The victory for Guay is significant because it comes less than seven weeks from the start of the 2014 Olympic Winter Games in Sochi.
Guay posted a time of 1:56.65. Kjetil Ansrud of Norway was in second place with a time of 1:56.77, followed by Johan Clarey of France in third place with a time of 1:56.89.
Guay also became the second Canadian skier to medal in two days. In Friday's super giant slalom, Jan Hudec of Calgary won the silver medal.
The Canadian alpine ski team has been in a two decade Olympic drought however. A Canadian alpine ski racer has not won an Olympic medal since Edi Podivinsky of Edmonton won a bronze medal in the men's downhill at the 1994 Olympic Winter Games in Lillehammer. Time will tell if Guay and Hudec will turn the tide and end the Canadian Olympic struggles.