There’s no shortage of great Canadian stocks to buy on the market. In fact, some of those great options trade at levels under $50. This makes them prime candidates for both new investors and seasoned pros alike to add to any portfolio.
Here are some of those top Canadian stocks to buy today
Source: Getty Images
Let’s start with a superb long-term pick
Canada’s telecoms provide investors with long-term growth and a juicy dividend wrapped in a defensive shell. And among those big telecom stocks, the one for investors to look closely at right now is Telus (TSX: T).
As of the time of writing, Telus trades at just over $22, well below $50. As to what makes Telus one of the top Canadian stocks to buy now, there are more than a few reasons to note.
First, let’s start with the obvious- the defensive appeal of a telecom. Telus’s core subscription business generates a reliable revenue stream that allows it to invest in growth and pay a handsome dividend.
Next, we have the pure-play factor. Unlike some of its big telecom peers, Telus lacks a media segment. This has relieved some of the pressure that its telecom peers have seen in recent years as interest rates and declining ad revenue have squeezed earnings.
In contrast, Telus has invested heavily in diversifying into digital technology, making inroads in areas such as healthcare and agriculture.
Finally, there’s the dividend. Telus pays out a very juicy quarterly yield that works out to 7.29%, making it one of the best dividends on the market. The company has also provided annual upticks to that dividend going back over a decade without fail.
Sprinkle in a REIT with a buy-and-forget appeal
RioCan Real Estate (TSX: REI.UN) represents another great option for investors to consider right now. RioCan is one of the largest real estate investment trusts (REITs) in Canada, with an impressive portfolio of increasingly mixed-use residential properties.
Those properties are located along high-traffic transit corridors in Canada’s major metro markets. This makes them in-demand options for those who aren’t looking for an extra-long commute.
Even better, it makes RioCan one of the top Canadian stocks to buy right now, thanks to its juicy monthly distribution. As of the time of writing, RioCan boasts an impressive 6.02% yield.
Given the current ticker price of just under $20, this means that investors with even just $50 can scoop up a few shares. Even better, investors with a cool $5,000 to drop into RioCan will generate an additional share of the REIT through reinvestments each month.
And incredibly, that’s not even the best part.
RioCan is a great alternative investment to another traditional passive income idea: owning a rental property.
Unfortunately, rising home prices and stubborn interest rates have priced out many would-be landlords. RioCan offers an opportunity for those investors to generate a monthly income by investing far less upfront, with an overall lower risk.
In short, RioCan is one of the top Canadian stocks that should be an option in every portfolio.
There are more Top Canadian stocks to buy
Both RioCan and Telus are top Canadian stocks to buy. They also boast significant defensive moats and long-term potential, making them great options for any investor portfolio.
In my opinion, one or both stocks should be core holdings in any well-diversified portfolio.
Buy them, hold them, and watch them (and your income) grow.
