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10 Ultra High Yield Canadian Monthly Dividend Stocks


Updated on March 25th, 2026 by Bob Ciura

Monthly dividend stocks have instant appeal for many income investors. Stocks that pay their dividends each month offer more frequent payouts than traditional quarterly or semi-annual dividend payers.

For this reason, we created a full list of 117 monthly dividend stocks.

You can download our full Excel spreadsheet of all monthly dividend stocks (along with metrics that matter like dividend yield and payout ratio) by clicking on the link below:

 

Click here to instantly download your free spreadsheet of all monthly dividend stocks now, along with important investing metrics.

Investors in the US should not overlook Canadian stocks, many of which have higher dividend yields than their U.S.-based counterparts.

Note: Canada imposes a 15% dividend withholding tax on U.S. investors. In many cases, investing in Canadian stocks through a U.S. retirement account waives the dividend withholding tax from Canada, but check with your tax preparer or accountant for more on this issue.

With the average S&P 500 yield hovering around 1.2%, investors can generate much more income with high-yield stocks.

Screening for monthly dividend stocks that also have high dividend yields makes for an appealing combination.

This article will list the 10 highest-yielding Canadian monthly dividend stocks.

Table Of Contents

The following 10 Canadian monthly dividend stocks have high dividend yields above 5%. Stocks are listed by their dividend yields, from lowest to highest.

The list excludes oil and gas royalty trust, which have extreme fluctuations in their dividend payouts from one quarter to the next due to the underlying volatility of commodity prices.

It also excludes REITs, BDCs, and MLPs, to focus on common stocks.

You can instantly jump to an individual section of the article by utilizing the links below:

High-Yield Canadian Monthly Dividend Stock #10: Allied Properties REIT (APYRF)

Allied Properties REIT is a Canadian real estate investment trust focused on owning urban workspace properties in major cities such as Toronto, Montréal, Vancouver, Calgary, and Kitchener.

Based on the latest filings, the REIT’s portfolio includes 191 rental properties totaling about 14.5 million square feet, primarily composed of Class I and mixed-use urban office assets.

At year-end 2025, the portfolio was 87.4% leased and 85.3% occupied, with average in-place net rent of $18.42 per occupied square foot and -1.2% rent change on renewals. The REIT generated revenue of $432 million last year.

On February 10th, 2026, Allied reported its Q4 results and full-year for the quarter ended December 31st, 2025. Rental revenue came in at $108.6 million (down ~4% year over year), property operating costs came in at $53.8 million (up ~4%), and operating income came in at $54.8 million (down ~11%).

Portfolio fundamentals remained relatively stable at 87.4% leased (up ~20 bps YoY) and 85.3% occupied (down ~60 bps YoY), with average in-place net rent of $18.42 per occupied square foot (down ~0.7%) and -1.2% rent change on renewals versus +2.0% in the prior year).

However, higher borrowing costs continued to weigh on results, with interest expense of $26.6 million (up ~15%) and SG&A expenses of $3.3 million (down ~46%) for the quarter.

As a result, cash flow weakened year over year, with AFFO per share of $0.264 (down ~24%) for the period. For FY2025, AFFO/share was $1.25.

Click here to download our most recent Sure Analysis report on APYRF (preview of page 1 of 3 shown below):

High-Yield Canadian Monthly Dividend Stock #9: BTB Real Estate Investment Trust (BTBIF)

BTB Real Estate Investment Trust is a Canadian REIT that owns, operates, and actively manages a portfolio of industrial, suburban office, and necessity-based retail properties, with a strong concentration in Québec and Eastern Ontario and a growing presence in Western Canada.

As of December 31st, 2025, BTB owned 75 income-producing properties totaling 6.1 million square feet and a gross asset value of approximately C$1.26 billion, with the portfolio weighted 39.5% industrial, 37.8% suburban office, and 22.7% necessity-based retail by fair value.

The REIT generated $90.4 million in revenues last year.

On February 24th, 2026, BTB REIT reported its Q4 and full-year results for the period ended December 31st, 2025, with
revenue from real estate properties of $23.4 million, down 1% year over year, primarily due to industrial vacancies in
Edmonton and Laval. Net operating income decreased about 4.4% year over year to $13.2 million, though full-year cash
same-property NOI rose 2%, reflecting core portfolio resilience and the successful re-leasing of 742,000 square feet.

