3 Dividend Stocks to Double Up on Right Now

Some of these dividend stocks will take longer to recover than others, but they’ll certainly pay you to stick around.

You’re reading a free article with opinions that may differ from The Motley Fool’s premium investing services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Canadian investors seeking some more stable income in their lives are likely looking for dividend stocks. And luckily, now is a great time to get in on the action of some strong ones. Think companies that have already gone through the rough patch and are starting to come out the other side.

Which is why today we’re going to focus on three dividend stocks to double up on right now. Not only will these provide you with passive income through dividends, but returns as well as the stocks rise higher.

NorthWest Healthcare REIT

First up we have NorthWest Healthcare Properties REIT (TSX:NWH.UN). This company has been on a struggling path as the dividend stock expanded too much, too soon. Only around for the last few years, the company grew quickly to become a global healthcare property owner. But as interest rates and expenses rose, it couldn’t keep up.

Created with Highcharts 11.4.3NorthWest Healthcare Properties Real Estate Investment Trust PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.ca

In the last year, NorthWest stock has cut back. The REIT has sold non-core assets used to strengthen its bottom line. Meanwhile, it’s focusing on long-term lease agreements that can get it back up to snuff. Furthermore, it has also negotiated refinancing agreements to bring down costs through lower interest rates.

So after shares dropped by more than half in the last few years, shares of NorthWest stock are climbing once more. The company now offers a 7.69% dividend yield, with shares up 25% since February. Yet it’s still far below 52-week highs, making it a dividend stock to consider as it rebounds.

SmartCentres

Another real estate investment trust (REIT) to consider is SmartCentres REIT (TSX:SRU.UN). This dividend stock also went through a period of difficulty, as the shopping centre and mixed-use property developer has seen interest rates and inflation hit the stock hard.

Created with Highcharts 11.4.3SmartCentres Real Estate Investment Trust PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.ca

Still, over the last few quarters there have been significant improvements. The second quarter saw its occupancy rate hit 98.2%, with same property net operating income (NOI) at $4.2 million. By the third quarter, this increased to a 98.5% occupancy rate, though same property NOI only increased by $2.6 million. 

By the fourth quarter, occupancy rates have remained stable at 98.5%, with NOI rising to $2.3 million. So this hasn’t been a huge increase in NOI over the last year. For now, analysts believe it could rise slightly over the next while, so if you’re a patient investor you can lock up an 8.12% dividend yield as of writing. But you’ll need to wait until the company sees more renewals to bring in further NOI.

Granite REIT

Then there’s some strong stability with Granite REIT (TSX:GRT.UN). While it doesn’t hold the highest of dividend yields out there, it certainly offers strength. The company invests in industrial properties across Canada. These are in high demand, even during this downturn, leading to even more growth opportunities for the company. 

Created with Highcharts 11.4.3Granite Real Estate Investment Trust PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.ca

The last three quarters have been filled with pretty good news, including a dividend increase and the renewal of a buyback program. NOI rose from $108.6 million in the second quarter, to $109.2 million in the third, and $110 million by the third. So in this case, slow and steady is certainly winning the race.

So with a dividend yield at 4.33% and shares gaining traction as investors realize the company’s strength, it’s certainly another to double up on before a market recovery.

Should you invest $1,000 in Granite Real Estate Investment Trust right now?

Before you buy stock in Granite Real Estate Investment Trust, consider this:

The Motley Fool Stock Advisor Canada analyst team just identified what they believe are the Top Stocks for 2025 and Beyond for investors to buy now… and Granite Real Estate Investment Trust wasn’t one of them. The Top Stocks that made the cut could potentially produce monster returns in the coming years.

Consider MercadoLibre, which we first recommended on January 8, 2014 ... if you invested $1,000 in the “eBay of Latin America” at the time of our recommendation, you’d have $18,750.10!*

Stock Advisor Canada provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month – one from Canada and one from the U.S. The Stock Advisor Canada service has outperformed the return of S&P/TSX Composite Index by 35 percentage points since 2013*.

See the Top Stocks * Returns as of 1/22/25

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 positions in NorthWest Healthcare Properties Real Estate Investment Trust. The Motley Fool recommends Granite Real Estate Investment Trust, NorthWest Healthcare Properties Real Estate Investment Trust, and SmartCentres Real Estate Investment Trust. The Motley Fool has a disclosure policy.

If You Thought Apple and Microsoft Were Big, You Need to Read This.

The steel industry produced the world's first $1 billion company in 1901, and it wasn't until 117 years later that technology giant Apple became the first-ever company to reach a $1 trillion valuation.

But what if I told you artificial intelligence (AI) is about to accelerate the pace of value creation? AI has the potential to produce several trillion-dollar companies in the future, and The Motley Fool is watching one very closely right now.

Don't fumble this potential wealth-building opportunity by navigating it alone. The Motley Fool has a proven track record of picking revolutionary growth stocks early, from Netflix to Amazon, so become a premium member today.

See the 'AI Supercycle' Stock

More on Dividend Stocks

senior man smiles next to a light-filled window
Dividend Stocks

These 3 Dividend Stocks Could Fund Your Retirement for Life

Here are three reliable Canadian dividend stocks retirees can buy now and hold for the long term to fund their…

Read more »

Caution, careful
Dividend Stocks

The Worst Mistakes Almost Every TFSA Holder Makes, and the CRA Is Watching

The TFSA is great, sure, but these mistakes could be keeping you from creating cash.

Read more »

calculate and analyze stock
Dividend Stocks

The Best Canadian Stocks to Buy Right Now With $3,000

Just because you don't have tens of thousands in the bank doesn't mean your investments can't get there.

Read more »

A close up color image of a small green plant sprouting out of a pile of Canadian dollar coins "loonies."
Dividend Stocks

2 Ultra-High-Yield Dividend Stocks You Can Buy and Hold for A Decade

These dividend stocks have resilient payouts and offer ultra-high yields, making them top investments to generate solid passive income.

Read more »

ETF stands for Exchange Traded Fund
Dividend Stocks

1 “Growthy” Dividend ETF to Buy to Generate Passive Income

This Canadian dividend ETF offers a decent monthly yield in addition to good share price appreciation potential.

Read more »

a person looks out a window into a cityscape
Dividend Stocks

This 7.6% Dividend Stock Pays Cash Every Single Month

This monthly paying dividend stock is a top choice for investors looking for long-term passive income.

Read more »

Hand Protecting Senior Couple
Dividend Stocks

Retirees: 2 Dirt-Cheap Dividend Stocks to Buy in January

Rogers Communications (TSX:RCI.B) and another dirt-cheap stock may be buys for the next five years and beyond.

Read more »

Lights glow in a cityscape at night.
Dividend Stocks

5 Canadian Dividend Stocks Everyone Should Own

These Canadian stocks have a solid track record of dividend growth and offer compelling yields near their current market price.

Read more »