There has been a significant selloff in the Canadian stock market in recent months. In the past six months, the TSX Composite Index has plunged 16.5%, wiping off most of its gains from 2021. Growth stocks have been hardest hit even though the market crisis has caused a significant decline in stocks across all sectors. This is one of the leading causes behind the current oversold condition of many fundamentally sound growth firms.

Growth stocks may remain highly unstable in the short future due to the continued macroeconomic concerns, but if you can hang onto them for the long term, they may be worth buying at the current market price. You might see a faster return on your investment if you take this action. I’ll discuss one of the most well-liked Canadian growth stocks in this article that I think is currently worth looking at.

Best Canadian stock to buy amid the market crash

The Canadian growth stock that I want to highlight is Shopify (TSX:SHOP)(NYSE:SHOP) which has been the worst-performing TSX Composite component this year with losses of just about 80%. The SHOP stock has experienced around 9% value erosion to trade at $36.68 per share in the third quarter after losing about 77% of its value in the first half of 2022 due to a tech sector-wide crisis, mainly owing to macro-level problems.

Sharp declines in a company’s share price typically signify weak financial growth trends and a deteriorating fundamental outlook. Markets aren’t always efficient, though. And that becomes clearer when we examine the recent changes in Shopify’s stock price after closely looking at its current financial growth trends and fundamental prospects. The Canadian e-commerce behemoth has seen significant year-to-date stock price declines, yet it has continued to post solid double-digit top-line growth.

Shopifys growth story isn’t over, yet

Shopify’s year-over-year sales growth rate has decreased in recent quarters due to the declining pandemic-related e-commerce demand. Nevertheless, given that the era of the digital commerce development story has just recently begun, its long-term growth potential continues to be promising.

Furthermore, the Canadian IT company is constantly working to improve the merchant experience on its e-commerce platform. By integrating cutting-edge technologies like B2B on Shopify, Tokengated commerce, Twitter Shopping, Tap to Pay on iPhone, and Local Inventory on Google into its platform, Shopify announced more than 100 product improvements in June. Similarly, Shopify has recently focused on enhancing its global fulfillment and logistics capabilities. The company revealed in May that it had agreed to pay US$2.1 billion for the American e-commerce fulfillment startup Delivery.

In the upcoming years, I anticipate these strategic initiatives will increase demand for Shopify’s e-commerce platform and aid the company’s global commercial expansion. As a result, its stock price should quickly rebound once concerns about the state of the world economy start to abate. No one can anticipate when this incredible Canadian growth stock will bottom out. Still, considering its fantastic future growth prospects and the fact that it will be down over 80% in 2022, I find it quite attractive at the current market price.

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