As markets continue to sell off, the majority of investors are seeing losses in their portfolios. This can make it difficult for Canadian investors to put more money into the market, and often it makes many consider selling their stocks and waiting on the sidelines for a better environment.
Trying to time the market is extremely difficult, though. And while your investments may be falling in value on paper, if you’re planning to hold them for the long haul, then now is actually a fantastic time to buy more.
When the economy hits a rough patch or the market environment is filled with uncertainty, there’s nothing we can do about it. So, instead of worrying about how much value I’m losing on paper, I’m actually hoping that some of my stocks get even cheaper. That way, I have the opportunity to increase my position at the cheapest prices possible.
And of all my positions, here are three of the best Canadian stocks that I’m watching and hoping to get an even better deal on.
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A top Canadian telecom stock
One of the largest and most robust Canadian stocks that I own and am watching for a pullback is BCE (TSX: BCE)(NYSE: BCE). The massive telecom stock is actually already near the bottom of its 52-week range. However, it’s still less than 15% off its high.
One of the reasons why BCE isn’t very volatile is that it’s a huge company with operations all across Canada. Furthermore, many of its operations and the services it offers are defensive and are only minimally impacted by economic conditions like a recession.
And because it’s so reliable and constantly growing its operations over the long haul, it makes it one of the best Canadian stocks to buy and hold for years. Plus, investors know its operations are resilient, which is why it’s less volatile, another reason why it’s such an excellent investment.
So far in 2022, as uncertainty has picked up, BCE stock is flat, while the TSX has lost over 10% of its value.
Therefore, if the selloff happens to intensify and BCE trades at an even more significant discount, it’s certainly one of the best Canadian stocks to add to your portfolio.
One of the best long-term investments you can make
Brookfield Infrastructure Partners (TSX: BIP.UN)(NYSE: BIP) is another stock I have my eye on. The company owns assets like utilities, pipelines, railroads, telecom towers, data centres, and more, making it highly defensive. But because of its strategy of constantly expanding its portfolio and recycling capital, it’s also one of the top long-term growth stocks you can buy.
Plus, because its assets are diversified all over the world, the stock is both safer and offers more opportunity for growth. Therefore, it too is understandable that it hasn’t sold off more just like BCE.
Right now, Brookfield is also trading just 13% off its 52-week high. But if the entire market were to crash and the majority of Canadian stocks sold off significantly, buying Brookfield at any discount would be an incredible opportunity.
In addition to the defence it offers, as well as the capital gains potential, it also has a long-term goal to grow its distributions by 5-9% each year. Therefore, Brookfield is a stock that’s at the top of my buy list.
One of the best dividend-growth stocks Canadian investors can buy
In addition to both BCE and Brookfield, Enbridge (TSX: ENB)(NYSE: ENB) is another dividend-growth stock I have my eye on. It’s also another massive business with a dominant position in its industry and one that’s crucial to the North American economy.
The stock has weathered many recessions and commodity cycles in the past and has increased its dividend annually for over a quarter-century. Even today, the yield it offers of 6.3% is highly compelling.
But back during the last market selloff at the start of the pandemic, Enbridge stock fell to nearly $30, and its dividend yield briefly got as high as 9.5%.
Therefore, if you can buy a high-quality, blue-chip Canadian stock like Enbridge when it’s that cheap, there’s no question it’s one of the best investments you’ll ever make.
