The Globe and Mail reports in its Thursday edition that Scotiabank's research group is arguing that Canadian consumers are far more resilient than the consensus believes, and this sets up a significant number of promising investment opportunities on the Toronto Stock Exchange. The Globe's Scott Barlow writes that the group published an in-depth report Wednesday outlining why pent-up demand, immigration, wage growth and a strong labour market will keep household consumption close to current levels. Scotiabank forecasts spending to rise 2.2 per cent in 2023, close to consensus estimates, but expects 1.4-per-cent growth next year -- double the consensus view. Financial services analyst Meny Grauman believes Canadian banks are roughly fairly valued at present, and favours TD Bank and BMO for their defensive characteristics. Assuming an economic soft landing lies ahead, he also sees considerable upside in CIBC because of its current low valuation levels (it trades at only one times book value). The analysts also see opportunities in the consumer products sector, and for similar reasons. Stocks like Canadian Tire and Gildan Activewear are trading with valuations comparable with the lows of the 2008 financial crisis.