3 Canadian Dividend Stocks That Are Dirt Cheap in September

These three dividend stocks offer insane value given their growth and profit, so I would buy in bulk this month!

sale discount best price

Image source: Getty Images

Looking for cheap stocks? Canadian dividend stocks currently have so many offering huge deals in this economic downturn. What’s more, they remain down even while the TSX shows a few signs of improvement. If you’re looking for a dividend deal, these are the three I would consider this month.

SmartCentres REIT

SmartCentres REIT (TSX:SRU.UN) currently trades at an incredibly cheap 4.36 times earnings as of writing. Shares of the real estate investment trust (REIT) remain down by 10% year to date, but there could be even more growth in the near future.

After suffering through the drop in retail during the pandemic, SmartCentres is now going through a tough deal with inflation as well. Yet that’s not the only place the company hangs its hat. It’s now looking into multi-use properties, including retirement residences, offering investors even more growth in the near future.

With a dividend at 6.61% and up 70% in the last decade, I would certainly consider the dividend stock during this rebound.

Granite REIT

Another stellar REIT to consider is Granite REIT (TSX:GRT.UN). Granite focuses on the industrial properties currently a necessity during the growth in e-commerce. Small and large businesses alike need these properties, and supply-chain demands, well, demand them! And Granite continues to expand its business by purchasing more and more properties.

As we continue to see e-commerce growth, Granite is likely to continue growing in both share price and through its dividend. Yet it remains incredibly cheap trading at just 4.37 times earnings. Yet shares are down 28% year to date, offering a great jumping-in point — especially considering shares of the dividend stock have increased by 206% in the last decade alone.

West Fraser

West Fraser Timber (TSX:WFG)(NYSE:WFG) is the last of the cheap dividend stocks I would consider this month. Inflation has been good to the company, with West Fraser stock posting a net profit of US$762 million during its latest quarter. It seems the pandemic frustrations are now behind this now profitable and growing company.

West Fraser stock currently trades at just 3.28 times earnings and offers a dividend of 1.38%. Shares are down 10.71% year to date, but we’ve seen a rise of about 314% during the last decade alone. And, honestly, we’ll always need lumber — especially as Canada attempts to create enough housing to make it affordable for most Canadians. So, expect great things from this stock and buy it before the month is out.

Bottom line

It’s a great time to be an investor. No, really it is! There are solid, cheap options for every investor to consider. Get out there and start doing some digging and speak with your investment advisor. You could make some choices today that make you rich in the future.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends GRANITE REAL ESTATE INVESTMENT TRUST, Smart REIT, and West Fraser Timber Co. Ltd.

More on Dividend Stocks

Canadian dollars in a magnifying glass
Dividend Stocks

3 High-Yield Dividend Stocks That Are Screaming Buys Right Now

Are you looking for great income stocks? Here's a trio of high-yield dividend stocks that pay insane yields right now.

Read more »

Piggy bank with word TFSA for tax-free savings accounts.
Dividend Stocks

Transform a $5,000 TFSA Into a $50,000 Retirement Nest Egg

The TFSA is a powerful tool that can grow a small investment into a substantial retirement nest egg over time.

Read more »

A meter measures energy use.
Dividend Stocks

Is Fortis Stock a Buy, Sell, or Hold for 2025?

Fortis has increased its dividend annually for the past five decades.

Read more »

analyze data
Dividend Stocks

3 Dividend Stocks That Are Screaming Buys in November

Here are three top dividend stocks long-term investors won't want to ignore during this part of the market cycle.

Read more »

senior relaxes in hammock with e-book
Dividend Stocks

Generate $175/Month in Passive Income With a $30,000 Investment

Dividend aristocrats offer reliability, and many of them also offer generous yields. With sizable enough discounts, these yields can become…

Read more »

dividends can compound over time
Dividend Stocks

Best Dividend Stocks to Buy Now for Canadian Investors

These three stocks would be excellent additions to your portfolios, given their solid underlying businesses, consistent dividend growth, and healthy…

Read more »

data analyze research
Dividend Stocks

3 Undervalued Stocks to Watch in November

Not all undervalued and discounted stocks are destined or poised to make a comeback soon, and a protracted timeline can…

Read more »

TFSA (Tax free savings account) acronym on wooden cubes on the background of stacks of coins
Dividend Stocks

The Perfect TFSA Stocks for Long-Term Growth

Two industry heavyweights are perfect stock holdings in a TFSA for long-term money growth.

Read more »