2 No-Brainer Growth Stocks to Buy on Sale

These two top Canadian growth stocks are some of the best to buy while they’re on sale, but that may not be for much longer.

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Over the last few months, there has been a significant difference in the performance of stocks from one industry to another. Of course, energy stocks have been top performers, as have gold stocks as the risk and uncertainty in markets have increased. But safer stocks have been in favour too. Meanwhile, tech stocks and other high-quality growth stocks have been some of the biggest losers, making them the top stocks to buy now.

With so much uncertainty and investors looking to buy high-quality stocks, it’s understandable that these higher-risk investments have become so cheap. But unless you really need to add defence to your portfolio, there’s no question that the best stocks to buy now and the ones that offer the most value are high-quality Canadian growth stocks that are on sale.

So if you’ve got some cash you’re looking to invest and want to take advantage of the recent volatility, here are two no-brainer growth stocks to buy now.

A top environmental services growth stock to buy now

Waste management isn’t the first industry you may think of to look for growth stocks. However, GFL Environmental (TSX:GFL)(NYSE:GFL) is a high-quality company in a defensive industry that has tonnes of growth potential as it continues to make value accretive acquisitions. In addition to these acquisitions, though, GFL has also demonstrated strong organic growth.

Most recently, in the fourth quarter, GFL reported organic growth in its Canadian and U.S. solid waste divisions of 9.3% and 10.1%, respectively. And in its liquid waste segment, organic growth was still an impressive 4.7%.

Currently, GFL is the fourth-largest environmental services company in Canada, with highly robust operations. Right now, its main operations are solid waste management in Canada and the U.S., however, liquid waste management accounts for more than 10% of its EBITDA as well.

Because it’s such a high-quality company that operates in an essential industry, it’s a stock you can have the confidence to own for years. So while it trades cheap, with a nearly 50% premium to its average analyst target price, it’s one of the top growth stocks you can buy this week.

A top Canadian REIT to hold for long-term growth

Another high-quality Canadian stock that sold off recently but has been gaining value over the last few trading sessions is InterRent REIT (TSX:IIP.UN).

Over the last decade, investors have earned a total return of more than 425% holding InterRent. So for years, InterRent has been of the top Canadian growth stocks to buy.

However, when you can buy it at a discount, the long-term potential you have is even more significant. And right now, InterRent’s $20 average analyst target price is a premium of roughly 25%, a significant discount for such a high-quality residential real estate stock.

InterRent’s management has been exceptional at maximizing the opportunity as the Canadian residential real estate market has soared. And with constant investments to upgrade its assets, it continues to increase the net asset value of the fund as well as the cash flow it’s bringing in.

So if you’re looking for top growth stocks to buy now, I’d consider InterRent while it still trades at an attractive discount.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Daniel Da Costa owns INTERRENT REAL ESTATE INVESTMENT TRUST. The Motley Fool has no position in any of the stocks mentioned.

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