Portfolio occupancy was 91.3%, lower year-over-year following planned and forced industrial tenant departures, but driven by robust annual renewal rent growth of 10.6%.

FFO per unit for the quarter was $0.070, reflecting a slight fall from last year. For the full year, BTB REIT posted FFO per share of $0.29.

Click here to download our most recent Sure Analysis report on BTBIF (preview of page 1 of 3 shown below):

High-Yield Canadian Monthly Dividend Stock #8: Pro Real Estate Investment Trust (PRVFF)

PRO Real Estate Investment Trust is a Canadian industrial-focused real estate investment trust that owns, operates, and develops light industrial properties across primary and secondary markets in Canada, with a strong concentration in Eastern and Central Canada.

As of December 31st, 2025, PROREIT owned 105 properties (65 wholly owned and 40 held through 50% co-ownerships), representing about 6.4 million square feet of gross leasable area, with industrial assets accounting for 92.5% of GLA following the successful completion of its transition to a pure-play industrial REIT.

On March 4th, 2026, PRO REIT announced its Q4 and full-year results, with property revenue of $19.1 million, net operating income of $11.7 million, and same-property NOI of $10.3 million, due to notable rental spreads on renewals and contractual escalations despite a reduced property count following strategic non-core dispositions.

Portfolio fundamentals remained resilient, with occupancy of 95.4% and a weighted average lease term of 4.3 years.

Below the operating line, robust operating gains were offset by higher interest costs and transaction related timing, resulting in AFFO of about $5.5 million, or AFFO per share of $0.082, for the quarter, with an AFFO payout ratio of roughly 99%.

Click here to download our most recent Sure Analysis report on PRVFF (preview of page 1 of 3 shown below):

High-Yield Canadian Monthly Dividend Stock #7: Firm Capital Mortgage Investment (FCMGF)

Firm Capital Mortgage Investment Corporation is a Toronto-based, non-bank mortgage lender. It operates as a mortgage investment corporation (MIC) under the Canadian Income Tax Act.

Through its affiliated mortgage banker Firm Capital Corporation, it originates, funds, purchases, and services a diversified portfolio of short-term residential and commercial real estate loans across Canada, including bridge and term mortgages, construction financing, mezzanine loans, and selected equity or participating debt structure.

On November 4th, 2025, Firm Capital Mortgage Investment Corporation reported its Q3 results. Total revenue was $12.0 million, down about 12% year-over-year, as lower special income, a reduced average portfolio balance, and a slight decline in portfolio yield offset stable fee income.

Interest revenue again dominated results, with more than 90% of income generated from Firm’s short-term mortgage portfolio. The investment portfolio stood at $445.3 million, 93% composed of first mortgages, with a weighted-average rate of 9.61%.

Net income grew 1% to $6.46 million, and EPS was $0.18, essentially unchanged from the prior year as lower revenue was balanced by reduced interest expenses and a smaller fair-value and credit-loss provision.

Management reiterated its conservative underwriting approach and expects steady earnings through the rest of 2025, with roughly one-third of the loan portfolio set to mature by year-end.

Click here to download our most recent Sure Analysis report on FCMGF (preview of page 1 of 3 shown below):

High-Yield Canadian Monthly Dividend Stock #6: True North Commercial REIT (TUERF)

True North Commercial REIT is a Canadian office REIT that owns and operates a portfolio of single-tenant and select multi-tenant office properties across five provinces.

As of December 31st, 2025, the Trust owned 35 office properties totaling 3.3 million square feet, with 90% occupancy and a weighted average lease term of 4.3 years.

Roughly 75% of revenue is generated from government and credit-rated tenants, providing highly contractual and defensive cash flow despite structural challenges in the office sector.

The portfolio is concentrated in Ontario (notably the GTA and Ottawa), with additional exposure to Alberta, Atlantic Canada, and British Columbia. The REIT generated $94.8 million in rental revenue last year.

On March 17th, 2026, True North Commercial REIT reported Q4 and full-year results. Quarterly revenue from real estate properties rose 27% year over year to about $29.4 million, mainly due to a $9.1 million early termination payment from an Ottawa tenant, which helped offset the impact of strategic asset sales.

Net operating income increased to $18.4 million, driven by this one-time payment and contractual rent steps, though same-property weakness in Alberta and British Columbia continued to weigh on results.

