TSX stocks have been on a roller coaster in 2022. Just a few months ago, the TSX Index was hitting new all-time highs. Since then, it is down 1,300 points, or 6%. Given concerns about inflation, rising interest rates, and maybe even a recession, stable dividend stocks are a great place to take shelter.
While their share prices may rise and fall, quality dividend stocks keep paying streams of monthly or quarterly dividend income. If you are looking to boost your regular passive income, here are three high-yielding TSX stocks to buy today.
A top infrastructure stock for passive income
Oil has performed very well over the past few months. However, it is a volatile commodity, and its fundamentals can rapidly change. If you want some exposure to strong oil markets but with lower commodity risk, Enbridge (TSX:ENB)(NYSE:ENB) is an ideal passive-income stock to hold.
It operates one of the largest energy pipeline and storage networks in North America. In essence, this is a toll-road business, where most of its cash flows are contracted or regulated.
Consequently, it can afford to pay and sustain its elevated 5.8% dividend yield. Enbridge also has a large development backlog. This should continue to help grow annual cash flows and dividends.
If you invested $25,000 into Enbridge stock today, you could earn $1,450 a year, or $120 per month in passive income.
A top industrial real estate stock with a nice yield
A passive-income stock that has recently pulled back to very attractive levels is Dream Industrial REIT (TSX:DIR.UN). Its stock is down 21.5% this year. Today, it yields over 5%! Yet it has a very good business. It owns well-located, multi-tenant industrial properties across North America and Europe.
Since the pandemic, this REIT has been seeing high-teens rental rate growth and low-teens cash flow-per-share growth. Dream Industrial has a great balance sheet with long-dated debt and sub-2% interest rates. This is one of the cheapest industrial real estate stocks you will find in the world.
If you were to put $25,000 into this stock today, you could earn $106 of passive income every month. Given the cheap valuation, there is likely more upside over the long term for this TSX stock.
Elevated passive income from healthcare properties
Another real estate investment trust (REIT) that has also pulled back is NorthWest Healthcare REIT (TSX:NWH.UN). Its stock is down about 7% this year. Currently, it pays a massive 6.2% dividend yield. If you put $25,000 into NorthWest stock, you would earn nearly $130 in passive income every month.
Healthcare is a very defensive sector. The REIT’s global tenant base are largely government or highly credit-worthy private healthcare businesses. As result, this REIT has a very secure, long-term leases.
Many of these leases have annual inflation-indexed rate increases. When inflation rises, it gets a rental boost. This is one key element that helps ensure its distribution is sustainable.
NorthWest fills a unique real estate niche that is difficult to find exposure to anywhere else. If you are looking for a stock is diversified by geography, tenant, and property type, this an ideal passive-income stock to invest in.
