By Amy Legate-Wolfe at The Motley Fool Canada
In an uncertain market, high-quality stocks usually have a few things in common. These generate steady cash flow, hold strong market positions, and keep finding ways to grow without betting the farm. I also want businesses that can handle a slower economy, absorb surprises, and still reward shareholders. That’s why I’d focus on proven Canadian names with durable earnings rather than chase whatever looks cheapest for a week.
CM
Canadian Imperial Bank of Commerce (TSX:CM) gives investors exactly what uncertainty tends to reward: scale, dependable earnings, and a healthy dividend. It remains one of Canada’s largest banks, with big positions in personal banking, commercial banking, wealth management, and capital markets. Over the last year, CIBC stock has kept building momentum, and its first-quarter 2026 results showed record revenue across all of its business units.
The numbers were strong. In the first quarter of 2026, CIBC stock reported adjusted net income of $2.7 billion, up 23% year over year, while adjusted diluted earnings per share (EPS) rose 25% to $2.76. Reported diluted EPS came in at $3.21, and adjusted return on equity reached 17.4%. Canadian personal and business banking net income rose 25%, while capital markets net income jumped 42%, so the strength was not coming from just one corner of the bank.
The valuation still looks reasonable for a stock with this kind of profit engine. CIBC stock trades around 15.5 times earnings, while the quarterly dividend stands at $1.07 per share. That’s not a bargain-bin multiple, but it’s also not demanding for a bank producing double-digit earnings growth and maintaining a CET1 ratio of 13.4%.
Looking ahead, CIBC stock still fits because it offers both income and resilience. Credit costs remain something to watch in any uncertain market, but the bank’s strong capital, broad business mix, and steady client activity give it the kind of foundation investors usually want when volatility picks up.
FSV
FirstService (TSX:FSV) is not a bank or a utility, but has built a very durable business through residential property management and a wide collection of home service brands. That makes it relevant in an uncertain market as a lot of what it does stays necessary even when consumer confidence gets wobbly. Over the last year, it also kept making shareholder-friendly moves, including an 11% increase to its quarterly dividend and a normal course issuer bid.
Its recent earnings showed why the market keeps treating it like a premium name. For full-year 2025, revenue rose 5% to $5.5 billion, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 10% to $562.8 million, and adjusted EPS climbed 15% to $5.75. Then, in the first quarter of 2026, revenue rose another 5% to $1.3 billion, adjusted EBITDA edged up 2% to $105.7 million, and adjusted EPS reached $0.95. That kind of consistency is not flashy, but it is valuable when investors are nervous.
You do pay up for that quality. FirstService trades at 47 times earnings, with a quarterly dividend of US$0.305. So no, this one is not cheap. But the company keeps growing, keeps taking market share, and keeps expanding through tuck-in acquisitions. Management said the business remains focused on building growth momentum through the rest of 2026, even as some brands deal with competitive pressure and softer consumer demand. That mix of recurring demand, disciplined growth, and long-term execution is exactly why it still fits in a market that feels uneasy.
Bottom line
If I were buying just two high-quality Canadian stocks in this uncertain market, CIBC stock and FirstService would make a strong pair. CIBC stock gives you dependable income, a reasonable valuation, and strong banking earnings. FirstService gives you a premium growth business with a long record of execution. One brings stability, the other brings steady expansion, and together these look like the kind of mix that can keep working even when the market mood turns sour.
The post 2 High-Quality Canadian Stocks I’d Buy in This Uncertain Market appeared first on The Motley Fool Canada.
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Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends FirstService. The Motley Fool has a disclosure policy.
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