Thoughts on 2025 Popular Canadian Stocks

Every year, Mike from Dividend Stocks Rock releases a list of the most popular holdings among his subscribers. It’s one of the few data points that feels like an X-ray of real investor portfolios — not what’s trending on social media, but what people actually own.

From an analysis standpoint, the results aren’t surprising. Financial Services dominate, followed by Energy and Utilities — exactly what you’d expect from a dividend-focused audience.

But what’s interesting isn’t what shows up.
It’s why it shows up — and what’s missing.

The appeal of dividend investing is rooted in safety.

Retirement is emotional. You spend decades working, saving, and building wealth, and then one day you switch modes. Income replaces effort. Purpose shifts. Health changes. The uncertainty is real.

Stable companies that pay a portion of their profits as dividends provide both financial and emotional comfort. That’s the real product dividend investing sells — peace of mind.

And peace of mind matters.

Most of the holdings fit the traditional Canadian dividend investor profile. But a few names stand out:

These are low-yield, dividend-growth compounders, not income machines.

Ironically, those are the types of holdings I own today. Fifteen years ago, my portfolio looked much closer to the rest of this list.

So the question becomes: Is dividend growth quietly creeping into a traditionally yield-driven space?

Another surprise: fewer REITs than expected.

Given how often REITs are marketed as “safe income,” I expected more. But the reality is that REITs haven’t delivered the stability investors assume. Real estate is supposed to be simple — steady cash flow, low vacancy. REITs add a corporate layer that often muddies that simplicity.

That’s a bigger discussion, but the absence was noticeable.

Seeing these names at the top of a dividend investing service is perfectly normal.

The better question is: Are these the holdings you should own — for your stage of investing?

The comments below reflect how I invest today. They are not recommendations.

Decumulation is hard.

It’s full of unknowns, and once you stop working, replacing earned income feels daunting. The instinctive solution is often higher yield — but that isn’t always the best answer.

One realization I’ve had over time: Relying solely on dividend income can make you work longer than necessary.

Yes, a large dividend portfolio provides safety — emotional and financial. But it often comes at the cost of time, health, and spending flexibility during your best years.

Accumulation is easier.

The strategy must reflect the stage you’re in. Everyone wants income in retirement — that’s a given. But before that, the real goal is reaching your wealth target.

That’s why I focus on doubling portfolios, not maximizing yield.

Time matters most.
Rate of return comes next.

Your rate of return is the only number you can rely on to forecast your growth!

For years, I misunderstood why Canadian telecoms managed steady growth alongside reliable dividends.

The answer was simple: immigration.

Every new Canadian needs a phone and internet connection. That steady influx supported the business model.

I never bought into the media and sports angle and preferred Telus’ diversification. Even so, the growth hasn’t been revolutionary. With Telus, the opportunity to truly disrupt existed — but it wasn’t pursued aggressively like a tech startup.

I moved away from energy long ago.

The sector is cyclical and offers limited long-term growth. High yields often reflect excess cash flow with few reinvestment opportunities.

These businesses require massive capital and regulatory support. That may feel safe — but it caps upside.

If Brookfield can innovate and expand into new areas, why are many energy executives content with the status quo? That’s a leadership issue.

Utilities are the ultimate tollbooth businesses: regulated, predictable, and dividend-paying.

But regulation also caps profits.

So the real question is: Are utilities just expensive bonds?

The Chowder Scores across the sector are generally weak. If a GIC paid the same return, would you still take equity risk?

Utilities don’t fit well in accumulation — and I wouldn’t hold them in decumulation either.

I’ve lost faith in REITs.

I understand and respect real estate investing in its raw form. REITs, however, are businesses run by executives whose incentives don’t always align with long-term consistency.

I’ve owned plenty of REITs. I’ve also experienced my share of underperformance.

Many investors chase them simply because they yield more than a GIC.

The real question is: Is your portfolio large enough to meet your income needs without stretching for yield?

I’m a huge fan of financials.

Financial institutions are the ultimate middlemen. Almost everything flows through them — and they get paid at every step.

Banking → Profits
Investing → Profits
Acquisition → Profits
Merger → Profits
Loans → Profits
Anything semi-complex → Profits

Unlike REITs, financials can raise fees, expand services, and scale efficiently. Consumer banking gets scrutiny, but it’s only a small piece of the business.

That said, due diligence matters. Not all financial companies are created equal.

But if I have to bet on a sector that quietly compounds wealth — this is it.

Just because a stock is widely held doesn’t mean it deserves a place in your portfolio.
Popularity is not a strategy.

Every holding should earn its spot by serving a clear role — growth, income, stability, or optionality — based on where you are in your investing journey.

​Holding U.S. dividend stocks in an RRSP means you usually avoid the 15% U.S. withholding tax. In a TFSA, however, that tax is lost forever.