Portfolio occupancy, excluding assets held for sale, finished the year at 90% with a 4.3-year weighted average lease term, backed by a tenant base that is 75% government or credit-rated. Full-year 2025 FFO per share was $2.08.

Click here to download our most recent Sure Analysis report on TUERF (preview of page 1 of 3 shown below):

High-Yield Canadian Monthly Dividend Stock #5: Atrium Mortgage Investment Corp. (AMIVF)

Atrium Mortgage Investment Corporation was founded in 2001 and was listed on the Toronto Stock Exchange in 2012.

AMIVF provides different types of mortgage loans to customers, including residential mortgages, land and development financing, commercial term and bridge financing services, and construction and mezzanine financing.

The company’s loans range from 300,000 to 30 million CAD and are backed by real estate in major Canadian urban centers.

As of September 30th, 2025, AMIVF had 917.3 million CAD in mortgages outstanding across 330 loans. By total loan amount, most of these mortgages were residential properties (72.7%), with the remainder being commercial (27.3%).

Most of the total mortgages outstanding were concentrated in the Greater Toronto Area (87.1%), with the rest in non-GTA Ontario (5.6%) and British Columbia (7.3%).

Overall, these mortgages were relatively secure, with 94.3% of the portfolio having a loan-to-value ratio of below 75%. That explains the weighted average loan-to-value ratio of 60.8% across the portfolio.

On November 12th, AMIVF released its earnings report for the third quarter ended September 30th, 2025. The company’s revenue declined by 14.2% over the year-ago period to 21 million CAD during the quarter.

Factoring in foreign currency translation headwinds, revenue would have dropped by 15.3% year-over-year to $15 million in the quarter. This was due to a sharp drop in the weighted average interest rate of the portfolio to 9.2% for the quarter, which was caused by rate cuts from the Bank of Canada.

AMIVF’s diluted EPS decreased by 3.8% over the year-ago period to 0.25 CAD during the quarter. Adjusting for currency translation, the company’s diluted EPS fell by 4.7% year-over-year to $0.18 in the quarter.

Click here to download our most recent Sure Analysis report on AMIVF (preview of page 1 of 3 shown below):

High-Yield Canadian Monthly Dividend Stock #4: Firm Capital Property Trust (FRMUF)

Firm Capital Property Trust is a Canadian REIT that owns and co-owns a diversified portfolio of income-producing real estate across three core segments: industrial, multi-residential/manufactured home communities (MHCs), and grocery anchored and service-based retail.

The Trust emphasizes capital preservation and disciplined investing, often partnering with institutional-grade operators through joint ventures.

As of its latest report, the portfolio consists of approximately 2.43 million square feet of commercial space, 599 multi-residential units, and 537 manufactured home community sites, with assets diversified across Ontario, Quebec, Alberta, and Atlantic Canada.

The portfolio is widely diversified by geography and tenant base, with a strong focus on necessity-driven uses and high occupancy across asset classes.

On November 6th, 2025, Firm Capital posted its Q3 results for the period ending September 30th, 2025. Rental revenue totaled about $10.72 million, driven by stable occupancy across its retail, industrial, multi-residential, and manufactured home communities, all of which continued to operate at high utilization levels.

Net operating income (NOI) came in at approximately $6.84 million, reflecting steady operating performance despite inflationary cost pressures. Funds from Operations (FFO) were roughly $3.28 million, or about $0.089 per unit.

Click here to download our most recent Sure Analysis report on FRMUF (preview of page 1 of 3 shown below):

High-Yield Canadian Monthly Dividend Stock #3: Nexus Industrial REIT (EFRTF)

Nexus Industrial REIT is a Canada-focused industrial real estate investment trust that owns, operates, and develops industrial distribution, logistics, manufacturing, and light-industrial properties across primary and secondary Canadian markets.

As of the end of last year, the REIT owned 89 properties comprising 12.4 million square feet of gross leasable area, with 99% of net operating income generated from industrial assets following the completion of its transition to a pure-play industrial entity.

The portfolio is geographically diversified across Ontario, Alberta, Saskatchewan, Québec, and Western Canada, with in-place and committed occupancy of 96% and a weighted average lease term of 6.9 years.

The REIT generated $126 million in revenue last year.

