3 Canadian Dividend Stocks That Are Dirt Cheap in September

These three dividend stocks offer insane value given their growth and profit, so I would buy in bulk this month!

sale discount best price

Image source: Getty Images

Looking for cheap stocks? Canadian dividend stocks currently have so many offering huge deals in this economic downturn. What’s more, they remain down even while the TSX shows a few signs of improvement. If you’re looking for a dividend deal, these are the three I would consider this month.

SmartCentres REIT

SmartCentres REIT (TSX:SRU.UN) currently trades at an incredibly cheap 4.36 times earnings as of writing. Shares of the real estate investment trust (REIT) remain down by 10% year to date, but there could be even more growth in the near future.

After suffering through the drop in retail during the pandemic, SmartCentres is now going through a tough deal with inflation as well. Yet that’s not the only place the company hangs its hat. It’s now looking into multi-use properties, including retirement residences, offering investors even more growth in the near future.

With a dividend at 6.61% and up 70% in the last decade, I would certainly consider the dividend stock during this rebound.

Granite REIT

Another stellar REIT to consider is Granite REIT (TSX:GRT.UN). Granite focuses on the industrial properties currently a necessity during the growth in e-commerce. Small and large businesses alike need these properties, and supply-chain demands, well, demand them! And Granite continues to expand its business by purchasing more and more properties.

As we continue to see e-commerce growth, Granite is likely to continue growing in both share price and through its dividend. Yet it remains incredibly cheap trading at just 4.37 times earnings. Yet shares are down 28% year to date, offering a great jumping-in point — especially considering shares of the dividend stock have increased by 206% in the last decade alone.

West Fraser

West Fraser Timber (TSX:WFG)(NYSE:WFG) is the last of the cheap dividend stocks I would consider this month. Inflation has been good to the company, with West Fraser stock posting a net profit of US$762 million during its latest quarter. It seems the pandemic frustrations are now behind this now profitable and growing company.

West Fraser stock currently trades at just 3.28 times earnings and offers a dividend of 1.38%. Shares are down 10.71% year to date, but we’ve seen a rise of about 314% during the last decade alone. And, honestly, we’ll always need lumber — especially as Canada attempts to create enough housing to make it affordable for most Canadians. So, expect great things from this stock and buy it before the month is out.

Bottom line

It’s a great time to be an investor. No, really it is! There are solid, cheap options for every investor to consider. Get out there and start doing some digging and speak with your investment advisor. You could make some choices today that make you rich in the future.

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 no position in any of the stocks mentioned. The Motley Fool recommends GRANITE REAL ESTATE INVESTMENT TRUST, Smart REIT, and West Fraser Timber Co. Ltd.

More on Dividend Stocks

grow dividends
Dividend Stocks

3 Canadian Stocks With a Real Chance of Doubling Your TFSA’s Value

Three outperforming Canadian stocks can help TFSA investors double their account balances.

Read more »

Hand writing Time for Action concept with red marker on transparent wipe board.
Dividend Stocks

3 No-Brainer Stocks I’d Buy Right Now Without Hesitation

At any given time, the market may have certain stocks that offer a powerful combination of reliability, potential, valuation, etc.,…

Read more »

money cash dividends
Dividend Stocks

This 8.39% Dividend Stock Can Pay $100 Cash Every Month

Consider investing in this monthly dividend stock at current levels to lock in high-yielding monthly distributions to create a good…

Read more »

TFSA (Tax free savings account) acronym on wooden cubes on the background of stacks of coins
Dividend Stocks

Here’s the Average TFSA Balance in 2024

The Bank of Montreal (TSX:BMO) says that the average TFSA balance is $41,510, far below the maximum.

Read more »

A glass jar resting on its side with Canadian banknotes and change inside.
Dividend Stocks

Investors: Here’s How to Make $1,000 Each Month in Retirement

Here's how you can easily make $1,000 in monthly passive income in retirement in Canada, without taking on too much…

Read more »

man touches brain to show a good idea
Dividend Stocks

3 No-Brainer TSX Stocks I’d Buy Right Now Without Hesitation

Three TSX stocks that continue to overcome massive headwinds and beat the market are no-brainer buys right now.

Read more »

calculate and analyze stock
Dividend Stocks

TFSA Investors: 2 Top TSX Dividend Stocks to Buy on a Dip and Hold Forever

These top TSX dividend stocks now offer attractive yields and big potential capital gains.

Read more »

grow money, wealth build
Dividend Stocks

1 Dividend Stock to Buy for Growth and Stay for a 5.5% Yield

This dividend stock has been rising higher, but more could certainly be on the way. Now is the time to…

Read more »