3 Canadian Stocks You Can Buy Today and Hold Forever

After reviewing hundreds of stocks and diving into the best (and worst) companies in many sectors, I find these to be some of the best blue-chips in the market.

| More on:
An analyst uses a computer and dashboard for data business analysis and Data Management System with KPI and metrics connected to the database for technology finance, operations, sales, marketing, and artificial intelligence.

Source: Getty Images

Key Points

  • Top Canadian Stocks for Long-Term Growth: Discover three top blue-chip stocks—Suncor, Enbridge, and Royal Bank of Canada—offering stability and potential strong returns for long-term investors on the TSX.
  • Energy and Stability Investments: Suncor and Enbridge offer robust dividends and growth in the energy sector, while Royal Bank provides portfolio stability in uncertain economic times.

Finding top Canadian stocks with the kind of long-term upside investors are looking for is a noble task, and one I’ve been undertaking for years.

The thing is, after reviewing hundreds of stocks and diving into the best (and worst) companies in many sectors, I find myself continuing to come back to some of the best blue-chip companies in the market. These are companies I’d argue have historically outperformed, but have plenty of strong returns ahead.

Let’s dive into three of the best long-term buy and hold opportunities the TSX has to offer right now.

Suncor

In the Canadian energy sector, Suncor (TSX:SU) continues to be one of my top picks for investors with a long-term investing time horizon.

The company’s dominant position in the Western Canadian oil sands sector has produced strong returns for investors during various market cycles. Of course, commodity prices are cyclical and go through their own cycles. Following the onset of the pandemic, we saw crazy volatility in energy prices, where the price of crude oil actually went negative for a time.

Despite all that, Suncor is among the leading Canadian energy producers that’s been able to put forward profitability and growth. For those thinking long term and looking for exposure to the energy sector, those are attributes I think can be valuable to consider over long timeframes, particularly for those seeking a dividend yield of more than 4.1% right now.

Enbridge

Another energy-related name, pipeline operator Enbridge (TSX:ENB) has been among my top picks for investors looking for solid dividend stocks with yields that matter.

With a current dividend yield of nearly 6%, Enbridge has historically been a higher-yield option for those seeking passive income streams. I’m of the view that interest rates are likely to decline, and the geopolitical shifts we’ve seen play out may lead to higher demand for companies in the energy infrastructure space.

If you’ve got a similar view, this 6% yield from Enbridge looks like a very attractive offering right now. While Enbridge may not provide as much on the capital appreciation front as other options in the market, this is a stock I’d say has strong potential for double-digit annual returns for decades to come.

That’s good enough for me.

Royal Bank of Canada

For those looking for portfolio stability in difficult economic times, Royal Bank of Canada (TSX:RY) is an excellent long-term option to consider.

Royal Bank’s incredibly stable balance sheet during past periods of severe economic stress for global banks makes this top-10 global lender one I think is worth considering during periods of time like now.

Indeed, there are plenty of headwinds that could shake up the global financial system. But if we do see the kinds of turmoil some are expecting (given what’s going on in the reverse repo market and in pockets of subprime lending once again), Royal Bank could come back into focus for the global investing market.

Fool contributor Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool recommends Enbridge. The Motley Fool has a disclosure policy.

More on Investing

man looks surprised at investment growth
Retirement

Here’s How Much Canadians Need in Their TFSA To Retire 

Discover if a $72,000 TFSA balance is ideal for retirement. Learn about tax-free withdrawals and their significance for Canadians.

Read more »

Retirees sip their morning coffee outside.
Dividend Stocks

Premier TSX Dividend Stocks for Retirees

Three TSX dividend stocks are suitable options for retiring seniors with smart investing strategies.

Read more »

stocks climbing green bull market
Stocks for Beginners

1 Elite Canadian Stock Down 34% to Buy and Hold Forever

A temporary pullback has created a long-term buying opportunity in one of Canada’s most resilient logistics stocks.

Read more »

Business success of growth metaverse finance and investment profit graph concept or development analysis progress chart on financial market achievement strategy background with increase hand diagram
Investing

Beyond the Tech Hype, I Think These 3 Canadian Stocks Could Crush the Market

These three Canadian stocks look uniquely positioned to provide market-beating returns in the years to come, for those willing to…

Read more »

a man relaxes with his feet on a pile of books
Dividend Stocks

What’s the Average RRSP Balance for a 70-Year-Old in Canada?

At 70, turn your RRSP into a personal pension. See how one dividend ETF can deliver steady, tax-deferred income with…

Read more »

monthly calendar with clock
Dividend Stocks

An 8% Dividend Stock Paying Every Month Like Clockwork

This non-bank mortgage lender turns secured real estate loans into steady monthly income, which is ideal for TFSA investors seeking…

Read more »

hand stacks coins
Dividend Stocks

3 High-Yield Canadian Stocks for Worry-Free Passive Income

These high-yield Canadian dividend stocks can strengthen your portfolio's income-generation capabilities over the next decade.

Read more »

Dividend Stocks

The Absolute Best Canadian Stocks to Buy and Hold Forever in a TFSA

Uncover the best stocks for your Tax-Free Savings Account investment strategy and understand the Canadian market dynamics.

Read more »