rising incomes, which are supporting demand for its products and services. Savaria is also investing in product innovation and pursuing strategic acquisitions to expand its capabilities, geographic reach, and addressable market.
Management expects revenue to reach $1.6 billion by 2030, representing an annualized growth rate of 11.8%. It also projects adjusted EBITDA per share to reach $4.25, implying annualized growth of 10.4%. Meanwhile, Savaria also recently raised its monthly dividend by 5.36% to $0.04916 per share, yielding approximately 2.1%. With solid fundamentals, visible growth opportunities, and a growing presence in an expanding market, Savaria offers an attractive long-term growth opportunity.
Fortis
Fortis (TSX: FTS) serves 3.5 million customers across Canada, the United States, and the Caribbean, providing essential electricity and natural gas services. Its regulated utility operations and stable asset base support resilient financial performance across economic cycles. Fortis has also rewarded shareholders with 52 consecutive years of dividend increases. Its quarterly dividend of $0.64 per share currently offers a forward yield of approximately 3.36%.
Looking ahead, rising electricity and natural gas demand should support continued infrastructure investment. Fortis plans to invest $28.8 billion over five years, potentially expanding its rate base at an annualized 7% to $57.9 billion. Management also expects dividend growth of 4%-6% annually through 2030. With defensive characteristics, reliable income, and visible growth opportunities, Fortis could be a compelling option for long-term investors.
Bank of Nova Scotia
My final pick is Bank of Nova Scotia (TSX: BNS), which provides a broad range of financial services across multiple markets. Its diversified revenue streams and established banking operations support resilient earnings across economic cycles, enabling the bank to maintain a long record of shareholder distributions dating back to 1833. BNS has also increased its dividend at a 4.5% annualized rate over the past decade and currently offers a forward yield of approximately 3.46%.
The bank is repositioning its business toward higher-margin North American operations while reducing its exposure to Latin America, potentially improving earnings quality and stability. Meanwhile, a favourable interest-rate environment could support net interest margins and lending profitability. BNS is also repurchasing shares, with its latest program expected to reduce shares outstanding by 1.2%. These factors make BNS a compelling option for long-term investors.
