If your investments are not giving the results you expected, maybe it’s time to shift focus toward consistency rather than speculation. Some of the best wealth-building opportunities come from Canadian stocks that pay you every single month, which helps you stay motivated and financially on track. That’s exactly how I feel about one top monthly dividend stock in my portfolio. It might not be a very popular stock or double overnight, but it rewards me predictably, and that consistency adds up fast.
In this article, I’ll reveal one investment that continues to impress me with its performance, stability, and monthly income, and why I believe it could be a brilliant long-term addition to any portfolio.
Source: Getty Images
A top monthly dividend stock from my portfolio
So, let’s talk about Sienna Senior Living (TSX: SIA) — the stock that’s been quietly rewarding my portfolio with dependable monthly income and strong returns. If you don’t know it already, it’s a Markham-headquartered senior living services provider with a full range of retirement and long-term care services.
The company operates 82 residences across British Columbia, Saskatchewan, and Ontario, and continues to grow its presence through acquisitions. SIA stock is currently trading at $18.66 per share with a market cap of $1.7 billion. What makes it especially appealing to income-focused investors like me is its reliable monthly dividend payouts, which currently offer an annualized yield of around 5%.
After rallying by 36% in 2024, Sienna stock’s performance has climbed nearly 20% so far in 2025 due partly to a combination of its stable operational performance and smart expansion efforts.
Solid financials with consistent growth
What makes me feel confident about this investment is its consistent financial growth trends. In the first quarter of 2025, Sienna grew its adjusted revenue by over 12% YoY (year over year) to $241.8 million. That growth came largely from increased occupancy in its retirement residences, higher rental rates, and higher care-related revenues. Similarly, its adjusted net operating income (NOI) rose 10.6% YoY to $44.1 million, clearly showing how its operational growth is turning into stronger cash flows.
The company’s retirement segment registered a 16.7% YoY increase for the quarter in same-property NOI, while its long-term care segment also posted a stable 2.2% gain.
Acquisitions and expansion keep the momentum going
In addition to this consistent financial growth, Sienna is actively expanding in some of Canada’s strongest markets. So far in 2025, it’s completed over $340 million in acquisitions, including the recently finalized Hazeldean Gardens in Ottawa. Recently, the company also showed intentions to acquire Credit River Retirement Residence in the Greater Toronto Area. These properties are being acquired at attractive investment yields between 5.75% and 6.8%, with most expected to reach 95% occupancy within a year, which adds immediate and stable cash flow to its business.
Moreover, Sienna is also working on three major development projects in Brantford, North Bay, and Keswick, which are expected to cost $307 million and to significantly boost its adjusted NOI over time. Given these solid fundamentals, I don’t doubt that Sienna has the ability to continue growing and keep making me feel like a genius with each monthly payout.
