The TSX today continues to fly past all-time highs. In the last year alone, the composite is up 30% to 20,164 points as of writing. And that’s only likely to continue. Whereas last year Motley Fool investors could find some of the best Canadian stocks at a massive discount, that’s not the case today.
But that doesn’t mean you shouldn’t buy those stocks. The same reasons you would buy the best Canadian stocks last year still ring true today. These are perfect buy-and-hold options for long-term investors. And that’s what we like here at Motley Fool. Patience pays, and these three will certainly continue to pay out for long beyond 2021 alone.
One of the best Canadian stocks investors should continue to pick up has to be WELL Health Technologies (TSX:WELL). This stock had a crazy year in 2020. With the pandemic, healthcare moved online. And while some worry that will come to an end with the end of the pandemic, I’m certain that will not be the case.
Virtual healthcare provides a cheap, safe, reliable, and fast way of seeing patients across numerous fields. WELL stock continues to acquire business after business to offer as many healthcare sectors to clients as possible. It is now the largest outpatient clinic in Canada, with revenue climbing 150% year over year during the latest earnings report.
On top of that, this recent revenue isn’t even including WELL stock and its major acquisitions of late — one such U.S. acquisition means the company is now a North American operation, but it has eyes for global domination. So even though shares are up almost 200% this year, WELL stock is still one of the best Canadian stocks on the TSX today to buy and never sell.
Brookfield Property Partners
If you want reliable income, you want dividend stocks. While stocks, in general, are definitely considered passive income from returns, dividend stocks provide passive income like a paycheque. Each quarter you get a payment that may just increase a little year over year, but is reliable no matter what happens in the markets. That’s what you get from Brookfield Property Partners LP (TSX:BPY.UN)(NYSE:BPY).
The company is one of the best Canadian stocks because it offers growth and the highest dividend yield on the TSX today. Motley Fool investors can currently pick up the stock with a yield of 7.32% as of writing!
Meanwhile, there was a drop in the crash but now shares are up 70% this year alone. With the world reopening after the pandemic, the company is likely to see soaring year-over-year revenue from its $88 billion in total assets.
Real estate investment trusts are some of the best ways to create passive income over the long term. This stock is by far one of the best ways to get in on that action. In the post-pandemic recovery, you get access to a diverse range of properties all around the world. And the stock already proved it can handle an economic downturn. That’s exactly what you want when considering long-term holds.
Finally, Lightspeed POS (TSX:LSPD)(NYSE:LSPD) stock is still a steal in my view. Sure, it’s trading close to all-time highs. But that growth is based on the company’s future potential. Lightspeed stock has been on a spending spree, buying up company after company in the last year and a half. Since January 2020, it’s spent almost US$2.3 billion on acquisitions.
The plan is to take on a “land and launch” approach. It’s buying up company’s that give it a foothold in countries all around the world. It now operates in well over 100 countries. From there, it wants to expand to become the go-to company for global merchants. That’s instead of focusing on one or two countries alone and expanding at a faster pace.
So far it seems to be working. Lightspeed stock continues to see record-setting revenue, with subscriptions rising again and again. Shares are up 193% in the last year as of writing, just shy of its all-time high at about $105.
Lightspeed stock believes its revenue will double this year alone, making it still one of the best Canadian stocks you can pick up on the TSX today. So Motley Fool investors shouldn’t wait for another pullback. You might not get a chance.
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 owns shares of Lightspeed POS Inc. and WELL Health Technologies. The Motley Fool owns shares of and recommends Lightspeed POS Inc.