Who doesn’t want a steady stream of income hitting their account each month? With the right Canadian dividend stocks, you can create a steady monthly cash flow without worrying about timing the market or chasing the latest trends. By investing in high-quality dividend stocks, you can enjoy the peace of mind that comes with regular monthly income, whether you’re building wealth for your retirement or covering everyday expenses.
In this article, I’ll highlight two of the best monthly dividend stocks in Canada you can buy in November 2024 and hold for years to come.
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Crombie REIT stock
Crombie REIT (TSX:CRR.UN) is an open-ended real estate investment trust (REIT) with a focus on managing retail and mixed-use properties. It currently has a market cap of $1.6 billion as its stock trades at $14.50 per share with around 5% year-to-date gains. At this market price, Crombie has an attractive 6.1% annualized dividend yield and distributes monthly payouts.
The New Glasgow-headquartered REIT’s portfolio primarily includes grocery-anchored shopping centres and freestanding stores, with many properties leased to Sobeys and other tenants in the Empire Company family. Crombie generates revenue through rental income from its properties across Canada, with a stable base of long-term leases.
In the quarter ended in September 2024, Crombie maintained a strong committed occupancy rate of 96.1%, reflecting steady demand for its properties. Financially, the REIT delivered a 4.6% YoY (year-over-year) increase in property revenue to $114.5 million with the help of renewals, higher rent, and new leasing activity. Despite some challenges like rising interest expenses and increased unit-based compensation costs, Crombie kept its funds from operations stable at $0.31 per unit, with a payout ratio of 72.5%, allowing room for future dividend growth.
Overall, with a stable dividend yield of over 6%, Crombie could provide income-seeking investors with a dependable cash flow in the long run, supported by its robust property portfolio.
Whitecap Resources stock
Another attractive monthly dividend stock you can consider right now is Whitecap Resources (TSX:WCP). Currently trading with 14.4% year-to-date gains, this energy sector-focused growth-oriented firm currently has a market cap of $6 billion as its stock trades at $10.15 per share.
In recent quarters, Whitecap’s financial and operational performance has improved significantly. In the third quarter, the company exceeded its production guidance, reaching an average of 173,302 barrels of oil equivalent per day with a 12% YoY increase. This boost in production was driven by its oil-heavy assets in the Montney and Duvernay formations, which continue to perform above expectations.
Alongside production growth, Whitecap benefited from strong oil prices, which helped it achieve $409 million in funds flow for the quarter, plenty to cover its monthly dividend payouts and support additional investments in growth.
Moreover, Whitecap’s plans for 2025 include a capital budget of $1.1 to $1.2 billion to further expand its production capabilities. The company expects this investment to yield organic production per share growth of 4-6% while keeping its dividend sustainability a top priority. Considering that, this top Canadian monthly dividend stock offers not only a solid monthly dividend yield but also impressive long-term upside potential.