On March 6th, 2026, Nexus Industrial REIT posted its Q4 and full-year results. Quarterly real estate revenue was about $32.8 million, with gains from completed developments and Montreal industrial acquisitions offsetting the effect of legacy asset sales.

Net operating income increased 2.7% year-over-year to $24.1 million, supported by 2.8% industrial same-property NOI growth and 440,000 square feet of newly completed space in St. Thomas and Calgary.

Operating fundamentals remained strong, with industrial occupancy at 96% and an average rent spread of 60% on full-year renewals.

Normalized FFO per unit was $0.14, slightly above the prior year as organic growth began to outweigh dilution from the Trust’s shift to a pure-play industrial portfolio.

Click here to download our most recent Sure Analysis report on EFRTF (preview of page 1 of 3 shown below):

High-Yield Canadian Monthly Dividend Stock #2: Bridgemarq Real Estate Services (BREUF)

Bridgemarq Real Estate Services is a leading Canadian real estate services company that provides branding, technology, and support to real estate brokers and over 21,000 realtors across Canada.

Its portfolio includes nationally recognized brands such as Royal LePage, Via Capitale, Proprio Direct, and Johnston & Daniel.

The company earns revenue primarily from fixed and variable franchise fees, generating cash flow stability that is less sensitive to fluctuations in the housing market.

On March 13th, 2026, Bridgemarq Real Estate Services posted its Q4 and full-year results. Total revenue for the quarter came in at $69.6 million, down from $71.7 million in Q4 2024, reflecting a 16% year-over-year contraction in the Canadian residential market and lower transaction volumes in Toronto and Vancouver.

Bridgemarq recorded a quarterly net income of $0.38 per share, a significant turnaround from the loss of $0.68 a year earlier, primarily driven by a non-cash gain on the valuation of exchangeable units.

Adjusted EPS for the quarter was a loss of $0.05, down from a loss of $0.02 last year, as higher commission and operating expenses and increased income tax costs outweighed the positive impact of strategic fee increases and a 2% growth in the agent network.

For the full year, Bridgemarq generated net earnings of $0.32 per share, supported by a resilient network of 21,409 realtors.

Click here to download our most recent Sure Analysis report on BREUF (preview of page 1 of 3 shown below):

High-Yield Canadian Monthly Dividend Stock #1: Timbercreek Financial Corp. (TBCRF)

Timbercreek Financial is a Canadian non-bank lender specializing in shorter-duration, structured financing solutions for commercial real estate investors.

The company provides primarily first-mortgage loans for income-producing properties, including multi-residential, retail, industrial, and office assets. Its loans are typically used for acquisition, redevelopment, or transitional financing, and are often repaid through term financing or asset sales.

Timbercreek’s portfolio is 100% commercial real estate-focused and highly urban, with about 92% of capital invested in Ontario, British Columbia, Quebec, and Alberta.

On February 25th, 2026, Timbercreek Financial reported its Q4 and full-year results. Distributable income for the quarter was $10.9 million, or $0.13 per share, compared to $12.9 million, or $0.15 per share, in Q4 2024.

The decline primarily reflected lower portfolio yields and reduced lender fees in a lower interest rate environment, partly offset by growth in the average mortgage investment portfolio.

Net investment income was $18.8 million, compared to $20.4 million in the prior year period. Net income for the quarter was a loss of $0.8 million, or $0.01 per share, compared to net income of $1.8 million, or $0.02 per share, in Q4 2024.

Click here to download our most recent Sure Analysis report on TBCRF (preview of page 1 of 3 shown below):

Final Thoughts

Monthly dividend stocks could be more appealing to income investors than quarterly or semi-annual dividend stocks. This is because monthly dividend stocks make 12 dividend payments per year, instead of the usual 4 or 2.

Furthermore, monthly dividend stocks with high yields above 5% are even more attractive for income investors.

The 10 stocks on this list have not been vetted for dividend safety, meaning each investor should understand the unique risk factors of each company.

That said, these 10 Canadian dividend stocks make monthly payments to shareholders, and all have high dividend yields.

Further Reading

If you are interested in finding high-yield Canadian stocks and/or monthly dividend stocks, the following Sure Dividend resources will be useful:

Monthly Dividend Stock Individual Security Research

Other Canadian Dividend Stocks Resources

Thanks for reading this article. Please send any feedback, corrections, or questions to support@suredividend.com.



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