Canadians: 4 Top Stocks to Buy in November

There’s no shortage of top stocks to buy. Here’s a look at a handful of options that investors should buy this month.

Demetris Afxentiou

Author Bio Demetris has a professional background in business and technology and has been writing about Canadian markets and personal finance for The Motley Fool Canada for more than a decade. His investing journey has evolved from mutual funds and precious metals to individual stocks, cryptocurrency, and long-term wealth-building strategies. Over the years, his interest in the market led him to discover what he calls “everyday stocks”: quality businesses that people interact with regularly but may not realize they can invest in and potentially earn income from. Demetris focuses on helping investors understand the businesses behind the stocks they own and build practical portfolios aligned with their financial goals. His approach to investing centres on making thoughtful choices today to create greater financial freedom in the future. Areas of Expertise Canadian stocks, dividend investing, TFSAs, RRSPs, real estate investment trusts (REITs), personal finance, cryptocurrency, and long-term wealth building.

Published November 6, 2024 4:00 pm EST

There’s no shortage of great top stocks to buy on the market right now. Fortunately for Canadian investors, some of those stocks are great buys in November.

Here’s a look at four of those top stocks to buy this month.

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# 1- Enbridge

It would be almost impossible to compile a list of top stocks to buy for Canadians and not mention Enbridge (TSX: ENB). That’s because the energy infrastructure behemoth has its massive tentacles in multiple parts of the energy market.

That includes a growing renewable energy portfolio, a natural gas utility, and its lucrative and massive crude and natural gas pipeline segments.

Collectively those units provide a stable and recurring revenue stream for the company, which allows it to invest in growth and pay out a very appetizing quarterly dividend.

As of the time of writing that dividend works out to a tasty 6.4% yield. Prospective investors should also note that Enbridge has provided healthy annual optics to that dividend for three decades without fail.

This not only makes Enbridge one of the top stocks to buy this month but also a great option to buy now and hold for decades.

#2- Bank of Montreal

Canada’s big banks represent another segment of the market to find some of the top stocks to buy. Chief among those big banks is Bank of Montreal (TSX: BMO), which is not only the oldest of the big banks but also the longest-paying dividend stock in Canada.

Rest assured, it’s been paying out dividends for nearly two centuries without fail and has provided annual or better optics going back several years. Today, the yields works out to an impressive 4.9%.

Prospective investors should note yet another reason why BMO is one of the top stocks to buy. That other reason is growth. Apart from its strong and mature domestic segment in Canada, BMO enjoys a growing presence outside of Canada.

Specifically, the bank’s acquisition of California-based Bank of the West completed last year propelled BMO into position as one of the largest banks in the U.S. market.

#3- RioCan

Canada’s white-hot real estate market has made purchasing property significantly more difficult in recent years. Not only has this priced many would-be landlords out of the market, but it’s also forced many first-time home buyers to move far outside of Canada’s metro areas.

RioCan Real Estate (TSX: REI.UN) offers alternatives to would-be landlords and those seeking dwellings in metro markets.

RioCan is one of the largest REITs in Canada. The company boasts approximately 190 locations predominantly in major metro markets across the country. Those properties are predominantly commercial retail but in recent years RioCan has shifted into the mixed-use residential market.

And that is precisely where an opportunity lies for investors.

RioCan’s growing portfolio of mixed-use residential properties provides a lower-risk and lower-cost option for investors and renters. And just like a landlord collecting rent, RioCan pays out a monthly distribution.

As of the time of writing, the yield on that distribution is 5.8%. That fact alone makes RioCan one of the top stocks to buy this month.

#4 – Telus

Another great option for investors to consider is Canada’s telecoms. Telecoms generate a recurring revenue stream that is growing and becoming increasingly necessary.

In recent years, rising interest rates have put downward pressure on capital-intensive investments like Telecoms. As a result, Canada’s telecoms now trade at discounted levels, even as rates have started to drop.

That’s part of the reason why investors should consider looking at Telus (TSX: T). Telus offers investors a very tasty 7.2% yield, making it one of the highest-yielding options on the market.

The top stocks to buy in November are ready. Are you?

Even the most defensive stocks carry some risk, which is why the importance of diversifying your portfolio cannot be understated. That’s also why one or all of the above stocks are great additions to any well-diversified portfolio.

Apart from the income they offer, they each boast some defensive appeal that can offset some of the market volatility that is to be expected.