Canadians: 4 Best Stocks to Buy in November

Canadian investors have had a lot to cheer about in recent months. S&P/TSX Composite Index has risen more than 10% since June and is now trading just under 20% year-on-year.

But with the market at an all-time high, is now really a good time to invest?

This is a fair question. For those with short-term goals, I may be hesitant to invest today. But for anyone with decades of time ahead of them, I strongly advise investors not to sit on the sidelines right now.

You will never be able to time the market perfectly. Periods of market instability are inevitable for investors. Instead, you can control owning a high-quality business and holding those shares for many years.

With that in mind, I’ve put together a well-diversified basket of four leading Canadian stocks.

If you have some spare cash in November, these companies should be on your radar.

Constellation Software

Constellation Software (TSX:CSU) has a high price tag and is currently trading at near all-time highs. But when it comes to market-beating returns, not many companies on the TSX can compete with these tech stocks.

The stock is up more than 200% over the past five years. By comparison, the Canadian market as a whole is back about 50%.

If you’re willing to pay, this is one of the strongest stocks outperforming the market.

Bank of Nova Scotia

Growth investors looking for their next multi-buckster would be wise to add a few reliable dividend stocks to their portfolio.

I can almost guarantee you that stock ownership Bank of Nova Scotia (TSX:BNS) won’t be as exciting as owning Constellation Software. But with a dividend yield of almost 6%, this alone is enough to put this bank’s shares on your watch list.

Bank of Nova Scotia can not only minimize volatility in your portfolio, but also pay out huge dividends.

Brookfield

Brookfield (TSX:BN) is another great all-rounder. She is also no stranger to generating market-beating returns, which she has done over the past five years. But it’s diversification that makes me call Brookfield the best choice for long-term investors.

As a global asset manager, the company provides instant portfolio diversification. The company’s activities are spread throughout the world and cover a number of different industries.

This is the type of stock that you can buy at an average dollar cost over many years and never have to question.

Northland Power

The final pick on my list is a battered renewable energy stock that is trading at what I believe is an extremely opportunistic discount.

Like many other companies, shares Northland Power (TSX:NPI) have been declining since the start of 2021. Excluding dividends, the stock has not only underperformed the market return over the past five years, but is also trading at a loss.

On a short-term positive note, the dividend yield has risen to over 5% due to the recent fall in share prices. But in the long term, as a proponent of renewable energy, I think it’s only a matter of time before Northland Power returns to market leadership.