Canada’s Market Evolution: CIBC’s Buy-and-Hold Sectors to Watch
CIBC names four emerging sectors poised to challenge Canada’s traditional market giants, from insurance to waste and pipelines.

For years, Canada’s equity market has carried the stereotype of being a haven for banks, energy, and mining. The Toronto Stock Exchange, in the minds of many global investors, was synonymous with financial institutions, oil sands, and resource plays. But CIBC Capital Markets is challenging that narrow view, arguing that the TSX hides a set of long-term, buy-and-hold gems beyond its entrenched oligopolies.
In its latest report, a team led by Ian de Verteuil revisits the “land of oligopolies” thesis from 2019 – an analysis that spotlighted sectors with few players but commanding market dominance, such as railroads, banks, grocers, and telecoms. These stalwarts have delivered enviable returns and made up a hefty slice of the index’s market cap, dividends, and buybacks. Yet CIBC now sees another tier emerging: four “wanna be” oligopolies in life insurance, property and casualty insurance, waste management, and pipelines.
Life Insurance – Scale and Stability
The Canadian life insurance market has consolidated dramatically over the past two decades. The acquisition of Canada Life by Great-West Lifeco (TSX:GWO) and Clarica by Sun Life Financial (TSX:SLF), along with other mergers, has left just four major players controlling over 70 percent of the market. Alongside Great-West and Sun Life, Manulife Financial Corporation (TSX:MFC) and iA Financial Corporation (TSX:IAG) round out the group.
This concentration gives them pricing power, vast distribution networks, and diversification across products and geographies. With steady demand for insurance and wealth management services – and growing exposure to high-growth Asian markets – these companies offer investors consistent dividends and the kind of predictability prized in long-term portfolios.
