Stock prices are neither cheap nor expensive, but often relative depending on an individual’s financial capacity. Fortunately, the TSX does not discriminate. Budget-conscious Canadians or those with limited funds have equal chances to make money or earn investment income like moneyed people.
Right now, two high-yield, affordable TSX stocks even pay monthly dividends. You won’t spend more than $10 per share on NorthWest Healthcare Properties (TSX:NWH.UN) or Chemtrade Logistics Income Fund (TSX:CHE.UN). Assuming you use your 2025 Tax-Free Savings Account (TFSA) annual limit to purchase the stocks, the table below shows the monthly passive income stream.
| Company | Recent Price | No. of Shares | Dividend/Share* | Total Payout* | Frequency |
| NorthWest | $5.00 | 1,400 | $0.36 | $360.00 | Monthly |
| Chemtrade | $9.70 | 720 | $0.69 | $496.80 | Monthly |
*Annual amounts; Divide by 12 to get the monthly dividends
Increasing demand
NorthWest Healthcare Properties is the only Canadian real estate investment trust (REIT) in the cure sector. The $1.3 billion REIT owns high-quality healthcare real estate infrastructure (172 properties), such as hospitals/healthcare facilities (57%), and medical office buildings (41%) globally. About 2% of the tenants are in the life sciences, research, and education sectors.
On February 5, 2025, global credit rating agency Morningstar DBRS) gave the REIT an investment-grade issuer credit rating of BBB, citing a stable trend. Its CEO, Craig Mitchell, said, “We enter 2025 with strong momentum, having recently achieved an investment-grade credit rating, significantly reducing our cost of capital and providing liquidity to repay the convertible debentures maturing on March 31st.”
The REIT also maintained its long-term lease maturity profile in Q4 2024. The weighted average lease expiry (WALE) is 13.6 years, while the occupancy rate is 96.4%. However, in the 12 months ending December 31, 2024, net operating income declined 9.6% to $349.4 million compared to 2023.
At only $5 per share, current investors enjoy a market-beating 13.8%-plus year-to-date gain on top of the generous 7.1% dividend. NorthWest Healthcare rose to prominence or appeared on investors’ radars in 2020 during the global pandemic. The REIT has consistently paid monthly dividends since 2013. “Looking ahead, Northwest is well positioned to capitalize on the increasing demand for healthcare infrastructure worldwide and drive sustainable growth,” added Mitchell.
Stable business
Chemtrade Logistics, a $1.1 billion chemical company, provides high-quality industrial chemicals and services to clients in various industries. The revenue sources are two main business segments: Sulphur and Water Chemicals (SWC) and Electrochemicals (EC).
The balance sheet held steady throughout 2024, although net income declined 49% year-over-year to $126.9 million due to higher net finance costs, unrealized foreign exchange losses, and others. Nevertheless, distributable cash, net of maintenance capital expenditures, in Q4 2024 rose 192.5% to $39.5 million versus Q4 2023.
According to its President and CEO, Scott Rook, the Adjusted EBITDA of $470.8 million last year was the second highest in Chemtrade’s history. Investing in high-return projects to drive organic growth, particularly in the water chemicals business, yielded strong results. The long-term growth trend also assures business stability moving forward.
The industrial stock trades at $9.70 per share (-10.3% year-to-date) and pays a hefty 7.1% dividend. As of February 2025, CHE.UN has paid 282 monthly dividends (23.5 years) thus far.
Reliable passive income
NorthWest Healthcare and Chemtrade Logistics are not immune from market or economic downturns. However, the consistent monthly dividend payments lend confidence to invest in either stock.
