Investing in monthly-paying dividend stocks is a smart way to enhance your passive income, especially in the current low-interest-rate environment. Additionally, reinvesting these regular payouts can help investors generate substantial long-term returns. With that in mind, here are three top TSX-listed stocks offering attractive monthly dividend yields.
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Sienna Senior Living
Sienna Senior Living (TSX:SIA) provides a comprehensive range of senior living options, consisting of independent and assisted living, long-term care, memory care, and other specialized programs and services. With the growth in the Canadian aging population, the demand for the company’s services continues to rise. According to Statistics Canada, the population of Canadians aged 85 and older could increase from 0.86 million in 2021 to 1.7 million by 2036.
Amid rising demand, SIA is expanding its footprint through organic growth and strategic acquisitions. It recently redeveloped a long-term care community in North Bay, Ontario, and a retirement community in Brantford, Ontario. It is also redeveloping a long-term care community residence in Keswick, Ontario, which could become operational in the first quarter of 2027. Additionally, the company has acquired around $350 million of assets in the first two quarters of this year. Additionally, the company recently raised approximately $175 million through the issuance of unsecured debentures, with plans to use the net proceeds to reduce leverage, support acquisitions, fund development projects, and meet general corporate needs.
Given its strong fundamentals and promising growth outlook, I believe Sienna Senior Living will continue to deliver attractive returns to its shareholders through steady dividends. The company’s current monthly dividend of $0.078 per share yields 4.85%.
SmartCentres Real Estate Investment Trust
Since real estate investment trusts (REITs) must return at least 90% of their taxable income to shareholders, SmartCentres Real Estate Investment Trust (TSX:SRU.UN)—which owns and operates 197 properties across Canada—appears to be an attractive choice for income-focused investors. Along with its strategically located properties, the company’s solid tenant base has enabled it to maintain a healthy occupancy rate. Its occupancy rate at the end of the second quarter of 2025 stood at 98.6%.
Meanwhile, demand for retail space is growing amid supply constraints driven by rising construction costs and elevated interest rates. Amid healthy demand, the company is expanding its footprint, with 58.9 million square feet of approved development projects. Of these projects, around 0.8 million square feet of properties are under construction. In addition to its expansion plans, rising rental income driven by improving customer traffic and a stronger tenant base can support SmartCentres’s financial growth in the coming years. With its solid outlook and an attractive dividend yield of 6.90%, the stock presents a compelling buying opportunity.
Pizza Pizza Royalty
Pizza Pizza Royalty (TSX:PZA) franchises quick-service restaurants under the Pizza Pizza and Pizza73 brands. It collects royalties from its franchisees based on their sales. Therefore, its financials are immune to rising commodity prices and wage inflation, thereby generating healthy and predictable cash flows. To ensure stable dividend payouts, the company maintains reasonable reserves to account for the seasonal fluctuations typical of the restaurant industry. It currently pays a monthly dividend payout of $0.0775/share, yielding 5.94% as of the October 28th closing price.
Moreover, PZA has continued to post strong same-store sales growth, driven by menu innovations and strategic sports partnerships, despite challenges in the quick-service restaurant industry. The Toronto-based company continues to grow its restaurant network and expects to increase its traditional restaurant count by 2-3% this year. It is also working on its renovation program, which could boost same-store sales. Given its asset-light business model, stable cash flows, and healthy growth prospects, I believe PZA is well-positioned to continue paying dividends at a higher rate.
