Investing in the stock market offers Canadians tonnes of opportunities. One of the best things about the stock market, aside from the fact you can grow your capital so significantly, is that there is an abundance of choice for investors, giving you the opportunity to buy whatever stocks fit your personal preferences, risk tolerances, and long-term goals.
Plus, with the stock market experiencing so much uncertainty and volatility over the past few months, there are plenty of high-quality companies you can buy that are currently trading undervalued.
So if you’ve got cash on the sidelines that you’re looking to put to work today, here are three of the best stocks I’d buy right now that are all no-brainer investments.
One of the most reliable stocks on the TSX to buy now
With all the uncertainty in both the stock market and the economy, many investors will be looking for a reliable stock that can earn them a return while also protecting their capital.
And while there are many resilient businesses on the TSX, one of the best defensive stocks to buy now is Fortis (TSX:FTS), the impressive utility company.
Fortis is a utility stock with highly predictable revenue and earnings. It provides essential services, such as electricity and gas, meaning that even in times of a weakening economic environment, the demand for its services will remain strong.
Furthermore, because the industry is regulated by governments and Fortis has well-diversified operations in several different jurisdictions, the stock has mitigated many risks for investors, which is why it’s such a safe and reliable investment.
This business model has led to more than half a century of consistent annual dividend increases, showing why Fortis is one of the best passive income-generating stocks you can buy on the TSX. Plus, with Fortis trading near the bottom of its 52-week range, its dividend yield currently sits at roughly 4.4%
A top real estate stock for passive income seekers
Although Fortis is a high-quality dividend stock, the fact that it’s so safe and resilient results in a lower dividend yield than some other high-quality dividend stocks on the market.
So if you’re looking to boost your passive income, but don’t necessarily need to buy one of the safest and most recession-resistant stocks on the market, you may want to consider a stock like CT REIT (TSX:CRT.UN) instead, which has a much higher current yield of roughly 6.6%.
To be clear, CT REIT is still a high-quality and reliable stock. It’s just not considered as safe as a massive utility like Fortis. To its credit, though, CT REIT also has a track record of impressive growth and consistency.
Furthermore, the fact that Canadian Tire is its majority owner and largest tenant, accounting for roughly 90% of its revenue, shows exactly why it’s been such a consistent performer and why it’s a reliable stock you can have confidence in buying for the long haul.
In fact, since going public a decade ago, CT REIT has never experienced even a single quarter in which its sales or funds from operations (FFO) didn’t grow year over year, including during the pandemic.
This shows not only its resiliency but also its ability to constantly increase the cash flow it generates, which is why it’s one of the best stocks that income investors can buy today.
A top Canadian growth stock
Finally, if you’re an investor who prefers to invest more in growth stocks, a company like Storagevault Canada (TSX:SVI) is certainly one you’ll want to consider.
Storagevault owns a rapidly growing portfolio of self-storage units across the country. This is an industry with attractive economics and consistently strong demand, which has led to incredible growth for the stock over the last five years.
In fact, over the last half-decade, its sales have grown at a compounded annual growth rate (CAGR) of 24.5%, and its FFO has increased at a CAGR of 22.9%.
Therefore, although growth has slowed recently in the highly uncertain and high-interest rate environment, Storagevault continues to have significant long-term growth potential.
So if you’re looking for a top growth stock to buy now, Storagevault is certainly a no-brainer investment.
